Gas Fee to borrow too high! Is this right?

thequietone1

Deposit and withdraw fee cost $1900-$2000+ to execute contract. I am seeing a 14,000,000+ gas limit to execute the borrow function on alchemix. Is this right or am I doing something wrong?

This fee is insane.
I am doing a test run and currently have no dai in my wallet, just trying to see what the total fees in gas would cost to approve deposit, deposit, borrow, force transmute to DAI. Seems like it would be very costly to perform these actions.

JRG

thequietone1

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.

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.

n4n0

No, these gas prices are not right and usually are something that Metamask just gobbles up whenever a requirement for a transaction is not met. Often this occurs when users try to transfer more tokens than they currently have either staked or in their wallet.

thequietone1

n4n0 I currently have some ether, but I have 0 DAI as I was just doing a test run to see what the fees would be. If I deposit DAI into my metamask wallet first and then try to execute the borrow function (after I deposit DAI first of course), then it should work? Any idea what the gas prices should be on estimate to execute these contracts?

n4n0

Yeah, once you have DAI in your wallet, the fees should be normalized. With current gas prices deposits are probably around 30 USD? Don't quote me on that tho.

thequietone1

thanks, much obliged

mm0398

Were you able to fix the issue by depositing DAI in your Metamask wallet? I am having the same issue and I am not proceeding with Alchemix until I can figure out how to get normal gas fees.

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.

LobsterSavior

I have the exact same issue. Tried borrowing 62 tokens and the gas fees say that it would cost 2200 eth!
I know where to change the gas fees but where can you see the correct amount of Gwei on the Gasnow.org site?

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.

n4n0

Guys, if metamask suggests absurd transaction fees then you're trying to do something that you can't do; i.e. borrow more than you're eligible to, depositing more than you have in your wallet and so on. It's a warning by metamask telling you that your transaction will fail should you execute it. There's nothing wrong with the gas fees, there's nothing wrong with the contract and it's functions. Please double check on your end that you're not trying to do something you can't.

JRG

n4n0 I have tried many was until finally decided to swap and stake ALCX. I was unable to borrow on Alchemix, gas fee was 1k in order to borrow 1k. So there is an issue with metamask, just do not know how to adjust it.
When i go to edit setting for gas fee, then trying to borrow goes idle.

Love this porject, but would love more if i could borrow and not only Farm. If someone helps us with this issue, for sure i will bring money to vault and borrow a load. + Farm

maddogmt

n4n0
I'm not sure what your driving at. I had the same problem. I had $300 USD worth of ETH that could pay for gas fees. I was trying to borrow a very small (250 alUSD) and it told me gas fees were $1017 worth of ETH. Just doesn't seem right

n4n0

JRG There's nothing to borrow at the moment. The debt ceiling on both alUSD and alETH are hit and need to be increased.

JRG

n4n0 Thank you, i have finally resolve the issue, it was issue with metamask settings.
Thank you..
All good, ALCHEMIX looks really really good.

n4n0

At the time of writing there's literally below 1 alUSD mintable. If you try to mint 250 of those it'll just fail. That's why the transaction cost will be so high as metamask is trying to tell you that what you're trying to do won't work.

maddogmt

n4n0
I understand that ... when I was trying there were over 700 alUSD available. If there aren't enough available it won't process the loan to the point where you ever get to Metamask opening up

n4n0

maddogmt it's really hard to remote troubleshoot past events to be honest. All I can do is guess what could've lead to that event. But usually it's a either wrong user input, metamask doing metamask things, or something that'd legit just fail.

onEgyrl

The alETH vault currently shows that there is over 1700 alETH that can borrowed and when I to borrow some.

The gas fees are off the charts.

Based on previous posts, does this mean that the amount of actual alETH available is not properly reflected in the UI?

n4n0

onEgyrl the borrowing of alETH has been put on pause temporarily as there is an ongoing issue we're resolving at the moment.

StevenPeterson

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

Winterstoke

HAd the exact same issue all day - borrowing ~$2500 of AlETH (before it was stopped as mentioned by n4n0) - Gas fees of $500-600 quoted by metamask

How did you solve that JRG? Thanks

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.

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.