I have received a WETH token and I am looking to unwrap it back to my ethereum main account.
I have followed the instructions, as described here:
Guide to transferring tokens from Polygon to Ethereum | by Stakingbits | Stakingbits | Medium
The transaction has now arrived at the “Checkpoint arrived” status.
- The transaction indicates an estimated transaction fee of $69 odd dollars. Surely that can’t be right for a token value of $20!
- When I click on “continue”, I get the message “Please select Ethereum Network in Metamask”, which does not make sense.
Help will be appreciated.
I somehow doubt that this is for real. Why would Matic have two separate forums? Why am I asked to provide my secret phrase to “connect wallet” to a forum? I suspect a scam. Any Matic Forum admins out there watching?
I am fairly new to crypto and just testing the waters, and this is unequivocally the worst aspect of it I can think of. Cryptocurrency was conceived as a way to move money securely and without dependence on banknotes and coins. Any electronic currency should strategically envision to reduce drawbacks of national currency in order to make itself popular enough to go into the mainstream.
Imagine the same scenario in the real world: you want to move money from one bank to another, and even change, for instance, dollars to sterling at the same time and the bank asks you to pay more in fees than the actual amount you want to transfer. No one would ever do it and it would grind down international commerce to a halt, making it available only to the richest and to enterprises.
This is what is happening with Ethereum right now. How is this strategy helping them in any way is beyond me. Only the big miners/earners would stay with ETH under the circumstances and even they would be cashing out as often as profitably possible, effectively making ETH a currency for the “rich” and powerful and discouraging small miners from mining it, thus making its transactions even more expensive.