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Saffron Finance And The Problems I Have

Saffron Finance And The Problems I Have

By SAGE84 | I-Love-Crypto | 26 Dec 2020


Saffron Finance And The Problems I Have

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Saffron finance is a platform operating in the Defi sector. Of course, like every Defi lover, I immediately started to add liquidity to the platform. I participated in Epoch 1 liquidity mining by paying the most appropriate gas fee, by providing intensive checks to pay the least of the high Ethereum gas fees without gaining anything. I added 13 DAIs for trial purposes and I paid about $ 5 gas for it.

Epoch 1 mining pool locks down liquidity for 14 days. After 14 days, when I entered the Saffron finance page to get back the 13 DAI and the accumulated SFI tokens, I encountered an error. I got the idea that our capital and gains were steam, with a very meager statement saying that "we need to use smart contracts at our own risk." Meanwhile, the second liquidity pool Epoch 2 had begun.

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Of course, I looked at the Saffron finance page to get information via twitter immediately. There, I saw that I wasn't the only one affected by this error, but a few users were also affected. About the bug I wrote comments to the Saffron team that we had the problem. The error was fixed after 4 days with the recovery program. However, no SFI tokens were issued. LP tokens, which I do not know what they are used for, were given, of course, it is not easy to withdraw as you can see in the picture below because of the fee ..!

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The ethereum gas fee I have to pay to withdraw 11,442,486.9342972 LP tokens is $ 6.25 as you can see in the picture below.

By the way, I did not pay an Ethereum gas fee of $ 6.25 because I did not know how much the LP token is worth and what it does. As I said, maybe 1 dollar is not worth even because you see the number starts with 11 million ..! :D

I don't think the Saffron team gave me a $ 1000 worth of LP token to compensate for this mistake because in the rest of the article you will see how insensitive they are for the small investor ..! :D

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I still haven't been able to withdraw my core capital, 13 DAIs, due to high gas fees. I have not earned any SFI tokens, I am at a loss due to the withdrawal fees I have paid on the Saffron platform where I have logged in to make a profit, but I have not given up yet ..! :D

As you can see below, you see the Ethereum gas fee I have to pay to withdraw my 13 DAI capital, not a joke ..! I have to pay 1.71 Ethereum ie 1040 $ ..! Not a joke, it's real..! :D

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Finally, almost a week later, the Ethereum Miners returned to Earth and I was able to withdraw it by paying a reasonable gas fee of $ 1.15 (still a higher fee than other alternative tokens).

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In short, I paid $ 5 withdrawal fee from Epoch 1 liquidity mining without even earning $ 1 by depositing 13 DAI capital. However, as I said above, I still haven't given up ..! :D

Epoch 2 pool mining had already begun and after few days I was finally able to participate.

I had to pay at least $ 5 Ethereum gas fee again to pool my 13 DAI capital back into the pool. Think about it, to add capital, you have to withdraw your money again and add it to the pool by paying a fee again. I think the person who wants to keep a previously added capital in the system should allow them to add directly to the pool. People who do not want to join the pool are already withdrawing their money.

As you can see below, I barely participated in Epoch 2 pool mining and eventually gained a very small SFI balance of 0.00125574.

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Epoch 3 mining, which will end on December 27, 2020, had begun. Of course, to participate in mining again, as I mentioned above, I had to withdraw 13 DAIs to my metamask wallet and re-deposit the liquidity back to Saffron Finans, but I could not find the opportunity this time because Ethereum miners flew to Mars. As you can see in the picture below, the high Ethereum gas fees that did not fall to reasonable levels made this impossible. The Ethereum gas fee I have to pay to withdraw my 13 DAI capital and the 0.00125574 SFI token I have earned is 1.12 Eth, or $ 661.

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By the way, Epoch 3 had 7 days to finish mining and I could not attend due to high gas fees. You see it in the picture below.

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13 DAI, I was thinking of joining by increasing my capital this time, but 2 days before Epoch 3 mining ends, Ethereum gas fees are still very high $ 301.

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I joined Saffron Finance's Epoch 1 and Epoch 2 liquidity mining pools for a very small and symbolic fee. I couldn't join the Epoch 3 pool because of the ridiculous and high Ethereum mining fees.

Now imagine how much higher Ethereum gas fees were incurred by those who invested 1000 DAI or more if I were exposed to such high Ethereum gas fees at a symbolic fee like 13 DAI.

What a disaster for Defi ..!

High Ethereum gas fees and long transaction times, insufficient mindless contracts, and little Defi-loving investor no one cares about.

I made a lot of comments to the Saffron Finans team on this subject on twitter, but nobody even wrote an answer for these absurd gas charges.

In short, I shared with you the Ethereum gas robbery and Saffron Finans experience, which I overcame with 10 dollars gas fee by trying to find the lowest gas fees for a long time, on the contrary that I did not earn even 1 dollar in Safron Finans.

Defi needs to get rid of Ethereum now, but Defi teams are persistently trying to grow fruit in the Ethereum dump ..!

Of course, we see that these teams don't care ..! They are already on the winning side ..!

I hope Defi platforms will be established in new generation networks like Algorand, which is an alternative to Ethereum, and we will get rid of these high gas fees ..!

In the meantime, if anyone who knows what the LP token is useful and its value covers the cost of the withdrawal fee, starting with 11 million and given as a result of an unwise contract error, I would appreciate it if they give information about how to use it ..! :)

 

These are my thoughts. If you disagree just read and smile and pass.  :)

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SAGE84
SAGE84

Youtuber and blogger and crypto money.


I-Love-Crypto
I-Love-Crypto

crypto enthusiast, poet, economist, fitness and bodybuilding, writer, jurist, nature lover, good and beautiful person who wants to destroy evil with good deeds.

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