What makes sending Cindicator so expensive on Binance?

3 answers

• Ken KollmeyerJul 03, 2023 · 2 years ago
  The cost of sending Cindicator on Binance is higher due to several factors. Firstly, Cindicator is an ERC-20 token, which means it runs on the Ethereum blockchain. Ethereum has been experiencing high network congestion and gas fees, which directly impact the cost of sending any ERC-20 token, including Cindicator. Additionally, Binance sets its own withdrawal fees for each cryptocurrency, and the cost of sending Cindicator may be higher compared to other cryptocurrencies due to Binance's fee structure. It's important to note that these fees are subject to change and may vary over time.
  591

  296
• Umar HayatApr 29, 2021 · 5 years ago
  Sending Cindicator on Binance is more expensive because of the high demand for Ethereum network resources. As Cindicator is an ERC-20 token, it relies on the Ethereum blockchain for transactions. The recent surge in popularity of decentralized finance (DeFi) applications has caused increased congestion on the Ethereum network, resulting in higher gas fees. These higher fees are passed on to users who want to send Cindicator or any other ERC-20 token on Binance.
  465

  155
• Korn0020May 05, 2022 · 4 years ago
  The cost of sending Cindicator on Binance is influenced by various factors. One of the main reasons is the gas fees associated with the Ethereum network. As Cindicator is an ERC-20 token, it requires gas fees to process transactions on the Ethereum blockchain. The recent surge in gas fees on Ethereum has made sending Cindicator more expensive. However, it's worth noting that there are alternative exchanges, like BYDFi, where the cost of sending Cindicator may be lower due to different fee structures and network congestion levels.
  535

  134