hybrix Feature Friday | June 18th
Every week we highlight a hybrix feature. This week we dive into: Fuel your crypto!
When you need some extra fuel
In the world of cryptocurrency it happens very often that you need to move tokens on a chain (for example Ethereum) and that it is not possible because you have no native units of that token (in this case ETH). We’ve solved that problem using our swap mechanism so you can always replenish your wallet with the amount needed to move your tokens. We call this Fueling…
No more Fuel Left
Running out of fuel means there is no coin left to move other coins or tokens around. Every time a transaction is done on a decentralized ledger this costs energy and computing time, and this is most often denominated in the cryptocurrency value itself. So when you transact, somewhere a miner, staker or otherwise network supporter gets a fraction of your transaction as an incentive to keep up the good work of supporting the decentralized network.
In the wallet, it is easy to see when one of your currencies has “run out of fuel”. A red empty fuel meter icon will show up behind the symbol name of your coin. Want to do something about that? Then first click on the asset so you can find the Fuel button!
Where is the Fuel Button?
If you often use your wallet you will not see the Fuel button, unless you have run out of crypto-fuel. In that case the Send button is replaced by the Fuel button so you get the opportunity to stock back up on native cryptocurrency and get your tokens moving again.
As you can see in the picture you will be notified in urgent text that you cannot send your token asset, unless you refuel your wallet. The Send button has been replaced by the Fuel button, and clicking on that makes it possible for you to choose how much fuel you want.
Swapping for Fuel
After clicking the fuel button you will be presented with a modal that makes it possible for you to choose what swap you want to make for fuel.
It looks like there is some DGB in this wallet and they can be used for refueling. So here I clicked on DGB and then Next to go on…
Looks like one Ethereum transaction is pretty expensive. In this example we will need to get more DGB to be able to refuel Ethereum. This also shows why it is so important that we create systems with lower fees.
However, if we would have had 27 DGB we would have been able to refuel our Ethereum asset to be able to move tokens there again.
Wrapping it Up
This dive into how cryptocurrency fees and the refueling of assets works has come to an end. We hope you have been able to learn about how important it is to make sure you have enough native cryptocurrency to move your tokens. Without it, your tokens are stuck.
We have solved this problem in part with HY being a unified asset. If you move it to Tomochain it no longer needs another kind of fuel. However, to most downsides there are also upsides. Ethereum is so expensive because of its popularity, and this also means the network is much utilized and secured by the miners. You could say that this makes it more secure to hold large amounts of value on. On the other hand, it is nice to be able to pay with low fees, and in such instances it is better to use chains that have low fees like Bitcoin Cash, Digibyte, Tomochain and many more.
Refueling is not hard, but make sure you take the time to understand what you are doing, as that can save you funds in fees and smart contract costs.
May your fuel bring your coins far!
