On the Ethereum mainnet where Tokenlon is built on, the miner fee is one of the main costs users incur when using Tokenlon. As the network becomes congested, miners fees shoot up to unbelievably high levels.
In order to ensure the high transaction success rate on Tokenlon and prevent users from losing miner fees due to transaction failures, Tokenlon set a minimum trading amount. This fluctuates with the changing miner fees. i.e. The higher the miner fee, the higher the minimum trade amount.
However, when the miner fee shoots up sharply, the high minimum trade amount prevents most users from using Tokenlon.
In order to provide users with a better trading experience, Tokenlon has now cancelled the minimum trade amount (only on imToken App). We also retained the function where you can use the tokens received from the trade to pay for the miner fee.
How to cancel the trade limit
Please update your imToken App to the latest version (v2.10.2 or higher).
After finishing the update, please visit the【Market】page where you will see the new announcement about Tokenlon cancelling the minimum trade amount. The system has canceled the minimum trade amount by default, so you do not need to make changes to the setting.
Tips
- When the miner fee on the Ethereum network is extremely high, the miner fee can consist of a large part of the trade amount. In this case slippage is high, please trade with caution.
- If the trade failed to broadcast on the network, you will still be charged for the miner fee.
- In the【Preview】page, you can see the details of the fee that you have to pay to Tokenlon and the miner.
How to turn on the【Pay miner fee with tokens】mode
If you do not have ETH or enough ETH to pay the miner fee, we suggest you turn on the【Pay miner fee with tokens】mode. Please update your imToken App to the latest version (v2.10.0 or higher).
After finishing the update, please visit the【Market】page and click the gear button to enter the【Setting】page.
In the【Setting】page, click the button on the right to turn on the【Pay miner fee with tokens】mode.
As long as you turn on the【Pay miner fee with tokens】mode, you can make trades on Tokenlon even if you don’t have ETH to pay miner fees. The miner fee will be deducted from the tokens you receive.
Please note that
- If you turn on the【Pay miner fee with tokens】mode, the minimum trade amount will still be in effect.
- When ETH is sold,【Pay miner fees with tokens】feature will not trigger, and the required miner fee for the transaction will be paid by the user.
Tips
- When the【Pay miner fee with tokens】mode is on, the transaction success rate on Tokenlon is over 99%. To prevent users from losing miner fees due to failed trades, we suggest you turn it on when the miner fee on the Ethereum network is relatively low and stable.
- When the【Pay miner fee with tokens】mode is on, the miner fee will no longer be displayed on the【Preview】page.
- The Tokenlon protocol will compare the trade fee and miner fee, and charge the fee according to the following conditions:
- If trade fee＞miner fee
- In this situation, the actual fee that goes to Tokenlon is the difference between the trade fee and the miner fee. The actual trade fee paid by the user to Tokenlon will be reduced greatly.
For example, if the miner fee is 0.01 ETH, and the trade fee is 0.02 ETH in the【Pay miner fee with tokens】mode, Tokenlon will only charge 0.02 ETH to the user and pay 0.01 ETH miner fee to the miners, users do not need to pay the miner fee.
-
- If trade fee ≤ miner fee
- Tokenlon will not charge any trade fee and users just need to pay the miner fee which will be deducted from the tokens they receive
- If the trade fails, users do not need to bear the loss of miner fees, which will be borne by funds from the LON treasury.
- If trade fee ≤ miner fee
How to turn off【Pay miner fee with tokens】mode
Back to the【Setting】page, click the button on the right to turn off the【Pay miner fee with tokens】mode, and there is no minimum trade amount on Tokenlon.
Tips
- When the miner fee on the Ethereum network is extremely high, the miner fee can consist of a large part of the trade amount. In this case slippage is high, please trade with caution.
- If the trade failed to broadcast on the network, you will still be charged for the miner fee.
If you have any questions about the big change, feel free to contact us via Tokenlon Discord.
Tokenlon team,
2022.05.05