As you may have noticed, Publish0x has announced they will be switching to Optimism Network in the next 3 to 6 weeks. This is a major change since it allows to withdraw tips to a self-custodial wallet with low gas fees.
Currently, tips on Publish0x can indeed only be withdrawn to KuCoin or Ethereum mainnet:
- On one hand, KuCoin requires users to go through a KYC process, what most people (like myself) do not want to do for various good reasons.
- On the other hand, if you withdraw to Ethereum mainnet, the high gas fees will consume most of the tips thay you got from Publish0x.
Therefore, the only options that we had so far were to apply for KYC on KuCoin or pay high gas fees on Ethereum. To tell you everything, I had previously used KuCoin till they changed their KYC rules, and had started to withdraw directly to Ethereum mainnet SPOT and to swap it at the best possible time, but none of these both options was satisfactory so far.
As the Optimism Network is a layer-2 solution that uses optimistic rollups, it reduces gas fees by more than 90%. You can see below the current gas fees:
This means we will be able to withdraw our tips and swap them for other tokens for a fraction of the cost of Ethereum mainnet.
Furthermore, the Optimism (OP) token is still in its early stages, and has the potential to be a valuable asset, since new chains like Coinbase's Base are using OP stacks (based on Optimism) and new applications recently launched on Base, like friend.tech - if you want an invite code for friend.tech, please follow me my Twitter page, and send me a dm so that I can send you an invite code via dm too, as long as I have some remaining ones…
Of course, there are always risks associated with crypto investments. The OP token is new and the circulating supply is only a fraction of the max supply. However, I think the switch to Optimism is a positive development for Publish0x since it gives us a real option to withdraw our tips at an affordable cost.
Disclaimer: Cryptocurrency is a volatile asset and your investment may go up or down. Do your own research before investing.
Follow my Twitter page to get an invite code for friend.tech
