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How to avoid high Ethereum gas fee | Binance smart chain to rescue - YouTube
Channel: Let's get Bitcoin
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Hello guys
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In this video we'll see how we can avoid ethereum high gas fees
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Which are faced during withdrawals and De-Fi exchanges
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like uniswap, 1inch exchange & dydx
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recently I was trying to trade in dydx which went something like this
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to avoid ethereum fees we will use Binance smart chain
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lets go to the procedure of its setup
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I am using metamask for the setup but
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you can use binance smart chain wallets like trust and binance chain wallet
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first we need to go to binance guide
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then we need to click on metamask extension
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then go to metamask settings
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then go to Networks>Add networks
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then fill here the same values provided in binance guide
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after filling values it would look something like this
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my smart chain is already integrated so it says URL already present
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after putting all the values click on save button
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then click on ethereum mainnet and select smart chain network
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now whatever token that you send on this address
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that is supported by binance smart chain will show here
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if not go to add token then custom token
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paste the contract address of your token
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these values will be filled automatically
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then after clicking next token would show in your wallet
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now if you want to withdrawal a token
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let's say USDC
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so binance gives you three options
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binace chain, binance smart chain & ethereum
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you can see ethereum network fees is 11 USDC
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binace smart chain fees is $0.08 and $0.04 for binance chain
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we are using binance smart chain who's network name is BEP20
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we'll click here and go to metamask
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copy the address and past it here
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type your withdrawal amount here
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after clicking on submit the amount will show on your metamask wallet
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in low fees
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now you must be thinking USDC is in ethereum blockchain so how could it be sent to binance smart chain
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so this is not real USDC it's binance pegged-USDC
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which is issued by binance and its value is always equivalent to real USDC
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which is garunteed by binance
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and not only ethereum blockchain
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you can also transfer bitcoin or litecoin that is pegged by binance
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now comes DeFi exchanges
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this is uniswap exchange that runs on ethereum blockchain
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now if you want to approve USDT before swapping
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you will now see fees taken
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it shows $4.95
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Now we will go to pancake swap of bianace smart chain
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let me change the network
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in metamask to smart chain
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now if we want to apporve the transaction for swap
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now lets see the fees taken by it
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$0.04 means ethereum network had $4 and this has $0.04
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there is a difference in these that in uniswap you need to hold ethereum in wallet
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so that transaction gas fee can be covered
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in pancake swap you'll need small amount of BNB in wallet
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so that transaction fees can be covered which is very low as compared to ethereum
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hope you liked this video
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you can follow us on twitter and telegram for crypto updated
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see you in next video
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