Hi All,
I’m operating from over 1 year with 5 nodes (just one is very old).
I’m using zksync, metamask as ETH wallet and Binance.
I’m not sure I’m doing in the right way the conversion to EUR and I’m afraid I’m paying a lot of fee and that zksync is not helping me.
My procedure is to move STORJ back to L1, afterwards I can send STORJ to binance, convert to EURO (using binance) and finally send to my bank account.
I read that I should stay into L2 network to pay less fee. What should I use ? Which is the right procedure ?
Regarding zksync, can I enable/disable zksync every time I want or there is something lost ?
Thanks
Usually i swap the storj tokens on L2 zKsync into usdc, withdraw those to the same L1 address and send them afterwards wherever i use them. I do the swap after each recieved storj payment, mostly to gather some months and not have to rely on the market volatility.
I’m doing the following:
Storj Level 1 Wallet → coinbase storj → coinbase USD coin → EUR → PayPal
Because
- Only Transfer fees from Wallet to coinbase
- Storj to USD coin ist cheaper than storj to Eur
- USD coin to Eur has no fee
- Layer 2 to 1 conversion fee is too high - Not using zksync
The best way for low fees:
- Go to ZigZag DEX and connect your Metamask wallet on zKsync network
- Exchange your STORJ tokens to USDC (fees less than 1$)
- Create a Bybit account or Login and select Receive USDC with zKsync Network
- Copy your USDC address on zKsync network
- Go to zKsync website (https://wallet.zksync.io/) and connect your Metamask on zKsync network
- Select Transfer tab/sheet
- Paste your USDC Bybit address and send tokens (transfer fees approx. 0.06$)
- Go to Bybit and exchange in the desired value (EUR, USDT…)
I use this method regularly and have not found it cheaper in transaction costs
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Hello,
so do you confirm that zksync is useless ?
May I simply remove it from configuration file ? Can I do it on the fly or it’s better to wait the last payment ?
From L1 with metalink I’m able to move STORJ to binance and from there I can move to my bank account.
Best regards
Does bybit actually allow withdrawals though?
Negative. zkSync works great for me. I would not say it is useless.
Yes you can change your config at any time. There is no need to wait.
Hello @mcanto73,
Welcome to the forum!
You may withdraw from L2 directly to any L1 address, so you could provide the Binance deposit address for STORJ as a withdrawal L1 address, it could save you the second fee when you transfer from your L1 to the deposit address - it would be sent from L2 to L1 deposit address right away.
Hello,
it’s just what I have done so far but the point is, if my understanding is correct (zksync provide storj coins on L2 instead of L1), why use zksync and have storj on L2 when my first step is to move to L1 ?
Again, if without zksync I will receive payment on L1 I suppose that I could send directly to binance without paying the moving from L2 to L1. Am I right or there is something I’m not considering ?
I’m not sure of what I’m saying because I have no experience/knowledge of what there is behind 
Thanks
They currently pay out zksync at 110% of L1 to cover any additional fees. If that works out to be better for you, use it. Otherwise dont. Its up to you to decide.
If you are trying to cash out STORJ right away on an exchange or use them to pay for your own Storj storage, zkSync payments avoids the initial L1 transfer fee. You get the STORJ to your L2 wallet without the L1 fees, and then you can move straight to the L1 address (either an exchange or the Storj.io payment address). This transfer fee is paid in STORJ and doesn’t require any other ETH for the transfer.
If you are just storing STORJ in a private wallet, then yes, receiving your payments straight to L1 wallet skips having to deal with an extra zkSync L2 to L1 transfer.
FYI you can skip the ‘withdraw those to the same L1 address’ step. You can withdraw from zksync to another wallet address (just like receive to another wallet on eg uniswap).
2 Likes
Technically you are right, however, the Binance deposit is not your wallet (you doesn’t have keys from it). In crypto - not your keys, not your money. They could just replace the deposit address without any previous notifications, so if you did not update it on your node asap, your payout will go to the old one and likely will be lost.
They may stop accept deposits or withdrawal for any reason or simple block your account.
So from the safety perspective it’s better to use your own wallet, where you control your private keys.
3 Likes