Since our launch, PayTrie has been committed to providing Canadians with the fastest stablecoin service at the lowest fees. As we strive to meet that mision, we are making several changes to our service.
You may have noticed transaction fees on the Ethereum network have recently risen to unprecedented levels due to the explosive growth of Decentralized Finance (DeFi) on the network. To adapt to this new reality, and to continue to provide you with the fastest service, PayTrie is making several changes to our pricing scheme. The list of changes will go into effect starting on September 9, 2020 at 5:00 PM EST.
- $2 minimum fee → $5 minimum fee
To continue to provide the fastest, non-custodial service in Canada, our minimum fee is increasing from $2 to $5. This means transactions under $500 will now have a $5 fee, but transactions over $500 will not be impacted by this change. This increase aligns with the new average network transaction fees on the Ethereum network. To minimize your fees, we recommend batching your transactions together.
2. $10 minimum transaction size → $100 minimum transaction size
To minimize the impact of the new minimum fee, minimum transaction sizes are increasing from $10 to $100 for both buy and sell transactions.
3. Maximum sell $2,000 → $5,000
Maximum sell transaction sizes are boosted from $2,000 to $5,000, allowing you to sell more stablecoins into CAD in a single transaction. While maximum buy transaction sizes remain the same, our OTC desk (otc@paytrie.com) is always available to accommodate transactions of all sizes.
4. High gas surcharge
PayTrie will continue to cover gas fees for transactions during periods of 200 gwei or less. During periods of extreme network congestion, PayTrie will no longer fully subsidize network fees. To continue to provide you with instant stablecoin delivery, after 200 gwei, a “high gas surcharge” would be added to your stablecoin buy orders at a rate of $2.50 per 100 gwei increment. You will receive an alert reminding you of the surcharge. If your purchase is not urgent, we recommend delaying your purchase.
5. $2 ETH → Dynamic ETH
The optional “Add $2 worth of ETH” feature is changing to a dynamic amount of ETH. Many of you have struggled to transfer your stablecoins out of your wallet when the gas price rises. We have introduced a dynamic calculation such that we will provide a suggested amount of ETH to ensure you have enough ETH to move your stablecoins after your purchase.
PayTrie never profits from network fees. We are committed to bring you fast and affordable stablecoin services in a sustainable manner. If you have any questions or concerns, feel free to reach out to us by email or on Discord. We would love to hear your feedback. Thank you for your continued support.
Sincerely,
Kevin and Henry
Co-Founders of PayTrie
About PayTrie
PayTrie is Canada’s premier gateway to get stablecoins enabling you to get started with cryptocurrencies. With our low 1% all inclusive, no hidden fee, ultra fast transfer, and quick KYC, you can get started today for free.
This article is not intended as investment advice or solicitation. This content, including charts, graphs and references to any digital assets are provided for informational and illustrative purposes only, and should not be relied upon as legal, business, investment, or tax advice. Digital asset trading is subject to high market risk. Digital assets, including stablecoins are subject to market fluctuations. You should consult your own advisers on these matters.
