Krystle Blough • • Tutorial
Save on gas fees by automating wallet transfers No coding required!
Do you regularly move tokens from a hot wallet to a cold wallet, but wish it didn't cost so much in gas?
If your “prime time” for wallet housekeeping is the same as lots of other people, guess what - the network gets congested and you’re paying more in gas. Over time, that adds up.
Wouldn't it be great if you could get that done when gas fees are really low, while you sleep?
That’s where bots come in. With Boto.io, you can set up a custom bot that does this for you, without ever having to write a line of code 😻
1. Connect your wallet.
Go to the Transfer ERC20 When Gas Is Low bot and click “Use this Recipe”. Click the + sign in the Smart Actions Transfer block.
You’ll be asked to connect your wallet, choose an ERC-20 token and the maximum amount that Boto is authorized to transfer.
Feeling your spidey sense go off? GOOD. That's healthy caution at work. Head over to our documentation to DYOR, learn how this functionality works and inspect our smart contract audit results.
Hit the "refresh" button and choose your sending wallet from the dropdown.
2. Enter the receiving wallet and amount.
Make sure there are enough tokens in your sending wallet to cover gas fees. In the future there will be a small action fee, as well, but we are waiving those for now 🤑
The transaction tends to cost around 110,457 computation units. If the gas price at the time of the transaction is 34 gwei, that's 110,457 x 34 gwei = 3755538 gwei. Convert that into the ERC-20 token you're transferring to get an idea of how much gas will cost.
To play it safe, however, plan for the gas limit of 212,672.
3. Set your gas fee threshold.
How low do you want the gas fees to be before this transaction is triggered?
Now just save the bot and turn it on ⚡
You'll be able to see any transfers completed by this bot in your Smart Actions log, accessible from your dashboard: https://boto.io/app/smart-actions/
You can also set up a bot to notify you when a transfer has taken place: Smart Actions Auto Transfer Telegram Receipt
Set a minimum number of tokens to have in your sending wallet before this action takes place.
It means adding two blocks, or using this pre-made bot.
We ❤️ our community
Explore all of our no-code bot recipes, created and shared by people like you: https://boto.io/bots
Check out what we’re up to on Twitter: https://twitter.com/boto_io
Krystle Blough is the Head of Community at Boto.io and has been working in education & automation for 15+ years. She has presented at CMX Summit and Wikimania conferences about her experience in increasing adoption of emerging technology. She ran a 50k trail marathon once and now people think she runs fast (false).