Question to all SNOs would you accept wStorj?

Hi JT :slight_smile:

Yes, you are missing the activation fee for zkSync on first transaction, let me help you with the link below - I wouldn’t expect you to respond, as that would be acknowledging that this is indeed a problem - was meant to be removed by MatterLabs 3-6 months ago yes ?

zkSync - first transaction activation fee cost @ 11/11/2021 - ~$34
Tezo coin / wrapped coin - first transaction activation fee cost @ 11/11/2021 - ~$0 (hmmm)

FAQ | zkSync: secure, scalable crypto payments (sorry the forum strips the anchor, but scroll down to account activation fee :slight_smile: )

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Why wouldn’t I respond? I’ll follow up on this. This escaped my radar but maybe this is something we can cover on our end.

Okay, no, this is exactly my point. You need an exchange that supports the wrapped STORJ. If it’s an exchange on Tezos or zkSync, it’s still the same type of solution. If and until there is an exchange that supports wSTORJ, you have to convert back to ETH. If there’s a Tezos DEX that already works somehow even though wSTORJ doesn’t exist yet, then okay. We’d be thrilled for Bender Labs to add us to their bridge.

As mentioned before on another thread, OKex exchange is in the process of implementing direct L2 deposits which will drastically reduce fees for transferring the STORJ on Layer 2 directly to the exchange.

OKex is already currently handling more than 11% of total STORJ trading volume (according to Coinmarketcap data for today). So SNOs who are able to make a trading account on OKex already can expect a L2 fiat gateway solution to be available soon. This will significantly reduce friction and costs of converting their tokens received on zkSync to fiat.

Furthermore, zkSync is planning to add more exchanges, so we would hope that this would allow most SNOs to convert their Tokens they are earning without difficulties. This also means that once the exchange’s L2 STORJ deposit function is available, SNOs would have then the option to directly list the zkSync L2 exchange deposit address as their payout address, and thus even eliminate the deposit-to-exchange step.

I think the one time activation fee is also necessary for L2 to L2 transactions. But it does remove the withdrawal fees at least. I’m hoping to see more exchanges on board soon, but it’s a great first step. OKEx is a great start.

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Ok well in that case I stand corrected, and I will adjust the last post accordingly. Thanks for pointing it out.