Hello, I’m new to the crypto scene and Balancer.
I think I’m currently in the process of buying XEND with USDC.
Despite it saying it is $0.3 per token it’s well over $1 for some reason… Anyways…
The issue I’m having is I have pressed the unlock button but I pressed this about 2 hours ago… Its not doing anything… I have left it hoping the transaction will eventually go through.
Is this normal? Where do gas fees come into this and how do I find out how much ETH I need to pay for fees? I have about $30 in my wallet so hoping this is enough?
How long the transaction takes depends on the gas rate set for the transaction versus what the going rate on ethereum. Can follow the gas cost on a few websites like https://gasnow.org or Blockchain Transaction Visualizer - TxStreet.com which even lets you follow the transaction.
So for example as I write this gas is about 200 gwei, any transactions set for lower than that will have to wait for people that bid more than that. An approval can take time, but trades that depend on prices often need to be processed quickly. Check the slippage setting on the https://balancer.exchange page to adjust how much of a price difference you’ll accept.
With the high cost of gas a swap can range from something like $60-120 at current rates depending on the trade. As gas prices fall it gets cheaper, but it fluctuates wildly. It’s a problem for everyone.
The xend medium post said they were starting it at around $0.30, I haven’t investigated if that’s what it started at, but as soon as trading starts if there are buyers for the volume the price goes up.