Hey, in this new installment, we’ll talk of BSC gas fees, the common slippage issue and some tips and tricks to simplify your life.
Mind you, some variation may occur on Pancake Swap due to the V2 launch, but the article is mainly focused on the entire bsc system
First and foremost, the biggest appeal of the BSC ecosistem: low fees (GWEI). This helps making the chain more easy-going than the Ethereum world due to a bigger accessibility for people with smaller wallets or not yet ready to dump 23-30 bucks on fees. The low price is due to the absence of POW, unlike in Ethereum, and the use of POSA.
The amount can vary from 0.00001 BNB to 2 BNB if you are creating a New Smart Chain Validator. More data can be found here: https://testnet-dex.binance.org/api/v1/fees, with live updates.
Also useful: https://bscscan.com/chart/gasprice
Remember that gwei can be artificially controlled (albeit votes have been done in the past) and that helps the lower cost, unlike with mining. This can definitely be a controversial issue, but let’s focus on the small things first.
To add, a nice way to avoid excessive costs, is to put the gas limit in every transaction at a 150.000-200.000 maximum. It might not work on more complex smart contracts, but will help your everyday trade.
But often, when dealing with low cap “gems” you might have failed transactions, saying Transfer_INSUFFICIENT_.
This is due to the fact that every operation we are doing with that token will impact the price in a significant way, as there isn’t that much liquidity around. Thus, when we buy, we might up the overall price of something like 0.5%. If someone else was buying at the same time, his price target might not be there anymore. and to do that, we didn’t pay a premium to get fast tracked in our operation. Ideally, upping the slippage it’s a way to solve it, as you might ideally pay a higher fee to “get there first”. On a low cap, the money moved around is so low you’ll never really deal with big fees. They’ll be pretty standard
If we are buying or selling, we’ll have to bring the slippage up (available in the settings of every trade/swap part of a dex). 5% might do the trick, but deflationary tokens might need 10% or more, like with SAFEMOON, that usually needs 12%. Another further trick is to round down the numbers, as it’s easier to process 100000 tokens rather than e.g. 100458; relax the price won’t change much if we are dealing with something worth 0,00002 a coin, and you’ll have a faster and smoother transaction.
On the other hand, we don’t want to have a high slippage in a high cap token, as we might get less (if selling) as we are willing to get any price to put us at the forefront of any transaction.
TIPS AND TRICKS
Now, let’s focus on some minor details that are often overseen by a lot of users
A good site to check the permissions on your wallet you gave around while trading. If you are not using a certain dapp/site/finance, you might want to remove any permission given, due to safety concerns. Mind you, you’ll likely never have any issue, but better safe than sorry.
https://bscscan.com/ + your bsc address
A nice way to check your balance, the value of your coins, transaction history and the fees you had. Using analytics can help you understand and keep track of what you did, and have some planning. And sometimes reassess your targets, as I believe that looking at what you did is a good reality check and helps keep euphoria and greed in check.
Great site to check you small cap moonshots and assest when to get out and get some gains in your wallet
Going forward we’ll deal with how to deal with rugpulls and scams, with a short guide on red flags and ways to prevent your good will to harm you
Hope I helped and stay tune , we are just starting
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