Hey folks, how do you typically go from:
Fiat to Crypto: (before bridging to Harmony)
Crypto to Fiat: (e.g. to take profits to pay the bills, etc)
When I first came across DfK the walkthrough suggested USD->ETH, which is just crazy $$ given the gas fees, not to mention volatile. After I’d been playing a while I started ramping USD > UST but we all know how that’s ended!
We could ramp with another stablecoin like USDC but there’s two issues I see:
- It’s cumbersome to purchase via an exchange when all you want to do is just quickly ramp to/from stablecoin over & over
- It’s expensive to use ramps like Moonpay- 5% is just NUTS!!
I’m wondering if it would be helpful for DfK players and employees to have a cheap on/off ramp from Fiat to USDC and vice versa.
What are your thoughts?
Can Bridge from USD to One in Serendale Via The Docks Ramp Platform.
Dev’s said an off-ramp was coming soon as well.
Ah yes, I had tried that too. The cost of Ramp.network is 2.8% via bank card while with bank transfer and Binance it’s only 1%. I contend we could get it to 0.5%!!
maybe when crypto finds some stability
Interesting- can you say more?
Market Volatility helps dictate fees for transfers.
Same as inflation does to Interest rates.
Gotcha, so for a fiat-crypto ramp USD to USDC of $1000, the different types of fees are as follows:
- Bank Transfer or Card Fee. This is as low as $0.50 for Bank Transfer to Binance and as high as $43 with Moonpay. Ramp.network is $28.12.
- Network Fee. For Binance it’s a flat $10 sending USDC on Ethereum and a dynamic gas fee with the likes of Moonpay, in the order of $3.14. Ramp.network is $1.96. On Harmony this is tiny all around.
- Conversion / Spread. Then there’s the PRICE that might come from the exchange charging a spread or market volatility. For stablecoins though, e.g. USDC on Binance, this is as low as $0.08 and as high as $5.72 with Moonpay. Ramp.network is $0.81.
The biggest of these is by far the Card fee and the one I think we should replace instead of Ramp.network. Thoughts?