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.
|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/
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.