Why is My Wallet Quoting An Incredibly High Gas Price To Deposit?
What to do if your Metamask or Ledger is quoting a very high gas price when you try and deposit to rhino.fi.
TLDR - Nine times out of 10, you do not have enough ETH in your on-chain wallet, even if the eventual gas cost of the deposit is much lower.
When you deposit to rhino.fi you are interacting with a smart contract, not just making a simple token transfer to another address.
Wallets are notoriously bad at estimating the gas cost of interacting with a smart contract, so they always over-estimate to ensure you are not surprised at the eventual cost.
If a wallet does not think that you have enough ETH to cover the gas cost of interacting with a smart contract, it will either give you a very high gas estimate (thousands of dollars) or throw an 'out of gas error' if you try to execute, even if the eventual cost of the smart contract interaction is much lower.
The solution is to always make sure you have over $150 of ETH in your on-chain wallet, so your wallet does not get confused and can provide you with the most accurate gas quote estimate possible.
Some tokens are more expensive to deposit than others. ETH is the cheapest to deposit to rhino.fi, whereas a token such as AAVE can be more expensive.
Your first deposit to rhino.fi is about 20% more expensive than a normal deposit, as you are registering with the smart contract for the first time and generating a rhino.fi trading key behind the scenes.
Deposit costs from the Ethereum network vary significantly with the global price of gas. Gas prices are lower in early mornings (UTC time) and weekends.
On a low gas price day, an ETH deposit will cost about $15-20.
You can always use the rhino.fi <> Polygon bridge to deposit USDC, USDT, DAI, MATIC or ERP from the Polygon Network to rhino.fi.
If you are still being quoted a very high gas price for your deposit, refresh app.rhino.fi and then re-try the deposit. A hard refresh is CMD+SHIFT+R on a Apple computer and CTRL + Shift + R on a Windows computer.
Updated on: 14/07/2022