You will need around $10 –15 worth of ETH for paying gas fees and completely bridging both your SPOT and Ampleforth. I will completely explain how someone like me, or you can swap ERC Token obtained from Publish0x or from centralized exchanges, and this should also make it clear for swapping and bridging almost any ERC-20 Token.
For making swaps or trades in ethereum or any other chains, you will require its’ native token. Since ETH is the native token for paying gas fees, we will need around $10 -15 worth of ETH already. Note that ETH price fluctuates and so does its gas fees (measured in GWEI).
Maybe ETH’s gas fees lower significantly in the future with Dencun upgrade and introduction of EIP-4844, we will know it anyway. This Dencun upgrade is supposed to be in 2024, so we will have to wait till then. It is good to see a large number of developers constantly upgrading the Ethereum network.
Swapping & Bridging
I waited for the Ethereum GWEI to be at absolute minimum for the post. Two days after, and I finally caught it. The Ethereum GWEI fell down to 13. I then quickly rushed to Uniswap and put my trading pair from SPOT to USDC. Here is what it cost me:
I also had to pay the one-time fee to allow my SPOT to trade and it cost me $1.41 here. Thankfully, I wouldn’t have to pay this fee for swapping my SPOT again. The same was the case for swapping my valuable Ampleforth Token. At this point, I had paid less than $9 for swapping both my SPOT and Ampleforth to USDC.
Actually, the cost is little more, because there was 0.30% fees as well which Uniswap charges me for trading a least popular conversion. For Ampleforth, Uniswap charged me 1.75% as a fee, and it was surprising. It might be because Ampleforth –USDC was unpopular conversion here. Normally, this will be less than 1% in your case. After I had all my Tokens in USDC, I went to Umbria Network to bridge my USDC from Ethereum to Polygon. It just cost me $0.51 in ETH as a gas fee here. I just had to wait 5 minutes or so, before I could see my USDC in Polygon Chain. After, I could see my funds on Polygon Chain, I was excited because now I can now make trades and swaps for less than a penny.
But a final step, I would need to have some Matic for paying gas fees. Thankfully, Polygon’s website allows users to swap popular tokens for Matic without paying for gas fees. So, I went and bought some Matic which I can now freely use to pay for gas fees. It is just interesting to see the same swap that cost me around $5 in Ethereum chain, cost me only $0.01 here.
Bridges and websites used:-
Uniswap: https://app.uniswap.org
Umbria Network: https://bridge.umbria.network
Swap For Matic: https://wallet.polygon.technology
