Relay Hi Relay, understandable confusion and frustration with the fees! The short story is we have 0 control, this cost is set by Ethereum. The costs go up when ETH is expensive and when the blockchain is busier.
How gas fees change
ETH gas fees are based on a computational cost. The computation required to withdraw is mostly constant. BUT the cost to have a miner run your transaction changes. When Ethereum is busy, miners have more choices, and people offer higher prices to have miners pick their transaction first. Average costs go up. Lastly, you are thinking in USD and not ETH. Since ETH/USD is so high now, you need a lot more dollars to buy the same amount of ETH.
Gas fees can change dramatically in days. The fees doubled over the last 4 days as an example. Being patient can sometimes really help you.
Fee calculation on Morpher
The fees we show you in the app are just how much Ethereum miners charge to run withdraw. The cost at any time is the same whether you withdraw $1,000,000 or $1. So sadly smaller accounts are hurt most when Ethereum is expensive & busy.
We've solved gas fees before
While we can't control Ethereum we do have a pretty clever team 😉. There is good news! We have removed ETH gas fees from parts of the app before.
- We made trading gas free. We spent months building an advanced layer 2 plasma scaling solution (ie our sidechain).
- We made some deposits gas free, at least via credit card/PayPal. That was thanks to sidechain and special partnerships with payment processors.
Withdrawals are the last hurdle and the toughest. It requires everything from legal licensing to convincing crypto exchanges to use our sidechain and other alternatives. We're working hard on it, but this will take the longest to solve.
