I used to have STORJ sent straight to Coinbase for conversion to USD. Now I’m trying to evaluate the cost of going through L2 as L1 payments seem to be a thing of the past for the vast majority of SNOs.
I created a MetaMask wallet and linked it to zkSync. Now if I understand correctly I have to do the following to go from L2 STORJ to USD:
I see, so I should be able to send L2 STORJ directly to Coinbase without going through my private MetaMask wallet first (Coinbase does accept deposits by smart contracts).
You should be able to do a L2 → L1 withdrawal where the L1 address is the Coinbase STORJ deposit address. But you cannot do a direct send L2 → L2 as Coinbase does not yet have L2 support
Right. So in other words, my initial estimate was wrong by a factor of 2. A more accurate estimate is that it would cost $20-$30 to get L2 STORJ to an exchange at typical gas prices these days.
For reference, I’m seeing about $15/month for a nearly full 5 TB node so it would take 1-2 years to get to the point where the proposed 10% L2 bonus would cover the L2 “exit fee”.
I am not sure how you came up with a factor of two, you can move the STORJ directly from your L2 zkSync wallet to the Coinbase L1 deposit address in one single transaction. Fees for sending STORJ on L1 also are high regardless, so I am not sure what point you are trying to make. In any case, it is not necessary to make transactions every single month, if one wants to save on fees. The node you are running should already have its operating costs covered, as the recommendation is to only use existing hardware that is already online and running for some other purpose anyway.
Please also note that using an exchange address as payout address is not recommended due to the risk of losing funds stored on exchanges where you do not hold the keys yourself.
I mean that my initial post estimate of $40-$60 was too high by 2x.
I’m trying to get an accurate estimate of the impact of moving to L2 payments in my case.
I joined STORJ out of curiosity but the only thing I had sitting around was a 6TB drive (and a fast enough Internet connection). I bought a Raspberry Pi 4 and necessary accessories (case, AC adapter, USB - SATA converter) and I spent about $180. It’s also costing me $2/month to pay for the electricity used by the RPi and harddrive. Admittedly, that’s not what STORJ recommends, but it is what many SNOs have done.
I was hoping to break even then consider what to do next. So far I earned $107 after 15 months (without considering the $30 running costs) so I’m not quite there yet. Not putting my decisions on anybody else, just figuring out what I can expect from continued STORJ participation so I can make a decision whether to pull the plug.
Quick follow-up question - for an L2->L1 withdrawal where the L1 address is at Coinbase, will a regular withdrawal work, or only an emergency withdrawal?
It would really be useful to have a documentation article outlining the possible withdrawal paths and associated fees…
please do not use emergency withdrawal, those are only for the case that you accidentally already tried to send a L2-> L2 transfer to an address that is actually on L1 and that you do not control yourself. Requesting emergency withdrawals will be very expensive
If in doubt it would be best to ask for support directly from zkSync staff
Thank you. I haven’t done anything yet (other than link my MetaMask wallet with zkSync). Depending on the final decision on payouts for next month I might activate zkSync and then I’ll look into options for transferring out the balance.