How do I close a channel and withdraw my tokens?
Until October 15th, we recommend you to withdraw your tokens to your on-chain accounts or close your Raiden channels completely.
Closing, settling and withdrawal
In case a total withdrawal is not possible, Alice can still do a closing and settling followed by the token transfer to her Metamask account. This is a 4-step process involving on-chain tx.
Alice has an open Raiden channel with Bob on the Raiden Light Client dApp, which is connected to her Metamask account. Her token balance is 55 DAI. The value she holds based on the current token price is approximately $55. The gas price used throughout this example is 85 gwei at an ETH price of $3,400.
1. Closing her channel with Bob
After clicking ‘Close’, no more interaction can take place within this channel. The tx costs around 118,000 gas, which is the equivalent of roughly $35 at a 85 gwei price.
This closing process has a maximum 3 hour time-out window, where Alice doesn’t need to stay online.
2. Settling the channel
Once the closing is done, she can settle her channel within the ‘CLOSED’ section in her ‘Channels’ area. This tx includes a withdrawal of her tokens from the channel into the Raiden account. It requires another 108,000 gas, hence roughly another $31.
3. Transfer ETH to the Raiden account to cover the token transfer fees
Just like for a simple withdrawal, she now needs to send 0.00306 ETH ($11) to her Raiden account to pay for the DAI transfer as well as an additional 21,000 gas ($5) in tx fees, which will be automatically deducted from her Metamask account.
4. Transfer tokens from the Raiden account into the Metamask account
Alice can transfer her DAI to her Metamask account by clicking on the ‘Withdraw Tokens section’ in her ‘Account’ settings.
This tx will use up the previously transferred 0.00306 ETH and after validation, she will now be able to see her DAI in her Metamask account.
All in all, this process would cost roughly $82. Alice therefore, prefers not to close and withdraw her DAI.
We know the process is not straightforward yet, but it is going to improve in the near future. Do not hesitate to reach out for any support or remaining questions. We’re happy to help!
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The Raiden project is led by brainbot labs Est.
Disclaimer: Please note, that even though we do our best to ensure the quality and accuracy of the information provided, this publication may contain views and opinions, errors and omissions for which the content creator(s) and any represented organization cannot be held liable. The wording and concepts regarding financial terminology (e.g. “payments”, “checks”, “currency”, “transfer” [of value]) are exclusively used in an exemplary way to describe technological principles and do not necessarily conform to the real world or legal equivalents of these terms and concepts.