SafeMoon is a cryptocurrency or token for a DeFi (decentralized finance) platform. In other words, it is a token that can be used in an alternative financial system.
DeFi platforms are often based on blockchain instead of traditional banking. This allows executing financial operations without the participation of centralized systems, offering more privacy.
However, the operations made in the blockchain imply a fee, which varies between the different cryptocurrencies. In the case of SafeMoon, the operations are carried out with Ethereum, so the fee is calculated in Gas.
That said, currently SafeMoon wallet users are facing a ‘high Gas fees’ issue after a recent Router upgrade (1, 2).
SafeMoon wallet high Gas fees issue after recent Router upgrade
SafeMoon wallet is a platform through which users can trade not only with SafeMoon, but with many other tokens. On the other hand, ‘Gas’ is a unit of measurement that determines the fee of each Ethereum-based transaction.
SafeMoon trading operations are only compatible with Ethereum, so the Gas fee is something to take into account when exchanging, buying or selling the token.
Recently, SafeMoon wallet received a router upgrade to improve the network. However, it seems that this brought a high SFM wallet Gas fees issue, according to multiple reports.
So not only didn’t they deliver the cross chain that they promised they would get with the router upgrade but they stuffed up and now the gas fees are always very high. What did the router upgrade actually do?
Can someone educate me (us) why $10 gas fee when trying to swap for SafeMoon through SFM swap?
I know this depends on network and all, but I have swapped other BSC coins recently for fees that are fragments of a cent instead.
High gas fees since swap update
Since router upgrade safemoon bnb gas fees are way too high comparing to most tokens on bnb chain (since they closed the swap). It’s around 0.02 bnb (around 10$), it’s 2x more than the average gas cost before the swap update, and around 4-10x more than most of the tokens gas fees on bnb chain (in bnb value).
SafeMoon team is working on a fix
The SafeMoon team is already aware of the issue in question and they are working on resolving it, as confirmed on their official video podcast:
That was answered in MoonCast. It a Known Gas issue and is being worked on as the devs are aware and are working on it.
No update at present but team are aware to get this fixed ASAP!
However, there is no information on an ETA for the fix yet. We will update this story as events unfold.
Featured Image: Safemoon
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