Helping Storj Node Operators to swap their STORJ for ETH or other ERC20

Ideas & Suggestions
1

Hi!

It’s not a very clear proposition at the moment, just an idea.
A lot of people (or at least a significant number of operators) are paid via zkSync.

I know that zkSync team starts to gain in popularity and is working hard to make the zkSync ecosystem grow.
Is there anyway Storj Labs (or Storj community) could help to allow STORJ owners swap their STORJ for other tokens (DAI/USDT/USDC or ETH/WETH)?
I don’t know exactly how it works and what is required to do that. But maybe it would be good to have a discussion about it :slight_smile:

Thanks!

2

There are already a few exchanges available.

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3

Listing STORJ token on zkSync mainnet?

4

And they paid the activation fee, which is about what a node earns for a year?

Yes. Simple. You send it to your exchange address and swap it. Not that hard, right?

5

Yes. I don’t have a complete overview of all the exchanges. I know that Numio would allow me the swap you are looking for. I am not using it myself because I don’t have a good exchange to process the L2 ETH. I am waiting for one of the bigger exchanges to close that gap. Anyway, the first L2 swap from STORJ to ETH should be possible with Numio. Don’t forget to do your own research first. I haven’t checked them for a few months and things might have changed.

I finished my tax report for 2021. I earned 318 €. Sure the activation fee is high but not that high. Also Storj is paying a 10% bonus to zkSync. So in about 2-4 months, I can pay the activation fee just from that bonus.

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6

Numio has no trading by itself, but they are working with zigzag exchange to build a trading interface, just like argent has done.

7

They had a build-in swap. At least a few months ago. They might have disabled it again. Also the question is how expensive this service is at the end and with that I mean fee + spread.

I would prefer zigzag for sure but do they support STORJ yet?

8

Thanks.
So at the moment, there is no working solution to swap STORJ on zkSync for another token.

9

Not sure, I think they only had L1 trading and wanted to work with paraswap like argent. But they never had a production version of zkSync swaps.

The fee for a swap is around 1USD on zkSync. I would guess the spread for STROJ will be quite high, as there are not a lot of people trading STROJ. Also, most trades will be one-sided STROJ → ETH as there is no use for STORJ on zkSync (users cant pay on L2). So market makers need to spwap on L1 to keep liquidity.

Not yet, but the next feature will be a ‘permissionless pair listing process’ (twitter). Last (unofficial) plan on discord was to have it done in a few weeks.

10

I still believe Numio can do that. I am sure they had a L2 STORJ to L2 ETH option. I didn’t use it because I was looking for L2 STORJ to L1 ETH.

11

Even if so, what good is it, if exchanges do not take ETH over zkSync? You have to… send to L1, anyway. Why not receive in ERC-20 instead? Maybe this would make sense, if you have more than 1 node like me, so I am still looking for a solution.

Maybe it will work on some MetaMask address, if you just swap networks with the same wallet/account?

Quite the long swap story it became… Something like:

  1. Receive STORJ over zkSync on Numio
  2. SWAP the STORJ to ETH over zkSync on Numio
  3. Send the ETH to MetaMask wallet (on what network? zk? mainnet?) Oh my…
  4. Switch network to have it on Polygon!?
  5. Send ETH over Polygon to exchange…
  6. Stake/spend, etc.
    …

It sounds absurd. Need something else.

12

The question was specific on how to get L2 ETH.

I am not sure why you want to make this topic more complicated. Do whatever you think works best for your use case. ZkSync works great for me.

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