How much are you really saving on gas with Bebop’s multi-token trading?
It’s no secret that Ethereum network fees are high. But we’ve created a way for you to save on these fees with Bebop’s multi-token trades.
At the moment, Bebop is only available for whitelisted users. This means that most people are in the shadows on just how much they can really save on gas by utilizing our multi-token trading, especially on Ethereum. In this post, we explain why multi-token trading is so beneficial and how much you can really save in fees by using this feature on our platform.
Many-to-one & One-to-many
In addition to the familiar functionality of swapping one token for another, Bebop allows users to perform multiple token trades, all in one transaction. Trade one token for a portfolio of tokens or several tokens for one.
What’s important for us to highlight, however, is that your network fees for a multi-token trade on Bebop are significantly lower than if you were to submit each of these transactions individually. You’re not paying for A to X and then again for B to X and so on… You’re paying one gas fee for the bundled trade of ABC to X, which is notably less than the cumulative gas fees for one-to-one transactions.
And in addition to saving money, it’s efficient! Our users are able to quickly enter or exit multiple positions “in one go”, which can be especially important in fast-moving markets.
Think of some potential use cases for a multi-token trade:
- Exit multiple positions, all at once. You hold a number of investments in tokens that you know you want to exit ASAP — why pay gas fees over and over again and waste time when you can do it in one go?
- Swap a portfolio of tokens into a stablecoin. You need some USDC and have your investments split across a number of different tokens. Bundle them!
- Consolidate multiple small positions (such as airdrops) into something more meaningful. Got spare “change”? If you have $5 of APE, it makes zero sense to pay $15 in gas fees just to trade it into another token. Lump together up to five positions in one trade so that your gas fee is worth it.
- Create or rebalance a portfolio in one move. Know exactly what you want to buy? Get exposure to an assortment of tokens all in a single trade!
Hopefully, you get the point.
How much can you really save?
Now you’re probably wondering just how much you can actually save by utilizing this function on Bebop. Depending on gas price fluctuations and how many tokens you’re trading, this varies. But generally, our team has found that you save about 65% in gas fees per pair when conducting a five-to-one or one-to-five trade on Bebop.
Below we outline what your network savings are estimated to be, depending on how many tokens you are trading in one transaction on Bebop.
Importantly, for each token added to the trade on Bebop, the gas cost increases by only about 15% of what another full atomic transaction would cost you on Bebop. By utilizing this feature to trade up to 5 tokens in one go, you can significantly cut down your gas costs.
An example trade on Bebop IRL
Let’s take one of the examples above — consolidating multiple small positions into something more meaningful.
With low balances in tokens, it can be challenging to find an efficient way to move or trade them. Conducting a typical one-to-one trade at this time would cost us the equivalent of $2.46 in gas fees per trade. Assuming this same cost going forward, this would equate to $2.46 x 5 = $12.50 in gas fees to trade 5 positions.
But with Bebop, users can now bundle these transactions together and trade up to five tokens for one. In the below many-to-one trade, the network fees total $4.37 for a five-to-one trade (and yes, these screenshots are real screenshots from Bebop). That’s just about a third of what one would have been paying to do these trades individually!
Do you see it? The above gas fees are less than $1 per pair (vs $2.46 in a one-to-one trade), which is about 65% savings!!
Please note that as we document this, the gas fee is around 4 GWEI, meaning that gas fees on Ethereum are quite low. Gas fees fluctuate based on supply and demand for the computational power of the network. If there is a lot of congestion, you can expect higher gas fees and vice versa.
Join the waitlist!
Try trading on a platform that saves you on network fees. It’s efficient. Join our waitlist at bebop.xyz to get the chance to be one of the first whitelisted users to trade on the platform! Bebop will become available to the greater public during the course of summer 2022.
Stay tuned for announcements and surprises on Twitter and join our Discord to stay connected with the community.
Bebop. Make the most out of every exchange.
