It looks like you hijacked this thread without a clear context. Is this related to WalletConnect to compound - #3 by AllcoinsIn? If yes, you can continue the discussion there. Else, please create a new topic/thread.
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As what I have said bro. My WBTC is still there and nothing deducted in my balance. But the fee for my ETH fund deducted too much. Meaning no transaction came out. Just a deduction on my eth fund only
Hi I provide the TXN hash ID of the recent transactionb which has a big fee.
Please check the transaction link that I sent. You already sent your WBTC to a different address and then sent it to Binance.
- https://etherscan.io/tx/0xfed1dd0cd1eca1764783b4350e91d0a44ab17ac6ef1773a2969cec289ee8e9f7
- https://etherscan.io/tx/0xe2dc9081eb0d20f7ecc4385ee7743129b2789687a3f516e811d80826cb126f23
Check again.
That’s I am wondering Sir. I saw it too on etherscan.io, it shows that I send WBTC into another wallet address, but to be honest there’s no deduction in my WBTC. The deduction on my eth fund only.
I see. Yeah I send it to my Binance wallet already. Since the swap of WBTC to DIGG in trust wallet really do nothing. So I decided recently to take it back to my Binance account. Since nothing happens on trust wallet they just deducted my eth fund for fee
To make it short. it happened 4 times. The deduction on my ETH fund for fee but no transaction happens.
And then recently I decided to pull out my other ERC20 wallets fund back to my Binance account.
They just deduct fees and no swap or convertion happens.
I know that using ERC20 address in Trust wallet app will make high fees for convertion. But I am just bothered when I convert or swap two coins nothing really happens but to deduct my ETH fees only.
When swapping tokens for the first time, you have to approve it first to be spendable. And, that is what you did just now.
- Sushiswap: https://etherscan.io/tx/0x9dac5d15f9f04f4d3aa532ce737de52c8f2034b138002ef1b9156f3b5d190c51
- Uniswap: https://etherscan.io/tx/0x2cd96d0854cc7cf86112fd9af757465a320fc1e412bedc2b7132ae4df426bf29
After the approval tx is confirmed, enter the amount of WBTC then press the “Swap” button.
All in all, you will confirm two transactions: approve and swap
Yeah it’s part I know that thing. And I saw that. First button shows APPROVE, Where you can see the fees if I’m not mistaken,
Second button is SWAP. After confirming boom. Nothing happens.
Actually I didn’t not confirm it yet since the fees are too expensive since ETH is in rally that time. From time to time the fee changes so I am waiting for the right timing to enter and swap and confirm the transaction. In fact they did deduct my eth fund even not confirming yet.
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And yeah let’s say. I press approved and swap.
But the transaction did not execute.
So after a day I guess I decided to pull out my WBTC and transfer it to binance. Since its still their and no swap happened.
You must have misunderstood/mixed up things. A swapping transaction must have been broadcasted if you did confirm the SWAP button it. However, the blockchain explorer shows otherwise. Therefore, you didn’t swap anything yet. You only approved the WBTC to be spendable.
And yes, each transaction in the Ethereum blockchain requires network fees. To clarify, Trust Wallet is not the one who is charging such fee, it’s the ETH miners.
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No matter what who charges fees, I just don’t get the point why there are deduction on my ETH fund without swap execution. As what I’ve said earlier I decided to pull out my WBTC go back to binance wallet since its not been swap to DIGG. And my WBTC balance is still there.
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The point is, the Ethereum network requires an approval transaction first so that your asset (WBTC, in this case) will be spendable by the Sushiswap/Uniswap smart contract. The “swap execution” comes in next after you approve it (which you didn’t since you got confused). And as mentioned earlier, every tx requires ETH for fees. That’s why your ETH balance was deducted.
Wait what? You mean to say they deduct fees even I didn’t press the SWAP button yet?
You already approved the token (WBTC) to be spendable. However, you didn’t proceed with the swap since you got confused as to why your ETH balance was deducted. Therefore, your WBTC remained intact and you sent it to your Binance account.
Check my previous response, please.
After APPROVED button they will deduct already?. Right? So I guess we don’t need the SWAP button on that part since the APPROVED button will deduct fees already.
why do we need to proceed with the SWAP button again for the exectution if they deduct the fund already in the APPROVED button first?
I mean it should be automatically swap since they deduct fees already.
Yes
Sorry, but, that’s not how things work in the Ethereum blockchain. Approve (token to be spendable) and Swap (token to a different crypto) are two different transactions.
Wtf. I’m sorry.
That’s why eth mooning. Lol I mean for the first timers it scks.
Therefore after you press APPROVED button, you should press SWAP button again.
If you press APPROVED button without pressing SWAP button, The deduction comes without any execution. Right?