Thank you for your patience as we navigate the recent challenges with the Ethereum network that have held up PRE token withdrawals as described in our previous Medium post.
Massive spikes in gas costs that are paid when transfers are completed have made it uneconomical and downright wasteful to distribute reward payments — it really doesn’t make sense to spend $10 to send $20 worth of rewards.
We are writing today with an update to inform you that we’ve been busy implementing changes to our withdrawal system to minimize the transaction fees paid, and we anticipate that these will be pushed live before the end of September, enabling us to resume withdrawals next week.
Changes we’re working on will help to mitigate the effect of high transaction fees, both those currently experienced as well as those we may encounter in the future. These changes include:
- A new process that monitors ETH gas costs and sends transactions at opportune times when fees are lowest
- The ability to send more transactions, faster, to take advantage of low gas cost opportunities
- Better queuing of transactions to limit complications when gas costs spike and transactions get ‘stuck’
In order to take advantage of these new capabilities, we need the ability to have withdrawals sit ‘in wait’, until target gas costs are reached. This means we can unfortunately no longer commit to reward withdrawals being processed within 72 hours.
Transactions will now go out as soon as possible, but with no set time-frame, as successful transactions are dependent on the load on the Ethereum network and the associated transaction costs.
Those withdrawals that have already been requested but have not yet been fulfilled will go out in the order in which they have been submitted, so there’s no need for anyone waiting on their PRE tokens to do anything.
Your tokens will be sent ASAP, and we will post an update as soon as we begin processing withdrawal requests after we have released our new withdrawal system next week.
Please note that once the new withdrawal system goes live, purchased and deposited tokens will still be processed within the previous 72-hour withdrawal window. This post is specifically addressing rewards withdrawals and not purchased/deposited tokens.
Thank you all sincerely for your patience while we work through this challenge. We appreciate your continued support and belief in Presearch and our mission to build a decentralized search engine.