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The high transaction costs in smart contracts are due to increased demand in defi protocols, not the ERC20 design. Strategies to mitigate these costs include monitoring and timing transactions strategically, and implementing batched deposits, which the community generally agrees with.
The discussion primarily revolved around the high cost of transactions with the smart contract. UndeadBeat initiated the conversation, questioning whether the high costs were a result of the ERC20 design or if there was potential for cost reduction1. TheDoo clarified that the high gas costs were due to increased demand in defi protocols and services, and suggested monitoring gas costs on websites like gasnow.org to submit transactions during periods of lower usage or with lower gas prices2.
The conversation then shifted towards potential solutions to mitigate these high costs. Haave suggested that Aave could implement periodic batched deposits to ease gas fees, a strategy similar to what Idle does3. This idea was supported by Reeser, who proposed that these batched deposits could be timed to occur when gas is less than 100 or when there's a certain amount waiting to be moved4.
In conclusion, while the high transaction costs are a result of increased demand in defi protocols and not the ERC20 design, there are potential strategies to mitigate these costs. These include monitoring and strategically timing transactions, as well as implementing batched deposits. The community seems to be in agreement with these proposed solutions.
Posted 3 years ago
Last reply 3 years ago
Summary updated 2 months ago
Last updated 08/12 04:40