Announcement: Payouts Delayed Due to Extremely High ETH Gas Fees

Announcement: Payouts Delayed Due to Extremely High ETH Gas Fees


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Image: A screenshot from EtherGasStation taken by me today.

 

Update (September 8th): Payouts have been completed a week late. Thank you for all of your feedback and patience!


The solution we've settled on to remedy the high gas fees is to switch from weekly to monthly payouts. You can read about the details here.

 

 

Important: We NEED to delay payouts this week due to rising gas prices on Ethereum.

 

When we first started Publish0x, gas prices were 6 gwei. It cost us $10-20 to pay out 2000 people.

Today gas prices hit an all time high of over 460 gwei, nearly 100x the cost. We're looking at $2,000+ cost for a payout at current gas prices. This is obviously not economically viable.

We hope you understand that we need to wait for this to cool down. At the latest it will be 1 extra week - a 1 week delay, but if gas prices drop to more reasonable levels we will pay out sooner - into the future we think we will have to move to payouts only every 2 weeks, but we'll keep you posted on that.

 

Your Input Needed - Options We are Considering for the Future.

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We have a limited number of options going forward:

  • Another increase in minimum withdrawal treshold.
  • An increase in time between two payouts - we might start paying out twice a month, or even just once a month, or we might allow users one or two withdrawals per month.
  • We're also considering non-ETH based tokens to use for tipping in the future.

I appreciate any input you can leave under the comments. Do you have any thoughts about how to deal with this situation?

 

 

Thanks for understanding!


Igor Tomić
Igor Tomić Official Team Member

Publish0x COO. Interested in Cryptos and Blockchain, Travel, Basketball and Hiking.


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