I have used the Coinbase Wallet for a few months now, before gas fees spiked like they did and the cost was a little over a dollar for the transaction. Trying my first time at using Compound I didn’t care about the gas price as I just wanted to try it out.
Since Coinbase has made a bigger push to get people to use their wallet app I decided to move some DAI over and lend more out via Compound. I attempted to do this at 9:15 central time and the gas price was over $8 to move the DAI.
Gas prices are no wear near this high and I have noticed in the past that lending to Compound carries a huge premium gas wise. I assume this puts you in the high priority transaction but even than it does not add up.
If Coinbase wants this app to take hold they have to address it. Their app and website is set up for beginners and unless they want to turn off these new customers they have to find a way to lower this fee. People who are just starting out are not going to dump a huge lump sum of money into crypto and so this fee is going to heavily eat into the attempt at profit.
Personally I love Coinbase and the easy of it even though I’ve dealt with Crypto since 2017 but these fees are just silly. You look it up and find out what gas fees are and then look at Coinbase and realize how inflated Coinbase are. At a minimum it’s extremely crappy customer service and could range all the way up to fixed price gouging of customers.
Hopefully soon this is addressed and fixed because their numbers and the numbers available to us from different Etheresources is just sad. If anyone has figured out what’s going on with this please comment below cause this is board line highway robbery with how it is now!
Coinbase Wallet.... Does it have a huge issue?!
Just a college student who graduated during a pandemic. Loudest and proudest member of Texas A&M '17! Back to back neurosurgery survivor and sports fanatic!
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