How do I send or exchange an Ethereum-powered asset?
Most of the assets currently included in Exodus are powered by Ethereum (ETH). To send or exchange these Ethereum-powered (ERC20) assets, your wallet needs a small amount of ETH to pay for the transaction. If you don't have a small amount stored, you will be met with this message:
To send or exchange an Ethereum-powered (ERC20) asset, Exodus requires you to have a minimum of 0.005 Ethereum (ETH) in your Exodus wallet. We recommend that you keep at least 0.1 ETH in your wallet to keep your fees covered in the long-term. This amount would provide enough padding to send or exchange all Ethereum-powered assets hundreds of times, without worrying you might run out of gas.
In the image above, we can see that the network fee to send Substratum is paid for in Ethereum. These Ethereum-powered assets ride atop the Ethereum network. Ethereum is the gas that powers the movement 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, VTC, BTG, BCH, DGB) for Ethereum. This 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.
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.