Gas Fee to borrow too high! Is this right?: Page 2

Gas Fee to borrow too high! Is this right?

varsav

I'm having the same issue, trying to deposit about 1 ETH and the gas fee is $457.14. Would someone help me understand how to make gas normal? Or, fix the metamask setting that n4n0 referenced?

@n4n0 @JRG

n4n0

varsav deposit of ETH and minting of alETH is currently paused, that's why the gasfee is displayed crazy high atm.

Manfred

Is the gas fee still extremely high?

I am trying to deposit about 1000 DAI to Alchemix. But the transaction fee is about $900. Can this be correct or am I doing something wrong?
Thanks, Manfred

n4n0

Manfred Do you even have the right amount of DAI on your wallet? Because if you don't the transaction will fail and that's why the gas estimate is showing such high numbers.

Manfred

n4n0 Hi, and thanks for your reply. Yes, I do have sufficient DAI in my wallet. I noticed I don't have ETH in the wallet. May this be the reason for the high fees? Could be an explanation but it's misleading.

n4n0

Manfred Yes! You need ETH to pay for the transaction costs. If there's no ETH in your wallet, the transaction can not be paid for, thus will not be broadcast to the network.

StevenPeterson

Manfred Totally just fixed the issue. It's a Metamask settings issue. You have to reset your activity log in Metamask and then it will work and you'll be able to deposit DAI and then borrow alUSD from it. In Metamask go to: Settings, Advanced, Reset Account.

After that it'll work fine. The problem was that my deposit of DAI wasn't fully getting sent to Alchemix. Once you reset the Metamask settings, your deposit will go through, and you'll be able to borrow alUSD against it. Let me know if you have any questions.

StevenPeterson

JRG So how did you fix the issue? What Metamask setting did you change?

StevenPeterson

Did anyone come up with a solution to this issue?

I deposited Dai from Metamask to Alchemix.
I have $230 left in Metamask for gas fees.
When I click the Borrow tab on Alchemix it shows 0.00 available to borrow, but yet my wallet on Alchemix shows it has funds in it.
When I do type in an amount to borrow, Metamask shows $900+ in gas fees. Any help would be appreciated.
Also, Alchemix shows plenty of alUSD available to be minted. Please help. I don't know what else to do.

Thanks

StevenPeterson

thequietone1 Did you get this issue fixed?

StevenPeterson

thequietone1 Totally just fixed the issue. It's a Metamask settings issue. You have to reset your activity log in Metamask and then it will work and you'll be able to deposit DAI and then borrow alUSD from it. In Metamask go to: Settings, Advanced, Reset Account.

JRG

StevenPeterson Yes this is much better explanation than mine.

StevenPeterson

mm0398 Totally just fixed the issue. It's a Metamask settings issue. You have to reset your activity log in Metamask and then it will work and you'll be able to deposit DAI and then borrow alUSD from it. In Metamask go to: Settings, Advanced, Reset Account.

StevenPeterson

LobsterSavior Totally just fixed the issue. It's a Metamask settings issue. You have to reset your activity log in Metamask and then it will work and you'll be able to deposit DAI and then borrow alUSD from it. In Metamask go to: Settings, Advanced, Reset Account.

StevenPeterson

Winterstoke Totally just fixed the issue. It's a Metamask settings issue. You have to reset your activity log in Metamask and then it will work and you'll be able to deposit DAI and then borrow alUSD from it. In Metamask go to: Settings, Advanced, Reset Account.

YourMom

StevenPeterson
Was reading through your post with Manfred and Winterstoke, was having similar issue. New to Alchemix. Able to purchase ETH and convert to DAI, and deposit into Alchemix. Attempting to Borrow alUSD and have been getting consistent errors. "Transaction has been reverted by the EVM:" and "Fail with error 'Alchemist: Loan-to-value ratio breached"/"Warning! Error encountered during contract execution (Reverted)" on the Etherscan. Unable to find any guidance online. I have sufficient ETH in my Metamask to stay compliant with Gas Prices, everything connected, Global Mintable alUSD sufficient and borrowing value of DAI doesn't exceed 50% of value. I am hoping this is a quick fix, or common occurrence, as I can overcome with some help from the community as I continue getting caught up with the learning curve here. Can anyone help shed some light on how to continue with Borrowing so I can stake? Thank you very much, appreciate any/all insight. I did try the MetaMask settings, advanced, reset account to no success. I also tried borrowing slightly less than 50% just in case the UI is rounding up inappropriately

JRG

YourMom Make sure you have made deposit DAI into Vault.
Once you deposite into Vault your DAI will no longer appear on your wallet. Then you can proceed to borrow option.

JRG

Winterstoke Sorry for delay.
First step make sure you have deposited DAI into the VAULT. Once you see your DAI in the vault try going into borrow.
If you get alert about contract error.
go to Eth gas station, look at gwei set up, go to setting on Metamask and make sure your gwei setting are simmilar to the gwei calculator on Eth gas station. Few videos on you tube which help me at that time.

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