When I sent funds from secret network over the bridge back to my eth wallet, 15.5% was sent to a separate address. Is that percent kept on every transfer out of secret network!?
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There is a fee determined by the bridge depending on the GWEI prices at the time.
An example is a transaction on the bridge a few hours ago:
Paid FEE 0.054 ETH - $178
Received 18.43 ETH - $60,819
So hi/she paid 0.29%
So % is relative to the size of the transfer.
What I noticed is that I was quoted $164 a few hours ago, and ended up paying $220. Looking at the swap contract + transfer it added about $150ish so there is a +$60 profit for the Bridge owners.
Hope that helps answering your concern.
In my case, the GWEI was 141, at a time when the avg speed was 110. It used only 32% of the gas. The fee was $74, and the bridge operator profited $160. That’s some insane and (apparently) deliberate up charge.
The price quoted was $0. I recognize this was likely an error by secret.network, which is a mistake and I understand, but from that to handing the operator $233 (with $160 pure profit) is a hell of a jump in costs, particularly at a time of very little congestion.
There is more than 1 transaction that the Bridge has to deal with I believe.
For instance, if you withdraw LINK, the bridge charges you the LINK amount but pays in ETH for the transaction fees for you, meaning it has to also trade LINK for ETH by himself on a DEX.
I used the bridge many times and it usually overcharges the actual transaction cost by $25 or so, problem is that the overcharge goes parabolic the higher GWEI goes, unfortunately.
Alternatively, you can sell your sTOKEN for sSCRT, convert on Keplr 1:1 to SCRT, and transfer SCRT to Binance for $0.07 Fee xD However, always make hypothetical calculations before you execute them to find the most optimal path.
Good luck.
there is a multisig 3/5 wallet involved in the withdrawal process of ETH tokens, for security reason, ie protecting the locked assets. Hence multiple transactions at the exorbitant eth gas price make eth withdrawal operation costly, moreover when dealing with modest eth amounts
that is a known concern, but is not on SN responsibility but on ETH network. Alternative security solutions are being explored, but this has been the best short term trade-off.
a workaround is to exit using an alternative network than eth as long as gas price is so high, by having your ETH/ERC SNIP tokens swapped