How do I send or exchange an Ethereum-powered asset?
A few assets currently included in Exodus are powered by Ethereum. To send or exchange these Ethereum-powered (ERC20) assets, Exodus needs a tiny bit (just a few cents) of Ethereum to pay for the transaction.
To send or exchange an Ethereum-powered (ERC20) asset, Exodus requires you to keep a minimum of 0.015 Ethereum (ETH) in your Exodus wallet. We recommend that you keep at least 0.3 ETH in your wallet. We know that this amount is a lot but with the increasing network fees it might prove necessary. This amount provides enough padding to send or exchange all Ethereum-powered assets hundreds of times, without worrying you might run out of gas.
These Ethereum-powered assets ride on top of the Ethereum network. In a sense, Ethereum is the gas that powers the movements of these assets. If you do not have Ethereum and have an Ethereum-powered asset you want to send or exchange there are a few options you have to manage and exchange these assets:
Exchange any regular asset (BTC, DASH, LTC, DCR) for Ethereum. This typically is the easiest way to get Ethereum into your Exodus wallet. Once the exchange is complete, and your Ethereum is deposited, you can begin to manage and/or exchange Ethereum-powered assets.
Deposit Ethereum into your Exodus wallet. This requires you have Ethereum sent to your Exodus Ethereum address from an outside source, typically an external wallet or exchange.
Just like fees in Bitcoin, in order to send or exchange Ethereum-powered assets, Ethereum is used to pay the transaction fees. Today, fees to send Ethereum or an ERC20 asset is often 5-20 times less than a Bitcoin transaction.
Ethereum powered assets are grouped into a category called “ERC20”. This name was derived from the original specification and discussion of Ethereum-powered assets. You can find much more detailed info on how ERC20 assets here:
A note for advanced users: Fees for sending Ethereum or ERC20 assets increase if you send them to a 'smart contract' address. Smart contracts are programs that automatically perform tasks, usually involving ERC20 assets or managing/moving Ethereum funds (some exchanges use smart contracts on their deposit addresses).
The fees are higher to give the smart contract enough 'gas' to process the transaction and execute the 'contract' program correctly. Sending a transaction with sub-optimal fees to a smart contract could cause a failed transaction, so Exodus automatically adjusts the fee to compensate when sending assets to a smart contract.