Currenct ethereum gas price made me rethink how I transfer funds from zkSync, so I can use them to pay for food
What I have been doing: I have Binance account with Visa card. I have been sending Storj from zkSync L2 to Binance L1 address, paying L1 gas fee, which is now… Huge.
What I tried today: I came accross “L2 bridges”. So I opened “Binance smart chain” wallet (another L2 chain like zkSync) under my binance account. The address is different than my ETH L1 address, let’s say it is 0xX on ETH and 0xY on Binance L2. I swapped Storj for ETH on zksync (address 0xX), used orbiter.finance to transfer ETH from zkSync to Binance chain (0.90 $ fee). On both L2 chains that operation was made under address 0xX. Than I made the transaction on Binance L2 from 0xX to 0xY and the funds have been assigned to my Binance account. All fees have been less than 1,5$, which is a dream to current 18$ L1 fee. But so many steps!
I am sure, for lot of you this is not new information. I ask you, who understand L2 stuff better, can I do any better? In terms of convenience and payments needed for transfers.
I have been reading all the time, that I should not use exchange wallet address as my storj payment address. What can really go wrong, if I use Binance L2 wallet address (0xY) as my payment address on zkSync? It supports “Wallet connect”, so I should access it on zksync (not tried that yet). That way, I can transfer directly from zkSync to Binance L2 wallet using Orbiter and skip transfer over Binance L2 chain, which makes the process easier and cheaper by few cents.
Sometimes exchanges change your wallet address, like the linked example. So its important to keep current on announcements to avoid payout problems. Binance seems to have good comms, but many exchanges don’t and will make the change without notification. So it is some risk that everyone must decide their own tolerance levels.
not financial advice
This seems to work for me: swap STORJ on zkSync to USDT on zkSync (USDC rarely works) via zigzag, then swap USDT on zkSync to USDT on polygon via orbiter finance, and use that at bitrefill to buy gift cards for services I use.
Credit: March 2023: what is easiest and cheapest way to exchange STORJ tokens at ZKSync wallet - #29 by donald.m.motsinger
This seems to be most cost efficient.
But if someone knows better way — I’m genuinely all ears!
Edit: this is what bitrefill accepts: What cryptocurrencies are accepted by Bitrefill? – Frequently asked questions
The satellite will send STORJ, not ETH. If your Binance L2 address doesn’t support STORJ tokens, then they likely would be lost.
However, since these are different L2 solutions (networks), your STORJ tokens will be sent to someone’s 0xY address in zkSync.
The result will be the same - your tokens will be lost.
Thank you for the explanation. If this is the only risk, I can live with that. I will try this - it is not an advice, but makes sense to me:
- Add binance L2 address as payment address fot storj node
- Use “wallet connect” to access the address on zksync (works, I have tried) after the payment
- Convert Storj to ETH at zksync (fee around 0,1 $)
- Move to Binance smart chain L2 with orbiter (fee around 0,9 $)
- Move from Binance L2 to Binance account (operation under binance account, fee around 0,05 $)
- enjoy the funds and monitor if the 0xY address is still around
So the total fee should be around 1$ which is acceptable.
I tried to get access to the private key of the address (0xY), but no success. That would be ideal, but seems they have changed it to some decentralized magic. The link @bre have provided elaborates right around that change and it was possible before.
Binance DeFi Wallet utilizes multi-party computation (MPC) technology for key generation and transaction signing. The private key is broken up into shares, encrypted, and divided among multiple parties. Therefore, you cannot export your private key.
so they locked you to their software and company. Also it sounds like a custody, so not your keys - not your money.
yeah, same is true for the rest of the account (exchange and wallet with Visa stuff). It is just preference of value of time over those bit of money. Hence my OP question:
I ask you, who understand L2 stuff better, can I do any better? In terms of convenience and payments needed for transfers.
Just make sure that it really can accept TX over zkSync and you have an access to funds there before proceed.