Question: How to withdraw small amount of tokens?

Hi everyone.

i have to ask for advice somewhere on this because i’m pretty sure its just the lack of my understanding for the ETH network and the fees why i’m having a problem

i setup myself as a Storj node operator last year, and decided to use Metamask for payouts. i chose the zksync2 option last month as soon as it was announced and this is all fine.
also, seeing there’s a bunch of topics on payouts on here, i have to say i dont have a problem with the system. (the problem is obvious with the ETH network but that has nothing to do with Storj)

so my questions for the more initiated are as follows:

  1. do i really need to transfer myself about 10$ worth of ETH so i can pay for the fee to transfer 15 Storj tokens out of that wallet? that means i need to spend 20$ worth of ETH for 2 transactions, and also be very careful not to transfer more than needed because obviously whatever is left will be forever unusable, correct?
  2. converting storj to ETH is even more ridicolous! 100$ fee to covert 15 Storj tokens?!?!
  3. if i understand well zksync2 lets us send Storj tokens at much lower fees? only right now i’m asked to “activate” my zksync wallet with some 8 Storj tokens, but they also state that this activation requirement will be gone in the future? do we have any idea when that future will be?

thanks to anyone who can help me better understand the ridiculousness of “gas” on the ETH network. seeing it so i can’t honestly understand how ETH is worth anything

btw, is there any intention to use a different crypto protocol for Storj payouts in the future? i’m pretty sure noone would mind getting paid in XMR, LTC, BCH…

Hi @matijarma,

I will try to answer to the best of my knowledge and ability:

  1. Assuming L1 to L1 transfer then yes, at the time of this post the ERC20 transfer cost (84 Gwei | Ethereum Gas Tracker | Etherscan) was $11.19 in ETH gas. I don’t know why you need two transactions but for two it would be double.
    Assuming zksync to L1 transfer then again, at the time of this post the fee would be $11.19, but this can be paid in zksync StorJ rather than ETH.
    If you are transferring from zksync to zksync then the fee is much less and can also be paid in zksync StorJ, instead of ETH.

  2. It completely depends how you plan to convert the StorJ to ETH. Using something like L1 Uniswap the current transaction fee (84 Gwei | Ethereum Gas Tracker | Etherscan) at the time of this post would be $34.42 which would need to be paid in ETH.

  3. I can’t answer this. No date has been suggested as far as I’m aware.

  4. StorJ have commented multiple times that they do not plan to move chain or change token. You can search the forum to see the multiple posts and threads.

hi, thank you very much for your reply!

  1. i think I need 2 transactions, please correct me if i’m wrong: I have 15 Storj in the L1 wallet. if i want to send it to another wallet, i need ETH which i don’t have. so I need to pay the transaction fee 1st to send myself the required ETH, and then 2nd to send Storj. right?

  2. Metamask doesn’t offer that option. what i was thinking was to just send it to Binance, I can store it there with some interest and other tokens, and trade it very easily if i want.

  3. well, i can just hope that “soon” doesn’t mean in a few years :slight_smile:

  4. i can understand that. i think i’ll just take the whole story as forcible hodling :slight_smile:

thanks for your answer!

Hello @matijarma ,
Welcome to the forum!

For L1 → L1 transfers you need ETH, there is no change.
For L2 → L2 transfers you can use STORJ tokens to pay fee, and this fee is 1/100 of the usual fee on L1.
For L2 → L1 withdrawal you can use STORJ tokens to pay fee and it’s almost the same in gas, as an L1 → L1 transfer:

This can be used to transfer tokens from L2 to L1 deposit address of the exchange.
The popular Uniswap still uses L1 transfers, so the fee is much higher to swap tokens.
You can consult with 85 Gwei | Ethereum Gas Tracker | Etherscan

Matter Labs (zkSync) working on integrations with some exchanges, so it could be possible to transfer tokens via zkSync directly.
Regarding registration fee - it could be eliminated soon.
Check announce of Matter Labs to launch the zkSync 2.0:

Yes, you are right. If you could have these tokens on L2, you would use STORJ tokens to pay fee, but with L1 you need ETH.
Maybe we would have a possibility to swap tokens on zkSync directly, as written by Matter Labs in their blog.

thank you very much for explaining everything! actually, its mostly what i realized myself, but that is why i came here to ask, to be sure i’m not missing out on some tricks to do those conversions.

it is what it is right now with that original L1 wallet containing about 15 Storj. i’ll just wait for a good opportunity (and an hour with clear head to do a good calculation of those back and forth transactions) to get that Storj out. as your quote says, its nice having it on binance, you feel much more free and versatile, even though its also maybe just sitting there.

zksync is a much smaller problem after all. i intend to keep mining Storj for a long time so I don’t see any fees being a problem after it piles up :slight_smile:

thanks again and cheers to you and the entire Storj team! of course there are rough patches, you guys are working on the future :slight_smile:
congrats on the price last few days and keep up the good work. if we as miners will be able to keep up with your progress, i don’t see how it couldnt suceed :slight_smile:

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btw i just remembered another thing i wanted to ask about zksync - i made that wallet with the original wallet, and the address is the same. i don’t entirely understand if that’s just a convenience on the part of zksync or something like that, or those two wallets are technically one wallet. if the latter is true, it would be amazing if those 2 would just magically merge. (i understand it is L1 and L2 but i’m still unsure because of the fact its the same wallet address)

You can use the same wallet address, if you have private keys or secret phrase from it. Even if your original wallet is not yet currently supported by zkSync, you always can import it to the Metamask.
And yes, both balances will be there, but you can see them via different scanners. On Ethereum networks it’s https://etherscan.io/, on zsSync it’s https://zkscan.io/

I’m pretty sure I would not want to get paid in the mentioned random coins.

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