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

Node Operators FAQ
87

I am also trying to just use plain L1 this month. (well to kraken, but same idea).

last month I used zksync era for the first time and my funds got stranded where I couldn’t transfer them out without paying more in fees than the funds were worth.

I can use zksync era if I can figure out how do do one of these things cheaply:

  1. transfer STORJ to a fiat brokerage using the ERC-20 network
  2. transfer STORJ to a different L2 chain (and possibly token) that is supported, like polygon or tron or something, for low fees.
88

I got about $100+ on my Zk Era for experiments.

But now switched back to L1, because Zk Era appears to be useless for my purposes. Or I don’t know how to use it…

90

I send it from era to Binance. Sell it there and then send it to my Bank account. No problem there and fees are low too (at least the last time I did it. Was a long time ago)

91

Yes, I’m receiving at coinbase, then either:

  • swapping to Usdc on coinbase, (cost was about 43 cents for about $53 worth of storj), then sell USDC (free) for USD.
  • or sell STORJ directly for USD, same cost.

Then withdraw USD to my bank (free). Total cost — $0.43, or about 0.8%, and about 1 min of my time clicking three buttons.

example last transaction

image
image1125×2436 175 KB

image
image1125×2436 142 KB

Buying/selling USDC is free on coinbase. So no fees involved. Sending USD to the bank is ACH transaction and is also free.

92

Don’t forget that their USDC offering also gives interest, currently 5.15% APY. So leaving it in USDC isn’t a terrible idea as long as you trust them to not Gox you.

94

yeah so I just got paid for June. This time using plain old L1 ERC-20, and specifying my kraken STORJ deposit address.

SO MUCH EASIER

I got a notification I had a deposit, I log in, I sell the storj (25 cent fee plus a spread), and then withdraw to my bank account for free, and I am $25 richer.

Sure… I don’t “own” the wallet, but if I’m just selling the tokens I don’t care.

It would be nice if there was a way to use the zksync-era L2 to somehow get the funds transferred to a place like kraken or coinbase without paying the Ethereum ERC-20 gas fee. That way Storj labs wouldn’t be eating the gas fees and I would get that sweet 10% bonus.

3 Likes
95

Which is 3% for some time already.