QDAO DeFi to increase minimum withdrawal limit in response to high ETH fees
March 25, 2021
Add: Veronica Zubrii
The Ethereum network is hurting its users, especially when it comes to DeFi. Interactions with smart contracts require huge Gas fees. We can’t fix this issue so QDAO DeFi must adapt to this reality. From 1 April, we will increase the minimum withdrawal amount to $250 on external platforms or wallets except BTCNEXT for every coin that operates with smart contracts on the Ethereum blockchain.
The DeFi boom has become a real test for the Ether network. Fees have grown by 100 times! A year ago, it was necessary to pay $0.10-0.15 cents for transferring funds from one address to another. Today, this simple operation will cost you $10-15. The problem of scalability is now being acutely felt!
As the developers of QDAO DeFi, we are not happy about raising the minimum withdrawal amount but there is no other way out in the current environment. Operations with smart contacts require even more Gas than regular transactions, so it’s completely unprofitable for users to withdraw small amounts. We believe that $250 is the optimal minimum amount.
These changes will affect most coins on QDAO DeFi and will be applied on 1 April 2021. We hope to have your understanding in this matter. We are actively looking for a solution to ETH’s Gas problem and are doing our best to provide QDAO DeFi users with the best conditions!
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