How do I send or exchange an Ethereum-powered (ERC20) asset?
Many of the assets in Exodus are powered by Ethereum (ETH)—learn how to send or exchange Ethereum-powered ERC20 tokens, such as Aragon (ANT), Golem (GNT), Civic (CVC), 0x (ZRX), etc.
In this article
Paying for ERC20 token transactions with Ethereum
All ERC20 transactions require Ethereum (ETH) to power transactions on the Ethereum network. To send or exchange an Ethereum token or use an Ethereum token such as DAI in Compound Finance, you need a minimum amount of ETH in your Exodus wallet. This is to cover Ethereum network transaction fees. For example, instead of paying Bitcoin (BTC) for transaction fees in BTC transactions, you pay small amounts of Ethereum for transaction fees in Ethereum transactions.
If you don’t have the minimum amount of ETH for Ethereum-based transactions, you will encounter these messages:
Since Ethereum-based assets run on Ethereum’s blockchain and not on their own, transaction fees are paid in Ethereum and not in the assets themselves e.g. Aragon (ANT), Golem (GNT), etc.
In the screenshot above, we’re trying to send some DAI. You can see that the Dai Network Fee is paid for in ETH.
During periods of high congestion, network fees increase as miners prioritize the more expensive transactions first.
Sending an Ethereum-based asset
The process for sending an Ethereum-based asset is the same as sending other blockchain assets:
- Click Wallet on the left sidebar.
- Choose the Ethereum-based asset you want to send.
- Click the Send button.
- Enter the amount in the Ethereum-based asset or in your local currency, such as USD, EUR, etc.
- Enter the amount you would like to send and click the Send button.
Please note: You will need some Ethereum to pay for the network fee to send the ERC20 token.
- Exodus will show you a confirmation screen with the amount, value in your local currency, and address. Once you’ve confirmed all the details, hit Send!
A note for advanced users:
Fees for sending Ethereum or Ethereum assets increase if you send them to a smart contract address, such as that of an ICO or initial coin offering.
The fees are higher to give the smart contract enough gas to process the transaction and execute the contract’s programming, such as distributing ICO tokens. Sending a transaction with a sub-optimal fee to a smart contract could cause a failed transaction, so Exodus automatically adjusts the fee for you when sending assets to a smart contract.
Exchanging an Ethereum-based Asset
The process for exchanging Ethereum-based assets for other crypto assets is the same as the standard Exodus exchange process:
- Click Exchange on the left sidebar.
- Select the assets that you want to exchange. You can select the assets using the dropdown menus or by searching for the asset names.
Please note: If you are trying to exchange from an ERC20 token, you will need some Ethereum to pay for the network fee.
- Enter the amount you wish to exchange by clicking ALL, HALF, or MIN. Alternatively, you can enter the amounts in the assets themselves or in your local currency.
- Click Exchange! Note that you have a 3-second window to cancel the exchange before the funds leave your wallet.
- Once you’ve clicked Exchange, you’re good to go! You will receive the asset you exchanged for soon.
Also, you may have noticed when receiving Ethereum-based assets that all your Ethereum-based assets have the same address. Not to worry! This address is your Ethereum address and used because, as mentioned, Ethereum-based assets use the Ethereum blockchain and not their own blockchain with unique addresses.
Paying ERC20 transaction fees within Exodus Apps
If you have been using some of the Apps inside of Exodus, you might have seen some fees inside of your Ethereum wallet.
In the exact same way that you have to use Ethereum to pay for network transaction fees to send some DAI (or any other ERC20 token) to another wallet, you will also have to pay for the transaction fees to use DAI with Apps in Exodus using Ethereum.
Exodus does not take any part of the fee, all of it goes to support the Ethereum network. If you would like to learn more about fees please check out this article.
How to Enable Custom Network Fees for ERC20 assets
With the latest update to the Exodus wallet, ERC20 assets can also be set to use a custom fee. This gives you more control over the ETH fee you pay to send your ERC20 assets.
Something important to keep in mind is- too low of a transaction fee can result in funds becoming stuck on the network. Miners tend to prioritize the more expensive transaction fees first, so in sending your funds it's important to use a fee that will position the transaction to be processed in a timely manner.