Hello I am very new to using Compound. One of the things I’m struggling with is how high All the transaction fees are. For me to vote would cost me $21. For me to pay back what I borrowed would be an additional $7. Am I doing something wrong here? I’m thinking unless you’re exchanging humongous sums of money this may not be the best way to make gains quickly. I’m using ethereum for collateral and USDT for borrowing. Any insight would be greatly appreciated and I apologize if this is a stupid question.
At the moment the gas price on Ethereum is quite high, you can check it here: https://ethgasstation.info/
The amount you see in for instance MetaMask is the maximum amount you may be charged, but in reality the transaction will often use less gas than the maximum, so it will turn out a little cheaper. But maybe 20-50% or so, depending on the action and some other variables. Time of day impacts gas price, so that can help a little. Also, if you are very patient, you can pick a lower gas fee but it will longer and doesn’t actually save that much. Just google ‘how to reduce ethereum gas prices’ or something for more info on this. This is not specific to Compound, all Ethereum apps are struggling with this at the moment.