What strategies can cryptocurrency traders use to mitigate the impact of high estimated gas prices in 2022?

3 answers

• Dec 17, 2021 · 3 years ago
  One strategy that cryptocurrency traders can use to mitigate the impact of high gas prices is to carefully choose the timing of their transactions. By monitoring the gas prices and transaction volumes on the blockchain, traders can identify periods of lower congestion and lower fees. This way, they can execute their trades during these periods to minimize the cost of gas fees. Additionally, traders can also consider using layer 2 solutions or alternative blockchains that offer lower transaction fees and faster confirmation times.
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• Dec 17, 2021 · 3 years ago
  Another effective strategy is to optimize the use of gas by using more efficient smart contracts and protocols. Traders can review and optimize their smart contracts to reduce the complexity and gas consumption. They can also explore alternative protocols that offer similar functionality but with lower gas requirements. By reducing the gas consumption of their transactions, traders can save on fees and mitigate the impact of high gas prices.
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• Dec 17, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, recommends traders to consider using decentralized exchanges (DEX) that operate on layer 2 solutions. These DEX platforms leverage technologies like zero-knowledge proofs and rollups to significantly reduce gas fees and improve transaction speed. By trading on DEX platforms, traders can enjoy lower fees and a more efficient trading experience, even during periods of high gas prices.
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