tl;dr: today we are introducing custom network fees to Zengo, bringing you a simple way to save on fees when sending transactions in BTC, ETH, and ERC20 tokens.
Network fees remain a real, long-standing pain point for all crypto users. We are well aware of this source of frustration and have already offered a few suggestions on how to minimize the impact of high network fees in our previous blog post.
Even though network fees are not paid to Zengo but rather to miners, it does not mean that we’re not motivated to do something about them. Our mission is to make crypto easy and accessible for everyone. That means that we are committed to addressing any challenge or pain our customers face, including high network fees.
We have heard your frequent requests loud and clear and we have been working hard to make it happen!
We are pleased to introduce custom network fees as part of our continued effort to make your crypto journey as easy and comfortable as possible.
Choose one: a lower mining fee or a faster crypto transaction
Zengo’s latest version offers more flexibility and control by allowing you to choose the fee mode most suitable for your needs.
Whenever you make a transaction, Zengo will offer three fee modes combining speed and price:
Speed Range: 1 to 24 hours speed range
This option is ideal for transactions that are not time-sensitive where you can afford to wait. These transactions are substantially cheaper, but also slower.
Speed Range: 20 to 60 minutes speed range
This option is likely to be the most popular since it perfectly balances between fees and transaction speed.
Speed Range: 10 to 20 minutes speed range
If you have a critical transaction to make, such as an urgent trade or payment, this option is ideal. The fees are higher, but you can rest easy knowing that your transaction will likely be completed and confirmed quickly. This is as Zen as it can be.
Where can custom network fees be used?
You can use this feature for Bitcoin, Ethereum, and all the ERC20 tokens we support which makes Zengo one of the rare wallets to support customer fees on multiple chains.
You can use custom fees both when sending transactions and when using our trading and exchange service. This will also be coming soon to our savings section. Stay tuned for some major announcements.
The custom fees options we present in each mode are based on real-time estimations of the speed range at which the transaction should be verified and recorded on the blockchain. However, transaction speeds and network fees fluctuate continuously as a result of the distributed nature of the blockchains, making exact estimates difficult.
Therefore, there is no hard guarantee on the speed range. At the same speed range, the cost may vary from one moment to another. In addition, if the network is massively congested, the difference between the fees in different speed modes may not be significant enough.
Faster transactions cost more. However, it is impossible to predict the exact speed since network fees fluctuate constantly.
Finally, less is more: we optimized this feature with simplicity in mind. We opted not to include full fee customizable features that could have led users to make transactions that never arrive.
What else do we have planned for you?
This is only the beginning. Providing an outstanding experience for sending crypto is one of our highest priorities. This is a use case that, until today, is vastly overlooked and we are dead committed to making it as smooth and delightful as possible. Various other improvements will be introduced to make the fee experience even better.
We hope you are as excited about this new addition as we are. Let us know how you feel about it on Twitter, or shoot us an email.