March 2023: what is easiest and cheapest way to exchange STORJ tokens at ZKSync wallet

nope…just use storj binance spot wallet for recieve storj payouts…

This is not the same. When you use a deposit address of the Exchange directly, there are risks:

  • the exchange can renew a deposit address for tokens without previous notify
  • they can stop deposits in any time
  • they can stop withdrawals in any time
  • and so on, you know - “not your keys, not your crypto”

We are talking about receiving payout via zkSync to your own wallet (not to the Binance’s wallet), then withdraw from zkSync to L1 deposit address of the Exchange.

So seems withdrawal to an L1 deposit address is working:

@hatred Maybe they applied changes only to a new deposit addresses?

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+1 This is often highly underestimated risk.

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Thanks for that guide. I tried to follow it and now I’m stuck at the ZigZak exchange. There seems to be no liqudity for STORJ/USDC, and if I see it correctly also for the last 24h. Is this normal?

So I guess I need to go to the “Limit” tab and put a sell order in and wait until someone takes it, right? I guess I need to leave the tab open in my browser and my wallet connected.

Sorry for the stupid questions, but I’m trying out zkSync for the first time this month. :wink:

Can you share a link to a guide you followed? I searched Google and Youtube, but couldn’t find any useful ZigZag guide. I’m somewhat familiar with exchanges from matched betting, but I never used a crypto exchange before.

(I’m in a no way expert, just figuring this out myself) but it seems USDT conversions are available and can be used in the same scenario.

Another question — do I really need to to round trip through MATIC: it seems bitrefill supports USDT ERC20 directly, in addition to matic?

I.e. can I do Storj to USDT on zigzag and then use that on bitrefill? ERC20 tokens are stabdard, but I feel I’m missing something (network? Are USDC/T on zksync in some way special? )

I endet up with swapping STORJ to USDT on ZigZag, transfering it to Polygon at orbiter.finance , then swapping USDT to USDC on Polygon and finally transfering it to Bitrefill.

I guess that would be on L1, so I guess you would need to transfer USDT from L1 to L2. But I’m no expert either.

I tried to use USDT at Polygon on Bitrefill, but somehow it didn’t work or took forever. So I swapped USDT to USDC on Polygon and then transferred to Bitrefill.

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Haha, and people in this forum argued, that STORJ uses Crypto because it is so much cheaper than traditional world wide bank transfers :smile:
8$ is just insanely high for a worldwide transaction.

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For most users, no it is not.
All the same risks apply when you try to exchange STORJ to FIAT. So for people who don’t wanna spend or “invest” crypto and just wanna cash out FIAT to pay to pay for electricity, the risks is the same. Sooner or later you have to risk going through an exchange.

not the same risk, as you make transfer you check that address is correct, then exchange and withdraw. People usually hold money on receive address for long time, so if exchange will be cracked you will lose money. Also if address change and transfer will be made to wrong address you will lose money.

If you hold STORJ tokens for a long time, you are doing it wrong. STORJ is an utility token. You should exchange it and not gamble.

Some logic applies to bitcoin miners. You are either a miner or a gambler. If you are a gambler, why waste your time with mining? Some mining companies had to learn that the hard way.

Notice how you get paid by STORJ for 1TB:
You get X amount of tokens * Y current exchange value = 1,5$
You don’t get 1,5 STORJ tokens

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Storj price is going up and down with BTC, if you hold till next bool cicle, it is possible to get even 3-5x. but it can be very long time. Me personally exchange it every month, as i get around 700-800$ a month, so I watch very tightly when I exchange it, small difference give me +50$ this month.

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Yeah, but that is gambling or investing. If I predict a stock right, I can get 3-5x. If I predict the roulette number right, I get 36x. But that is not what an utility token is for. If I wanna gamble, why not just invest the money directly? Why even bother with STORJ, if I think that I can predict BTC price? Then I would just sell my house and car and invest directly in BTC.

That is what I mean by: You are either a miner or a gambler. If you are a gambler, why waste your time with mining?

If you have to option to mine at a profit, do it. As long as your costs are smaller than the directly sold income, you will make a profit. Because otherwise you could just use that money and buy BTC directly.

Thank god we node operators are not paid in tokens and indirectly in $. Otherwise there would be even less planning. But you are right, STORJ correlates with BTC (which really should make you think! Why on earth should that be the case for a non speculative utility token? But that is another topic) and the price of BTC dictates the ICO runaway for STORJ. Other than that, the price of STORJ should not be important for nodes.

The risk is not the same.
These problems have in fact occurred in the past on many chains and exchanges, which is why they are mentioned here.
This is basic crypto knowledge. Best practices 101.
I won’t argue this point with you.

Everyone should make their own informed decisions.
We are here to provide information for people to make those decisions for themselves.

Everyone has different levels of risk tolerance and deserve to have all the information to decide what is best for their own circumstances.

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If you wanna split hairs: You are right, it is not the same. It is probably even higher for self custody because of user errors :stuck_out_tongue_winking_eye:

Either way, sooner or later you have to face the in my opinion by far biggest risk: Someone has to change your tokens to FIAT or gift cards or whatever. You can just hope that this counterparty does not go belly up during the transaction period.

Nope. Not interested in splitting hairs, but thank you for the offer :wink:

Counter party risks in fiat exchange is a normal part of every day life all over the world for centuries. You can rate levels of risk as you see fit. That’s part of everyone making their own decisions to fit their own comfort levels and risk tolerances.

The point remains, everyone here is entitled to all the information available to make their own decisions. Agreement is not required.

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It already more looks like 10 trees is the forest or not.

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100% agree. That is the point I am trying to make, I agree with all of that. Especially:

That is to point I am trying to argue. You wrote it is a highly underestimated risk. I think it is not. I think the points Alexey made in regards to exchange wallets are highly overestimated, while other risks like counter party risk (especially for gift cards), user error, fraud, loosing access to the wallet, are highly underestimated.

But let’s discuss counter party risk. If you believe that to be the highest risk, which I do, there is value in exchange wallets.

All the risks @Alexey listed, are 100% the same risks for self custody. I am to lazy to explain all of them, so let’s just pick one. They can stop withdrawals at any time. Let’s assume we use kraken. Does it matter if my tokens went directly from STORJ to kraken or if they got trough my wallet first? No. If they stop withdrawals I won’t get my money. Is the a difference in the risk? There can be. If you leave tokens on kraken and don’t instantly withdraw them, you have a higher time period where your tokens are at someone else’s scrutiny. If you instantly withdrawal, there is no higher risk than self custody. If you wanna hoard tokens (not recommended, it’s an utility token), then of corse self custody is they way to go.

All of that is a heavy simplification and we left out a lot of risks regarding self custody. All of that for a way higher transaction fee (and labor).

@Vadim paid 8$ for the transaction, I paid 1$. Because of that, he will probably off ramp higher chunks than I do. For the same transactions fees, my exchange volume is 8times lower and more frequent. He would lose 800$ if ExampleExchange goes bust during his transaction, I loose 100$. Same risk but lower damage.

There are some issues I’m not permitted to discuss due to my direct relationship with the company and US regulations.

That said, I can only present general risk factors and technical techniques in this thread, not make specific financial recommendations or risk assessments for individuals.

People are free to trust self custody more, or exchanges.
You must do what is right for you.
Other’s may choose different solutions.

The points are access, choice and control.
Self custody maintains more control over the utility tokens.
Exchange wallets offer less control over the utility tokens.
There is really nothing left to say on the topic.
People will make their own choices.

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Just to add that the next month I was able to transfer USDT to Bitrefill. Saves 1 step. Don’t know why it didn’t work before.

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Hello guys, can someone give me a feed on how it works?