Hope someone can clarify this for me on what’s going on.
After supplying my coins to compound as a lender/borrower, I managed to earn 0.3 compound coin.
I click on “collect” under Vote to collect those distributions. Then in my wallet it pops up that this requires a fee of 0.1333 ether!
At current market of $570 per ether, this is ~$75, which is more than the cost of the compound distribution itself. I tried a couple more times, sometime i get a fee of 0.0344 ether instead which is still a lot at $17
I am looking for some tips how this works, should I just not collect the compound distribution and wait until it reaches a much higher number then do it, to save on the ether fee? It seems this high fee for collecting compound coin kind defeats the profitability of this whole enterprise.
COMP is automatically distributed to your wallet when you interact with a market; check out the FAQ on https://compound.finance/governance/comp
The “claim” function attempts to withdraw COMP earned from every market – it’s not very efficient. You can use it when gas prices are low, or if you’re feeling skills in smart contracts, call function 20 (claim) via Etherscan with your address and the cToken’s address - this is a “cheap” way to collect the COMP.
Thanks for the info. Is there any risk to leave the comp uncollected for long time - like 6 month to 1 year, then do some activity like add $10 to the supply or borrow $10 to trigger the withdrawal.
That would work fine, and there should be no additional risk to that!
easy and cheap way for fee should be implemented automatically, most user cant directly interact with smart contract
hi guys, want to revisit this topic. So i have a decent amount of comp left unclaimed, and i tried to enable comp as collateral (paid ~$2 in ether for fees). Per above, the unclaimed comp should then automatically become claimed right? However it is still sitting as unclaimed even after the transaction has been confirmed.
Does anyone know what’s going on, or can give a direct cheapest way to claim your unclaimed comp without have to code against the api. It’s kind silly it doesn’t have an easy way or automatically to claim comp you earned…The claim button on the website is so expensive in term of fees, it might as well be useless.
Automatic claims on interactions are now removed, so by supply/borrow you wouldn’t now be collecting COMP automatically.
And it wasn’t working like you imagine before. Enabling something wouldn’t claim anything. For example, if you had some USDC borrowed, than borrowing more or repaying some would claim COMP accrued from USDC borrow only, but COMP accrued from, for example, supplied DAI wouldn’t be collected.
But again, that function is now removed, i don’t think there’s any way now to relatively cheap claim through UI on website.
Ah thanks for the info. Is there any plans to make claiming comp cheaper,
How do you guys do it, everyone is just coding against the api? I am sure there are lot for casual users like me who just use the website, to claim 3 comp I have to pay $20 that’s just horrible.
Should I just leave the comp unclaimed for like a year then claim it all at once, is there are risk leaving it unclaimed for extended period of time.
You kind of first one to raise the topic since removal of auto-claim. It was executed less than 48 hours ago.
However i highligted that issue when talks about removal of auto-claim just started month or couple month ago. That users would have problems with that, as only expensive claim all will remain in UI. But haven’t met enough support in that opinion So i decide that i’ll just wait for outcry on forums when enough people discover gas costs of claim function.
Though maybe there is something on the way to the UI, who knows, maybe Robert can answer that.
Currently you can just wait untill something arrives, or learn how to call claim function manually via etherscan UI.
I agree. The fees are way out of control. I can’t even claim my accumulated comp to supply to the pool becuase the fees are ridiculous.
It would be great if there was a way to do a partial claim of the accumulated COMP. then I could claim whatever amount I wanted. right now, I’d have to claim comp every day to be able to afford to claim the COMP I’ve accumulated.
Any thoughts… or can someone tell me how to learn how to interact directly within etherscan.
Indeed, this fee policy seems to be quite inappropriate.
To claim $1 worth of COMP, the price is ~$100!
With the COMP accumulating the claim prize is increasing as well over the last days/weeks…
Hence I support the idea of enabling a cheaper way of claiming the earned COMP (I don’t mind the speed for that at all; it could take hours, if that was an option to reduce the fee)
Alternatively, I would also be happy to learn how to do this directly via etherscan. Is there an actual and targeted tutorial for that?
Thank you very much and keep up the good work!
How do we get this on the radar of the devs to have a vote. This directly affects adoption of the platform, which we all want. It affect especially the new user base who are not technical and just want to use defi for its intended purpose via the web gui.
This high fee is a blocker issue.
I totally agree.
Maybe it’s not desired that the ordinary user claims his/her COMP?
This comes with a very bad taste, of course, since the earned COMP are apparently included in the “Net APY” value presented centrally on the dashboard.
Looking forward to hearing any other thoughts on this.
This is disgraceful. Over $100 to claim $25 worth of Comp.
And don’t claim it’s all ETH and Gas fees fault. If I want to remove my coins I’ve loaned you, it costs half that much.
Sort this out, put in a plan of action and look at other protocols that plug in and speed up or look at ways to reduce fees as this is untenable.
I have to pay YOU to loan YOU money AND to claim my interest.
Comp is looking more and more like a scam.
Is there any word on moving to a L2 solution to mitigate these high fees?
While this was an interesting read and it also touches on the point of high transaction cost, it unfortunately did not provide applicable suggestions to me as an ordinary user (i.e. a noob ); at least I could not figure out a recipe of how to claim COMP at a reasonable fee.
Any further suggestions?
Can you hint to a video or written manual explaining how to “cheaply” claim COMP using Etherscan? I tried too look it up, but couldn’t find any. Thank you!
@rleshner where can I find:
- holder (address)
- cTokens (address)
I checked a transaction via Etherscan but was unable to find it.
Alright looks like I got it.
Let’s say you would claim COMP for you DAI->
use function “19 claimComp”
- holder (address)-> your Ethereum wallet address
- cTokens (address) → can be found in the docs e.g. DAI 0x5d3a536e4d6dbd6114cc1ead35777bab948e3643