My Flash v1 to v2 to staking experience

My experience of migrating from flash v1 to v2 and then staking for the first time gave me a big knot in the stomach. Seeing the $ amounts for each transactions is not for the faint of heart.
But in the end, spent 171$ on fees and got 407$ in return!

What Gas Price Ether Price Cost in USD
Approve Flash Migrate 200 1823.03 15.91
Migrate to v2 201 1823.03 28.79 FAILED!
Send more eth 249 1823.03 9.39
Migrate to v2 201 1823.03 33.81
Approve Flash App 129 1776.16 10.27
Send more eth 164 1795.11 6.18
Stake 126 1795.11 66.98
Total fee cost 171.33
- - - - -
Returns: Worth
0.17 WETH 307$
100 Flash 100$

Lessons learned:

  • Do not change metamask gas price or limits.
  • Unspent gas will not be spent
  • Gas price varies alot. See https://etherscan.io/gastracker and find a good time that fits your budget
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Thank you for a very detail explanation and warning for other users on these gas fees.
It might even be beter for investors with smaller amounts to wait for layer 2 solutions. Sacrificing 20%+ of your return is just not good investing for most.

I think the volume on the FLASH Dapp will increase dramatically once the cost comes down.
:stethoscope:

3 Likes

I know gas prices are a pain for small traders, for me too! Also this answer should not be any attack on you, I just want new members to know.

You dont always pay as much as metamask shows you in beginning, always check back how much gas you actally paid after transaction on etherscan. Normally failed transactions only charge 3-4$. So I think we can subtract 25$ from the failed transaction if it was not your fault. Then those send more eth are normally also not needed if your wallet is prepared, so maybe in total it would be around 40$ less fees than you mentioned.

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Those fees are what i actually paid as listed on etherscan. But yes, you pay less than what metamask shows, luckily. That was something i did not know beginning this journey.

Regarding the failed transaction, that was on me. I only had 29$ left in wallet, so i reduced gas limit to be able to do it. Transaction went out of gas and all was lost. Lesson learned.

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One more small pocket who struggles with the gas fees :fist:

Would have been nice with a somewhat estimate like this just before the launch. Saying if you make this journey you should have at least x of Flash, otherwise you will ‘loose’. I recognize that an accurate prediction is impossible to achieve, but some guidance would have been appreciated by new stakers.

Being transparent: LP participation makes more sense if you are very quick on launch. Given high volatility on launch the return will be much better for those who flashstaked at an early stage. And in order to go through approval first in line, the set gas needed to be insanely high.

Another perspective I want to bring in here is to not consider gas fee as dollar cost. In my opinion it’s a bit misplaced to value 100 Flash as 100USD. Of course I don’t question the marketvalue according to Uniswap at this point in time, it’s rather the idea to consider investment as an asset swap, one should consider a gain or loss first when it’s realized. And no one who has an active stake or holds Flash is there yet.

A last thing I wanted to name again is a suggestion I made before: For less active and experienced citizens it might have been a good service to make pre launch bookings. With that I mean a custodial service that a citizen’s Flash could have been allocated according to this citizen’s request, e. G. Place 50% of my Flash in Pool and 50% in stake upon launch. Gas and service fee deducted.
It could have made things a lot easier for the v2 also with regards to having a better community experience.

1 Like

Good post.

Somethings are worth waiting for low gas days . Ie Sundays.

I usually always put the highest gas fee on metamask anyway and its usually always below what is quoted and I rarely get failed transactions.

I would rather pay more for not failing than trying to save money on a slower transaction.

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Whats the best time in the week for lowest GAS fees?

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Some indicator here:

However, the biggest problem I believe is when Eth tokens make big price moves, that’s when bots jump in and clog the system with arbitrage hunting. And that can happen any time.

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