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 ETH/GAS
All ERC20 transactions require ETH, also known as gas, to power transactions on the Ethereum network. To send or exchange an Ethereum token, you need a minimum of 0.005 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 ETH (called “gas”) for transaction fees in Ethereum transactions.
If you don’t have the minimum amount of ETH for Ethereum-based transactions, you will encounter this message if using Exodus Mobile:
And this message if using Exodus Desktop:
Since Ethereum-based assets run on Ethereum’s blockchain and not on their own, transaction fees are paid in gas and not in the assets themselves e.g. Aragon (ANT), Golem (GNT), etc.
In the screenshot above, we’re trying to send some 0x (ZRX). You can see that the network fee to send 0x is paid for in gas (ETH) and not ZRX.
We recommend that you keep at least 0.1 ETH in your wallet to cover transaction fees. This amount of ETH would allow you to send or exchange Ethereum-powered assets hundreds of times, without worrying about running out of gas.
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 lick the Send button
- 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 (e.g. ChainLink or LINK for ZRX or a non-Ethereum asset like BTC). You can select the assets using the dropdown menus or by searching for the asset names/ticker symbols (e.g. BTC)
- Enter the amount you wish to exchange by clicking ALL, HALF, or MIN (minimum exchange amount for the asset). Alternatively, you can enter the amounts in the asset(s) 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 in case you don’t like the exchange rate (based on real-time market rates) or in case your finger slipped!
- You will receive the asset you exchanged for in 30 minutes or less in most situations. Once you’ve clicked Exchange, you’re good to go - feel free to close Exodus if you wish. Your asset(s) will be waiting for you the next time you open Exodus!
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.