I received this airdop about a month ago but was unable to claim because the gas fees on Ethereum were exorbitant. I believe it skyrocketed because the network was overloaded with people attempting to sell off the airdop to USDT and such.
As a result, the airdropped token's price initially peaked at around $1.5 but then fell to around $0.8. Initially, the value of my airdop was 28$ at 0.8$, but I could not sell because the gas fee on Ethereum had risen to around 68$, which seemed like the most ridiculous thing ever.
I had to abandon the entire claim process on Metamask. However, it reminded me of how seamless and free our transactions are on Hive.
However, I believe the project intentionally launched on the Ethereum chain to prevent many people from claiming their airdrops, as they set a one-month claiming period during which tokens are burned if the owners do not claim them.
However, I only farmed for about 2 weeks, because I got to find out about the project two weeks before it launched which was very unfortunate for me. People who farmed for six months or more earned more than $1000; a few made even more, and I am sure this group of people did not mind paying 68$.
However, I checked the gas price today and it was around $1.5, so I thought it was the ideal time. However, sending eth from Bybit (where I had eth) costs about $3.9, so I will be spending about $5 to claim; unfortunately, the token has dropped to about $0.47, putting the total value of the airdropped token at around $14.
So I decided to send through Arbitrum, and when it reached my meta mask, I would bridge to native Ethereum. I was attempting to buy pass the gas fees associated with sending Ether from Bybit to Meta Mask.
Unfortunately, I could not find it easily, and bridging was a bit complicated. After about an hour, I was finally finished. However, I found bridging to be less expensive because, instead of paying $5 for the entire thing, I paid about 3.7$ in total transaction fees, saving about 1.3$.
It would have been terrible to lose my airdop, and even if it was $14, it was two weeks of farming, and it would be terrible to have it burned because I could not afford those outrageous gas prices.
I think I am grateful that I did not give up. Within 15 days, the airdop could have been burned or returned to the network.
The Ethereum network is the worst.
.....It is redundant, not sophisticated, slower, and more expensive, but places like Solana probably do it better and at a lower cost. Now, I am not saying Solana or SUI do it better; I just think Ethereum fees are getting too high, and I do not want to deal with the gas fee dilemma.
Fees On Hive
Somehow, I think I wouldn't mind if Hive has some form of gas fee. Imagine a gas fee of 1 Hive gas fee for 3k Hive, then 2 hive for 6k. It is probably so insignificant that no one will notice it.
The upside is that these amounts can be burned in solidarity with the chain, and I doubt anyone would notice or complain. For example, on peakD, you can use some Hive to create AI images for your content. Feelessness is no longer a thing, and we can benefit from adding our own fees to help the chain while focusing on something else to sell it.
Nothing is free anymore, and I do not believe we should continue to be free, but the fees can be minimal and then we can automatically burn them.
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
