I wanted to start mining and I got everything setup to mine with a windows 10 machine but I have a balance of 0 so I cant afford the transaction fee to get started. It appears I cant send NKN from coinbase or any of my wallets to this new nkn wallet. How do I get past this one penny hurdle?
Yor need to swap them from ERC-20 to Mainnet NKN (I think)
Wow, after all the fees and things I would need to pay to make all the moves to accommodate this would end up being a very expensive way to get a very small amount of NKN in my wallet to get started… All the hype I read about getting started easily seems inaccurate.
I must’ve done something wrong and now I’m out $200 in addition to the fees I guess.
I agree its a pain. I ended up moving 101 NKN from Coinbase myself a couple days ago. Ill explain how I went through it if you decide to as well.
First I would like to say that I’m a beginner to working with crypto assets. I first made the mistake of moving ETH from my Coinbase to my MetaMask wallet only to discover the conversion fee for ~$60 worth of ETH -> ERC20 NKN was ~$40. Absurd! I then figured that I can add the NKN coin to my MetaMask wallet, not thinking I could before because It did not come on the search for adding a coin.
The guide for adding a new token I linked below was the step I needed for my wallet.
I used the site https://www.coingecko.com/en/coins/nkn and where they list the contract address an add to MetaMask button is to the right of the normal copy to clipboard button. I clicked that, for other wallets you can probably figure the steps needed fairly easily if they support adding different Ethereum coins.
You do pay to transfer the NKN and ETH to a wallet, but unlike me, some may already have a wallet with ETH, and the fee is way less than $40+. I believe the ERC20->Mainnet swap has no fee on NKN though, only ETH for gas.
- First purchase ERC20 NKN from Coinbase (0x type address).
- Create a personal wallet and add NKN token support. I used the MetaMask Ethereum wallet plugin in my Brave (Chrome) browser.
- Send the NKN from Coinbase along with some ETH (for gas I think) to the MetaMask wallet, or wallet of your choice (0x type addresses).
- Open a coin swap order on NKN filling out the sending ERC20 type account (0x type address) and the receiving Mainnet type account (NKN wallet address).
- Send the exact NKN from the swap order from the MetaMask wallet to the wallet on the coin swap order within an hour. So have the wallet balance ready.
- Wait for it to go though.
Resources I used:
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And we are thinking about how to enable a faucet type of service, to give new and independent miners some NKN mainnet token to start playing with a new NKN node. We need to figure out ways to avoid abusers still.
I was about to invest on VPS and launch 100 nodes the first month, I was very motivated, unfortunately with these new rules and with a simple calculation of profitability, I decided to abandon!
CAN ANYONE EXPLAIN TO ME WHY I CANNOT ADD FUNDS DIRECTLY TO MY NKN WALLET?
This seems logical to me but I must be wrong.
Send NKN ERC20 Token Address = coinbase NKN wallet ID
Receive NKN MAINNET Token Address： = My NKN Wallet ID
Which then generates “NKN ERC20 payment address”
So I go into coinbase and send the correct amount of NKN to the “NKN ERC20 payment address”
This does not seem to work… should it?
I never try neither ERC-20 to Mainnet neither Mainnet to ERC-20, but ther is a few guides out there…
I think the swap tool cannot distinguish exchange address, so it is discouraged to use coinbase or other exchange wallet address.
ERC-20 NKN: coinnase -> your own ERC-20 wallet (e.g. metamask)
Use swap.nkn.org
Receive your mainnet NKN tokens in mainnet wallet (e.g. wallet.nkn.org, https://vault.rule110.io/, or nmobile app)
Sorry if my elaboration was confusing in any way. Basically you need to move coin from Coinbase or any other exchange to a standalone wallet like MetaMask, then transfer from that independent wallet to the NKN swap order.
This is all transfers you need to make.
External Wallet already containing enough ETH:
- [Coin Base 0x] -> (NKN) -> [Private ETH Wallet 0x] -> (NKN+ETH) -> [Swap Order 0x]
Empty (New) External Wallet:
- [Coin Base 0x] -> (NKN+ETH) -> [Private ETH Wallet 0x] -> (NKN+ETH) -> [Swap Order 0x] .
[]: Source/Destination
(): Transferred Asset(s)
In the first transaction from Coinbase to your private wallet, you need to make sure you also have enough ETH to pay for the swap transaction, it cost me about $6 for gas in ETH to perform the swap.
For Coinbase specially, rather Coinbase Pro, but I think its the same. I added the MetaMask wallet address to my wallet address book in Coinbase. Then I did a withdraw for ETH and NKN and selected the MetaMask wallet that I added to my address book.
After looking further, I cant find where you add external wallets in on the normal Coinbase site. This is kind of a joke. Sorry if I misled you because of a difference in Coinbase and Coinbase pro. Coinbase pro is the same sign in as Coinbase, the assets are not shared, but you can move any asset between Coinbase and Coinbase pro instantly without any transfer fees (daily limit I think).
In Coinbase pro you have a deposit and withdraw button in each assets page under your portfolio. From there you can send and receive from normal Coinbase and also send to a wallet you added to the address book.
Edit: Not seeing the ability to add external wallets bugs me, but I can’t believe that to be evidence of not being able to transfer in/out from an external wallet out all together.
Coinbase also has their standalone wallet App. Is it possible to use that instead of Metamask wallet to transfer NKN tokens from Coinbase account to NKN Mainnet?
Coinbase and most other exchanges have ERC-20 NKN tokens. On NKN mainnet, it is Mainnet NKN token. They are not compatible. You can use the official swap too: https://swap.nkn.org
The only exchange currently support NKN mainnet officially is Upbit.
We are working with major exchanges to enable dual token format support for NKN, i.e. both ERC-20 and mainnet NKN tokens.
In addition, once the mainnet is successfully upgraded to v2.1.2 and stabilizes, we will figure out some kind of faucet or assistance program for new, small and independent miners.
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Thanks Bruce for the prompt response!
This seems logical to me but I must be wrong.
Send NKN ERC20 Token Address = coinbase NKN wallet ID
Receive NKN MAINNET Token Address： = My NKN Wallet ID
Which then generates “NKN ERC20 payment address”
So I go into coinbase and send the correct amount of NKN to the “NKN ERC20 payment address”
This does not seem to work… should it?
I am having difficulty following what exactly you are doing amoelk.
The specifics of transferring crypto currencies are extremely important for troubleshooting purposes.
Is this list of things something you were attempting to do with the swap tool?
Was a personal wallet used? or just your coinbase wallet?
I have a coinbase account (don’t have their wallet app) and you don’t technically have ownership of the exchange wallet. It’s owned by coinbase.
I’ll await a response before attempting to troubleshoot further.
We cannot use coinbase wallet for swap tool, since all exchanges (including coinbase) use many different wallet address for deposit and withdraw, and it is not fixed or unique to external services.
It is a bit complicated, but right now the steps are:
- Transfer your ERC-20 NKN tokens from coinbase to a personal wallet (e.g. you can create one on Metamask, mycrypto.com and etc)
- Use your personal wallet address for https://swap.nkn.org
- Receive your Mainnet NKN tokens for funding your node
Bruce,
This is awful, the cost to fund my NKN wallet with mainnet tokens is insane.
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Buy ERC20 token on exchange and transfer out. Binance purchase 500, after transfer fee Im down to 452. ($35 gone).
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Now to transfer from metamask to swap gets hit with another gas fee $5.75…
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Ohh it gets better, I need to fund the wallet with $5.75 worth of eth, soooooo back to binance.
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Buy Eth, minimum transfer out is .016, but the fee is .005 soooooo $16.25 gone
Long story short to get 452 NKN, it costed me $57 in fees…
I know you dont control any of this, but maybe find a way to support payments from exchange to swap?
It would save a few steps.
Birnie