And so, you received your newly introduced Publish0x payout in Loopring tokens. And you think: 'What better option, than supporting the native Loopring DEX?' Right? Wrong! Exchanging your LRC to ETH using Loopring Exchange is a pain in the neck!
First, you have to sign-up with Loopring DEX using your Metamask. It's not enough for Loopring to connect your Metamask wallet with the exchange. You will also have to interact with their contract. Guess what? There is a fee associated with that. A fee of $0.60 paid in ETH. So, if you just got the minimum payout, you are already in the red.
Thankfully, your payout was some 98 LRC, which gets you clean from registration fee, and you decide to deposit your LRC to the exchange so you can initiate a trade. Guess what? A fee applies here as well! But this one is tiny, so, let's don't mention it.
With LRC in your Loopring DEX account, you decide to exchange all your LRC for ETH. Hold your horses, Jack! The minimum trade is 100 LRC. You are 2 LRC short.
OK, you can transfer some ETH, trade it for LRC and then trade all LRC back into ETH. It's a bit complicated (and you lose some ETH due to price difference) but it's OK. How much is 100 LRC in ETH? Not so fast honey! Minimum ETH trade is not as little as LRC. Minimum trade for ETH is 0.05 (close to 300 LRC).
You think: 'Let's get on with this shit' and you transfer your 0.05 ETH. Then you exchange your ETH for LRC, and along with your original 98 LRC, you convert everything back to ETH. Finally, you now only need to withdraw your ETH. Right? Yes, except there is a tiny detail: there is a withdrawal fee of 0.002 ETH, that has to be paid straight from your Metamask wallet, in order for Loopring to initiate your withdrawal. ETH held in your account with them is not good. They want more. And so you authorise another contract interaction for 0.002 ETH.
And then you wait... And your withdrawal is under processing in order for Loopring to get the lowest possible cost, as if your 0.002 ETH won't be sufficient to cover the gas fees. Eventually, your ETH land in your wallet. Only for you to discover that your 98 LTC are worth half of the 0.0167 ETH, shown originally in your wallet. All this time wasted and fees paid, made you lose half of your 98 LRC Publish0x payout.
Did you say DEXs charge lower fees? Try Loopring. They will change your mind.