just wanted to share my recent experience using ZkSync Era bridge, so others are aware of much higher transaction fees.
I used portal txSync to transfer my L2 STORJ tokens to L1 address on Binance as usually. There is a 24 hour delay on transaction and in the past everything was working fine. After 24 hours STORJ tokens were automatically deposited to Binance account.
This time after 24 hours STORJ tokens did not arrive, I waited for another several hours, same thing. Contacted Binance support and Bridge support. Together we figured out that there is an extra step now. After 24 hours period you need to “claim” your tokens on bridge to finalize L1 transaction. This “claim” process charged me around $6 in fees.
and only then I found the following announcement from Bridge Team:
=== Announcement from ZkSync Discord ===
zkSync Era is designed to have the best possible user experience — low fees, high throughput, and native account abstraction. That’s why, for the past year, Matter Labs voluntarily paid transaction fees to withdraw funds bridged from zkSync to Ethereum Mainnet. As zkSync continues to decentralize, the network cannot rely on central intermediaries to operate key protocol mechanisms. After March 31st, 23:59 UTC , users initiating transactions to withdraw funds from the zkSync native bridge to Ethereum mainnet (L2 → L1) will need an additional transaction to claim them on Ethereum. Matter Labs will no longer cover these costs. This does not affect users bridging funds through third-party bridges. Dedicated work is underway to make zkSync UX ready for mainstream adoption while eliminating intermediaries.
Shhh… you’re not supposed to say that part out loud! L2 fans like the idea of cheap fees… but everyone else realizes you can’t do anything useful with your tokens there
Direct to a L1 exchange address to be sold is the way to go…
It’s just safer to receive STORJ to your own wallet and then somehow transfer to L1 on the exchange to cash them out.
ZkSync bridge was super cheap and now it makes sense why it was cheap (someone was paying L2 to L1 fees).
Since STORJ is just utility token, why not to switch it to a network with lower fees?
I would suggest making STORJ token on TON network, cheap fees and fast transactions (not affiliated with them, just from my own experience). It could be the first TON token with real usage
Chia is somewhat problematic to convert to fiat nowadays. Some exchanges are not allowed in some countries, others do not have chia added, etc.
I don’t think 24 hours, plus go figure out how to use the bridge is fast and easy way for non tech savvy people. Along with $6 fee makes it not a cheap option as well.
If using L1 network, then Storj must pay high fees when making payments to Storj node operators. These fees could have been spend for something useful.
On the TON network token transfer is fast, cheap and easy. The main question for SNO would be to convert it to fiat.
L2 makes sense if you stay on L2. You should be able to cash out on L2 , or pay for goods and services on L2 via services like bitrefill or bitpay. The problem would be losses swapping to other currencies, due to low liquidity
The key here is to decide what you want, and plan accordingly. If your plain involves L1 – then either receive at L1 or change plan.
zkSync has very low fees.
It isn’t.
Everything has a cost. Cost of cashing out from non-custodial wallet is amount of money you receive multiplied by the probability of exchange collapsing between receiving you money and you cashing out. i.e. Zero, for all intents and purposes.
Cost to cashing out from custodial wallet involves unavoidable cost of sending to exchange (few bucks) plus you are still exposed to the same risk of exchange collapsing between you seeing them money and cashing out.
As you can see, in the latter case you are unnecessarily paying extra transfer fee and are exposed to the same amount of risk.
Well, the problem is that L2 zkSync Era seems to be currently the promoted way by storj.
Just a few minutes before reading @Eugene post, I did similar transaction (moving storj from L2 to L1). I read the notice from tx portal that there might be some additional charges but was not sure how much. Still waiting for the funds to materialize on L1.
Anyway, it was the first month I activated zkSync Era as by the recommendation of @jtolio. Well, I have researched the subject for a few hours before deciding to make such a move (storj from L2 to L1). It looked to me that there is no way to change storj to anything usable on L2. At least I was not able to find it.
I guess thats not the end of my problems because even if storj funds appear on my L1, I will have there only storj. I got some ETH on L2 and was planning to move them to L1 to cover the fees of moving storj to the exchange (my exchange is taking storj on ERC-20 and on zkySync ERA I can deposit only ETH there) but heaving read @Eugene post, I assume I will be charged the second time 6$ for ETH transaction from L2.
All this is becoming a bit funny. First the adventure of moving funds from Lite to Era. Now the adventure of moving funds from L2 Era. Don’t you think that its like a circle?
:- )
P.S.
Do you know about any exchange, preferably DEX with perpetual futures that is taking storj over L2 zkSync Era?
P.S. @jtolio, can you make storj being supported on zyfi.org?
Well, its even worse then I expected. When withdrawing storj from L2 to L1 you can pay zkSync Era fees with storj (this is a very small amount like 0.2USD). After that you wait 24h. Then you have to go to txBridge • Transfer funds between Ethereum and zkSync in order to claim your funds on Ethereum Mainnet. To do it, you need ETH on Ethereum Mainnet. Otherwise you are stacked. The fee to claim your funds at the moment of writing is oscillating between 6 to 8 USD. :- )
We cannot do it, you know. But if you can find a way how the STORJ ERC20 can be mapped there - go ahead and suggest your solution (disclaimer - we will not participate in any marketing or airdrops, also we cannot (physically) participate in any market-making activities due to SEC).
Of course you could do it. This is already the second network for Storj. Of course you could mint a new pile of free tokens on a new network. Of course you could start paying SNOs with them. Of course you could offer a conversion from the old token to the new one.
Storj has done it all before: and the transition was managed quite smoothly!
It may not be a good business decision. But don’t say something that has been done, can’t be done.
No.
Simple “NO”. We have a SEC. Just forget about this forever.
If you want - you may use an instant swap services to get what is you want. However, it will be a more expensive solution from any, but it’s your decision.
Did you mean the same SEC that was around when SJCX on Counterparty was switched to STORJ on ERC20? Did you read the two storj.io links I included: talking about how Storj switched networks the first time?
I mean that the Storj Labs as a company cannot do ANYTHING around tokens.
You have use STORJ tokens to pay for the service or to be paid as a supplier.
And there is no workarounds except using a Credit (sometimes even Debit) cards. We are working on to add a Google Pay payment method though. Also, we considering iDEA as a payment method and SEPA (EU only). ASH is available too, but requires a contract.
