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Ethereum network fees (gas): what do you need to pay?

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This post covers what actions in Argent require Ethereum network fees (gas).
 
It's worth noting that Argent does not profit from gas. We're also working on a Layer 2 wallet to radically lower the cost of using Ethereum. We're aiming to launch it this summer. 
 

What is a network fee (gas)?

The Ethereum network fee is a variable fee, paid in ETH, for computational power on Ethereum. Every transaction that happens on Ethereum requires network fees. The network fee is paid to 'miners' who help to process and secure what happens on Ethereum. You can read a fuller explanation here. 

You need to pay network fees for:

  • Wallet creation: Each Argent wallet is a smart contract built on Ethereum. This means it requires network fees to create. You will pay for these from your first deposit. Read more.
  • Wallet recovery: For the reasons above. This applies from 19 July 2021.
  • Adding and removing a guardian (this is an on-chain transaction that require network fees, as our security model is blockchain-based)
  • Changing your daily limit (on-chain security transactions such as this usually require network fees, as our security model is blockchain-based)
  • Enabling/disabling trusted list
  • Starting/ending a trusted session
  • Adding a trusted address
  • Transfers of ETH, ERC20 tokens and collectibles
  • Decentralized finance integrations, e.g. Uniswap, Aave
  • WalletConnect
  • In-app token trading 

How to see what network fees you're paying?

As you go to make a trade or transaction in the app, you'll see a label with the network fee before the final confirmation screen. 
 
You can tap the network fee to choose between three options that vary on price and confirmation time.
 
We'll always try our best to ensure the transaction goes through, even resending it at higher prices and paying the difference if required. 
 

What tokens can I pay the network fees in?

You can pay in a range of ERC20 tokens, which we then exchange for ETH under the hood. These ERC20 tokens include: ETH, DAI, USDC, or USDT. 

Does Argent profit from network fees?

No. The funds go to miners that process the blockchain.

Why does Argent use more gas than a traditional wallet, e.g. MetaMask?

Argent is a smart contract wallet with a strong on-chain security model. This uses more gas than an Externally Owned Account wallet, like MetaMask. The advantage of being a smart contract wallet is that we can add usability and security features without requiring a custodian. 

Do failed transactions still require network fees?

Yes, unfortunately this is the case for every Ethereum project. To minimize the risk of failed transactions we automatically pick the gas price required based on current network conditions, as mentioned earlier.

Abuses of the policy

Argent reserves the right to stop subsiding network fees for users who abuse our relayer service, for example by using free transactions through Argent to mint gas tokens.

 
 

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