Delayed ETH payouts; raise in free threshold

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Steve Sokolowski
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Joined: Wed Aug 27, 2014 3:27 pm
Location: State College, PA

Delayed ETH payouts; raise in free threshold

Post by Steve Sokolowski » Thu May 13, 2021 12:11 pm

Unfortunately, the transaction fees on the Ethereum network have skyrocketed to levels higher than bitcoin's all-time transaction fee high in December 2017. Yesterday, the average transaction cost $70 to send, and we mined one block that had $35,000 in transaction fees alone.

Today's on-chain payouts are delayed because several older payouts are stuck. At the time, their transaction fees of $50 were sufficient, but they no longer are. Steven is going to clear the old transactions and resend.

Coinbase payouts for today are also delayed because there is insufficient money at Coinbase. We can't send any more money there until the on-chain payouts are cleared. We sent out all the money that is already at Coinbase and hope to get more there by the end of the day.

Finally, the free payout threshold for Ethereum has been raised to $10,000. Some ERC-20 tokens, like USDC, may see the free payout thresholds rise to $25,000. You're welcome to use Coinbase to receive free payouts every day of any amount in the tokens that Coinbase supports. You can also elect to pay the transaction fees, which are currently around $150 for stablecoins.

Thanks for your patience while these fee-related issues are resolved!
Last edited by Steve Sokolowski on Thu May 13, 2021 12:39 pm, edited 1 time in total.
-MaVerick-
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Joined: Wed May 12, 2021 3:12 pm

Re: Delayed ETH payouts; raise in free threshold

Post by -MaVerick- » Thu May 13, 2021 12:33 pm

Thank you for letting us know. My Doges are home and safe now and the raise isn't something i couldn't live with.

Have a nice day.
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Steve Sokolowski
Posts: 4385
Joined: Wed Aug 27, 2014 3:27 pm
Location: State College, PA

Re: Delayed ETH payouts; raise in free threshold

Post by Steve Sokolowski » Thu May 13, 2021 3:37 pm

We were finally able to get 5 ETH to Coinbase, so this issue won't happen again for a least a few days.

Feel free to submit a support ticket if anyone encounters further issues!
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