This is a problem… unfortunately, gas prices are quite high at the moment… probably best to hold on to whatever you’ve got until gas prices go back to a reasonable level or until you accumulate at least enough tokens so that the exchange process is a lower percentage of the overall holdings.
If you are trying to obtain BTC, there’s an alternate pathway… it’s called wrapped BTC.
wBTC is an ERC-20 token, just like STORJ… except the value of wBTC is pegged to BTC. So, if you’ve got STORJ, and want your tokens to track BTC, you can exchange your STORJ for wBTC and keep all your funds on the Ethereum blockchain.
One of the easiest methods of exchanging STORJ for wBTC is to use a DEX, such as Uniswap:
Uniswap works with a Web 3 Injection wallet such as Metamask:
If you are already using a different wallet, you can probably export the private key and import that into Metamask… which means you don’t need to transfer any funds from wallet to wallet. Importing the private key to Metamask will allow you to use the funds in that Ethereum address directly without transferring across the blockchain.
So to obtain wBTC:
- Install Metamask
- Import private key of whatever wallet you’re using right now
- Head over to Uniswap
- Pay a transaction fee to activate the swap ability (smart contract #1)
- Pay a large gas limit contract fee to swap tokens.
Uniswap exchange works on chain. The smart contract fee is paid to Ethereum miners and not to Uniswap.
Smart contract fee on uniswap:
- Gas Limit: 175,000 gwei
- Gas price — this is the variable… very high at the moment
- Ethereum price divided by 1 gwei = 0.000000001 ETH
As of this moment, Uniswap cost is about $26.00 USD worth of ETH. However, historical average is somewhere around $1.50
Just checked the actual contract prices…
Uniswap V2 = $45.00
Uniswap V1 = $14.00
The difference between V1 and V2 are:
- Exchange works directly with ETH as the medium of translation
- Token exchange rates are usually, but not always, less favorable than V2
- Exchange works with wrapped ETH (wETH) and sometimes through a secondary stable coin like Tether.
- Contract price is very high due to the complexity of the exchange algorithm and the number of internal token transactions.
- Token exchange rates are usually, but not always, more favorable than V1