Insane fees to collect compound distributions

Hope someone can clarify this for me on what’s going on.

  1. After supplying my coins to compound as a lender/borrower, I managed to earn 0.3 compound coin.

  2. 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!

  3. 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.

Thanks

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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.

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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.

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That would work fine, and there should be no additional risk to that!

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easy and cheap way for fee should be implemented automatically, most user cant directly interact with smart contract

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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.

thanks

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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.

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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.

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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 :slight_smile: 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.

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