Anyone have any recommendations for reducing the fees with ETH when attempting to do a deposit on a PoolTogether deposit?
For background: today is February 20th 2021. Because the price of ETH is really high and the network seems to be congested at times, transactions on all ETH based chains are expensive.
However, on PoolTogether the combination of the GWEI and the gas limit are at the equivalent of $250USD+ for a pool deposit transaction on DAI right now. My wallet is recommending a 600,000+ gas limit and 200+ GWEI which translates to extremely high fees.
It’s interesting that a token swap on UNI swap DeFi exchange is around $50USD right now but a contract with POOL is three times as much. My understanding is the contract with a swap is smaller than a Pool Together deposit contract.
Here’s the big issue for PoolTogether: It leaves out the “regular person” that wants to do a small deposit every now and then to “save” in a lossless lottery. It becomes such a huge barrier to people to come into crypto and especially PoolTogether.
Philosophical discussion topic: the original mission of pool together back when I joined in 2019 was to create a lossless lottery. The vast majority of people that participate in lotteries tend not to do savings. They tend to be poorer. Pool together was trying to change that paradigm by allowing people to participate in a lottery but allow them to also save. Many people cannot even save $250USD per month - yet alone incur a $250 fee just to participate in new way of saving and still have the excitement of “gambling”. This is what originally tracked me to the program years ago and why I’ve been a long time HODLer of my PT tickets.
Can we use this thread to capture ideas that could reduce the fees?
Here are a couple that I have:
#1 - Can the contract be further optimized to be not as complex?
#2 - Can an alternate blockchain chain be used with smaller fees?
#3 - From what I understand, POOL is being used as a governance token only. Could that blockchain or a similar DAO be established so that smaller transactions can be reasonably made? There is another post on here that references pooling transactions for the “pool”. What about creating a second layer on PT that could facilitate this?
Looking forward to participating more and engaging in future discussions.