Eth, Exchange, fees, Zksync, wallet


Please tell me if i understand well about Eth, Exchange, fees, Zksync, wallet… i am quite confused because i am new to cryptocurrencies and my english level make me misunderstanding some things.

My first node was created on november 2020 so i have never withdraw Storj coins.
I created for my nodes a Eth address with MyEtherWallet.
I received one very little paiement in december from StorjLab on this address before the transactions fees became so high.
Now i have to wait to get minimum threshold to get paid again.
Then if i understand well, to get € to my bank account from those paiements i have to send order using MyEtherWallet to Kraken exchange where i have an account configured with my bank account.
For this transfert i have to pay very high fees and then have to pay little Kraken fees to withdraw to my bank account.

To avoid high fees i readed on the forum that i can use exchange address instead of my address. I didn’t found this functionnality on Kraken so i decided to create a account on Coinbase exchange witch offering Eth address.
I am right about that ?
About security, as i understand, on MyEtherWallet i am the only one to know private key so my coins are secured, but on Coinbase the coins are not realy mine before i send them to my bank. It is, i think a very low security issue.

One the other hand, i’am interested about Zksync to not wait months before get paid. This is where i understand pretty nothing.
Where could i take Zksync address for my nodes ?
I readed about use Eth address. In this case, wich one should i use ? From MyEtherWallet or from Coinbase ?
MyEtherWallet is not compatible with Zksync. I do not understand the thing with Metamask. This is a third part i don’t want to give my private key. And Zksync is a third part too !? This is a lot of people seeing my coins and may be my private key ?
Then, if i can use Zksync with your explanations, what is the best way to send coins to my bank account with cheapest fees ?

Well i think i am ok with the 20 minimum caracters here. :sweat_smile:

If you want to withdraw STORJ to exchange, you need STORJ address from Kraken, bcs Coinbase doesnt have STORJ.Simply change your adress to that from Kraken STORJ wallet address
There is no problem using Metamask.It is a trusted service.Just connect Myetherwallet with Metamask.Then activate Zksync with your Metamask and you are good to go.
Look at here for info


Thank-you remo.
I just created Storj address on Kraken. This will save me time and money :sunglasses:

If you specified deposit address of the exchange, you will be forced to wait until your earnings would reach a threshold. If you would opt-in for zkSync, you will pay up to 4 times more fee for withdrawal to the L1 because you do not control private keys. So, I would not call it saving money.

Do you know that kraken keep 1 storj on every deposit?
Binance and Bitfinex dosen’t have this fee

then i will never opt-in for third party zkSync :open_mouth:

This is only in case if you use a deposit address of any exchange as your wallet in storagenode and opted-in for zkSync.
If you use an own address from the wallet and opted-in for zkSync, the withdrawal fee would be almost the same as ERC20 transfer.


I hope EIP-1559 will solve all this fee issue.


Yes i know it cost 1 Storj coin. With the minimum threshold my next paiement from Storjlab would be 50€
While Storj price is 0.5€, it will cost me 1% for deposit to Kraken.
Then i have to sell Storj coins, fees are 0.26%.
Last cost is transfert to bank, fees are 0.09€
I think it is not too bad.
Is it cheaper with Binance or Bitfinex ?

I don’t know for the bank transfer, I change to bitcoin on bitfinex and withdraw via lightning network, but you are right, with the current storj price and the cumulative payment 1 storj fee is fine.