A single supply / borrow transaction, the core function of compound, currently cost $200-400 in fees. This effectively makes this platform unusable.
what is being done to resolve this ridiculous situation with the ether gas fees, otherwise i dont see how this platform can survive. Why would anyone pay those fees especially considering the very average yield
This is very true compound is just here to use our cash to fill development very High fees, very poor customer and product service infact even their Ceth is not supported by same coinbase they claim to work with, whoever has extra cash take cardano and stake solana forget compound
I advice once the cycle is over all move your funds from here to yield farming Amm. And binance or cardano and solana
For now am disappointed by compound
As a noob, last year I thought it was a good idea to put money in compound…(ceth, cbat just to name a few) now idk what to do! I am making a little gains but to withdraw or convert costs soooo much money!
You are not alone, everyone is in the same boat. I wanted to withdraw my usdc supply and pay off the usdt borrow since I am being charged 13% interest and losing money everyday. But just to do those 2 transaction will cost me $900
This defi suppose to save you fees and fix issues with traditional banking, but instead has turned into a complete joke, add on to the very real risk of bugs that can make you lose your whole investment. I don’t know why anyone even bothers, it will be dead if those fees continue
If you just want to invest in Compound without high gas fees, we built OUSD which lets you swap into and out of 100% stables backed by a current mix of mostly Compound and a little AAVE for the gas price of a single uniswap transaction (or less). It also automatically harvest’s COMP, and reinvests it without you having to pay for the gas.
I agree with the point stated here (and already in other discussions in the forum) that the extreme gas fees represent a very unpleasant property of this environment.
Wouldn’t it be an option to run the Coumpound transactions with support of http://loopring.io (or sth comparable, if there are alternatives) going forward?
That’s great! How do you connect to OUSD from a Coinbase Ethereum wallet?
Sorry for the basic questions, but which wallet type would be correct for connecting to the site?
It should be on the Ethereum network.