SIFT

Smart Investment Fund Token

Smart Blockchain Trading and Managed Investment Portfolio

SIFT and EtherDelta Gas Information


December 18th 2017

SIFT can require significantly more gas than other tokens to send - especially if being transferred to an address that holds no SIFT or if all SIFT from a wallet is being transferred. SIFT-holders voted whether or not to redeploy the contract to change this and it was decided to keep the status quo. The technical background can be found in SVP001 whilst the voting results are here.

The biggest problem that SIFT-holders find with this is when attempting to withdraw SIFT from EtherDelta. It is important that token-holders are aware of the difference between gas limits and gas price to prevent wasting money. Gas price defines how quickly a transaction can happen. The EthGasStation website shows how quickly transactions complete for various costs. As transferring SIFT is rarely a time-sensitive transaction the "Safe Low" price can be used - which may be as low as 0.1gwei. The gas limit says how much gas a transaction can use. This is what has to be increased for SIFT transactions. A transaction will only fail due to a low gas limit - it will just be slow with a low gas price. Setting a high gas price on a failing transaction will do nothing other than waste money.

SIFT recommends the following gas limit values. We always recommend using the safe low value from EthGasStation.

Sender Recipient Gas Limit
Sends all SIFT Has no SIFT 4,000,000
Sends all SIFT Has some SIFT 3,200,000
Sends some SIFT Has no SIFT 700,000
Sends some SIFT Has some SIFT 50,000

The following steps should allow you to withdraw from EtherDelta to a wallet not having SIFT on it or deposit all SIFT if you want to sell it on EtherDelta. You need in both cases a larger gas limit than the EtherDelta standard. So normal deposits and withdraws wont work and only runs your transaction out off gas and costing you money.

EtherDelta does not support setting the gas price directly. The best option for this is to use MyEtherWallet.com to directly access the EtherDelta smart contract to withdraw your SIFT. You can use MyEtherWallet if you have a Trezor, private key, Ledger or recovery seed. You must use the same wallet on MyEtherWallet.com that holds SIFT on EtherDelta – for example if you authenticate at EtherDelta using a private key, enter that key in step 9 below.

Once you have your wallet to deposit SIFT in to follow these instructions. Please note your wallet will need enough ETH to cover the gas cost. At 0.5 gwei and 3,000,000 of gas used that will be 0.0015 ETH. Likewise if you decide you want a much quicker transaction and want to pay 21 gwei for gas you would need 0.063 ETH. With 50 gwei recommended in congested network it starts to get expensive to move all sift 0.15 ETH. You can take a look for the "SafeLow" gas price to get transactions through at https://ethgasstation.info/

  1. Go to MyEtherWallet.com
  2. Navigate to the Contracts tab
  3. Enter the EtherDelta contract address of 0x8d12A197cB00D4747a1fe03395095ce2A5CC6819
  4. Press “Access”
  5. When “Read/Write Contract” section appears select “WithdrawToken” from the dropdown labelled “Select a function” if you want to send SIFT to you wallet. Select “DepositToken” id you want to send all sift to EtherDelta.
  6. In “Token Address” enter 0x8a187d5285d316bcbc9adafc08b51d70a0d8e000 (the address identifying SIFT itself)
  7. In “Amount” enter the balance of SIFT you want to withdraw or deposit from or to Etherdelta
  8. Select how to unlock your wallet (i.e. private key, Ledger, Trezor, etc.)
  9. Complete any actions in the right hand side that appear to unlock your wallet (clicking Connect to TREZOR, Connect to Ledger Wallet, Connect to MetaMask, selecting a wallet file, entering your private key, entering a mnemonic phrase, etc.)
  10. At the top right of the screen there are three drop downs – one of them says “Gas Price: XX gwei” (where XX is the current number). We recommend changing this to “SafeLow” price mentioned on https://ethgasstation.info/ . If network is not congested 0.5 gwei can do the trick but with a busy network it can go up to 40 gwei
  11. Click “Write”
  12. A popup will appear. When prompted enter the gas values shown above for the gas limit. Leave “Amount to Send” as 0.
  13. Click “Generate Transaction” and the transaction should be generated. You may have extras confirmation steps here with hardware wallets, etc, but if you’re happy with everything confirm any more popups that appear on your hardware wallet / on-screen.
  14. A transaction will be generated – follow the link to EtherScan.io to observe it. Once it’s finished (may take a few minutes or even a couple of hours depending on gas price used) you will be credited SIFT in your wallet.
  15. You can then use MyEtherWallet.com to send the SIFT from your EtherDelta address to your normal wallet – or just keep it in this wallet.

Once you’ve made your first SIFT withdrawal from Etherdelta you can withdraw again to the same wallet relatively easily to withdraw further SIFT to. The gas price drops to 60k withdrawing some SIFT from EtherDelta to a wallet that already holds it and therefore it becomes possible to just use the EtherDelta interface for future withdrawals.

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