I’ve noticed that currently, there are no minimum limits set for transactions in the ‘Amount’ fields for both deposits and withdrawals. I suggest introducing a minimum transaction amount for both actions. Alongside this, it would be beneficial to provide a dynamic helper text that appears during the input process in the ‘Amount’ field. This text would guide the user until the minimum threshold is reached. For instance, if a user enters ‘0.00’, the helper text could display below the ‘Amount’ field in red, stating, ‘Minimum transaction amount 0.00001’. This feature would not only prevent errors and ensure transactional efficiency but also enhance user guidance and experience by providing clear, immediate feedback during the transaction process.
@Futureblocks01 Thank you for the feedback. In ETH/ERC20 transactions, there is no minimum transaction amount limit, so we are not setting one.
Thank you for your prompt response to my suggestion regarding the implementation of minimum transaction limits. I appreciate your point about ETH/ERC20 transactions not having an inherent minimum transaction amount limit. However, I’d like to delve a bit deeper into the rationale behind my suggestion, particularly in the context of a blockchain bridge.
Transaction Cost Efficiency: In a bridge context, where assets are moved between different blockchains, transaction fees can vary significantly. There are scenarios where the transaction cost (hinch… gas fees on Ethereum) could exceed the amount being transferred. This is particularly true during times of high network congestion. By implementing a dynamic minimum transaction limit, we can ensure that users are not incurring a loss where the transaction fee is higher than the actual amount transferred.
Dynamic Adjustment: The minimum amount shouldn’t be static, but dynamically adjusted based on current network conditions. For instance, during times of low network congestion and lower fees, the minimum amount could be reduced accordingly.
User Experience and Error Prevention: From a user experience standpoint, having a dynamic helper text, as suggested, would be an educational tool. It informs users in real-time about the feasibility and cost-effectiveness of their transactions. This could prevent scenarios where users unknowingly commit to transactions that are economically disadvantageous.
Potential Issues: I acknowledge that setting a minimum transaction amount could potentially exclude very small transactions, which might be crucial for certain users. However, this can be mitigated by ensuring that the minimum limit is reasonable and reflective of the current network conditions. Another solution would be to implement a warning text when transaction cost exceeds the value of funds being bridged, instead of setting a dynamic minimum amount.
Balancing User Needs and Network Realities: Our goal is to balance the need for flexibility and inclusivity in transaction sizes with the economic realities of blockchain transactions. We aim to protect users from inadvertently engaging in transactions where the fees outweigh the benefits, while still allowing them the freedom to move smaller amounts as network conditions permit.
In conclusion, while I understand the rationale for not having a minimum transaction amount in standard ETH/ERC20 transactions, the unique nature of a blockchain bridge, which is aimed at facilitating cost-effective and efficient cross-chain transfers, presents a compelling case for a flexible, dynamically adjusted minimum transaction limit. I believe this approach would enhance user experience and protect users from potentially costly transactions, without significantly impacting the utility of the bridge.
Looking forward to your thoughts on this.
Best regards