Users can deposit on Binance, for example, various ERC20 tokens, but later then those tokens should be transferred to the Binance cold wallet(wallet used for withdrawing) how those tokens are transferred when the newly generated address doesn't contain any ether(for transferring contracts), it doesn't make any sense for me that Binance sends some ether for every newly generated address.
it doesn't make any sense for me that Binance sends some ether for every newly generated address.
That's exactly what they do. If you do happen to deposit ether, they will leave a little bit ~$5 or so in the address when moving the ether to their cold wallet to pay for future token transactions. If you transfer only tokens, they will transfer some ETH before moving it.
Related
I want to send ether from one walet to another…what technique to use and what is the safest method to do so?
wallet A(msg.sender)=10ether
wallet B=10ether
with the help of smart contract send 'x' ether from A to B.
I tried
where 'x' is the varaible ether at different times.
=>payable().transfer(msg.value);
here i am able to send ether in remix ide where i can provide the msg.value...i want to implement that it is able to change msg.value according to the value of x.
It is not possible to remove ether from someone's wallet on their behalf.
You can do something like this with ERC20 tokens, which have an approve functionality, but there is no API for this with native Ether.
To send ether out of a wallet, the owner of the wallet must sign a transaction specifying they want to send a certain amount of ether to a certain address.
Now, you can sign a transaction, and have someone else broadcast it. This is called relaying. But once you sign a transaction that sends ether from your wallet, you can basically consider the ether gone.
If you need to conditionally take ether from a user, having the user stake the ether in an escrow contract may make more sense.
I would like to transfer ERC20 tokens from a wallet who don't own ETH to another wallet who own ETH and who can pay gas fee.
Do you know if it is possible to made a transfer of ERC20 tokens and to let the receiver wallet pay fees ?
TLDR: Not possible, unless the token contract explicitly allows it. Or unless the token holder is also the block producer.
Transaction fees are paid in ETH (or generally, native currency of the network - for example BNB on Binance Smart Chain, MATIC on Polygon, ...). So in most cases, you need to pay ETH to execute either the transfer() function if you want to send the tokens from your address, or the approve() function if you want someone else to transfer tokens from your address.
Very few token contracts implement delegated transfer mechanism on top of the ERC20 standard. There's currently no standardized way to perform a delegated transfer, so each contract might have a different implementation. The token holder uses their private key to sign a predetermined message saying how many tokens they want to transfer to which address. The message also usually contains a nonce or a timestamp to prevent signature replay attack. Token holder passes the message offchain to the transaction sender, and then the transaction sender executes a function of the token contract built specifically for delegated transfers (note that the transaction sender pays the fee to execute this function). The contract validates the signature, and performs the transfer. Again, most token contracts do not implement this mechanism.
One more exception from the rule is a block producer. When you create a new block, you can fill it with transactions not only from the mempool but also with your own transactions. You can build a transaction with 0 gas price, and then include it in the block that you're producing. This way you're also able to send tokens for free.
I understand msg.value represents how much wei the sender sent. But how does a contract use it?
In the example of a vending machine, the contract checks to ensure enough msg.value is present to cover the cupcakes ordered, but there's no code that actually deducts the wei.
Example:
https://ethereum.org/en/developers/docs/smart-contracts/#a-digital-vending-machine
I do see some info about buyer and seller.transfer() here:
https://docs.soliditylang.org/en/v0.8.15/solidity-by-example.html#safe-remote-purchase
A contract has no need for deducting to receive ETH or msg.value. The sender will determine ETH payment amount.
ETH receiving contract only need payable modifier to indicate that it can receive ETH. We can say it is like a vending machine in the way that the contract cannot determine how much it will receive, but you can refund by transferring the exceeding ETH back to the sender.
Unlike ERC20 which works differently, it does needs to be approved and deducted for the general contract purchase function.
Read more:
https://stackoverflow.com/a/71883390/2017851
https://medium.com/coinmonks/solidity-transfer-vs-send-vs-call-function-64c92cfc878a
https://cryptomarketpool.com/reentrancy-attack-in-a-solidity-smart-contract/
Typically, this code is paired with a dapp front-end for the user to operate, so if you are a developer who wants to send ETH when calling a contract, I recommend doing this
I am learning node JS developing a crypto currency exchanger as a homework project where user can deposit ERC-20 token and Ethereum. I am generating unique ethereum deposit address for every user, where they can deposit ERC-20 token and ethereum. but after sometime I want to move the received ethereum and ERC-20 token to another address (cold wallet).
If someone only send ERC-20 token to the address and no etherum, then how I'll get ethereum to pay as gas fee to transfer the received ERC-20 token to cold wallet?
If suppose, I am first paying etherum (for gas fee) from cold address to the user address, and then using that etherum to transfer received ERC-20 token, will it work at mass level ? means if 10000 users do the same thing at the same time, will not it create a problem ? or is there any better solution for this?
If there's no eth in that account, you can't take the ERC-20 token out.
Transfer some eth to the address and then get ERC-20 token out is the only way. The problem is how to save the gas as far as you can.
You can write a batch transfer contract to send eth to several hundred addresses in one go (the ceiling is determined by block gas limit), batch transfer saves gas. Then you can collect the ERC-20 tokens.
Of course, you can charge your user for compensation.
As the title suggests - is it possible to send tokens from an ERC20 smart contract address, or is this unit not accessible?
Practical explanation:
A noob misunderstands some instructions and sends some tokens instead to his address to a smart contract address erc20. Is it possible for the programmers of the tokens, to recover those tokens, or are their hands "tied" and none has access to those tokens anymore?
Both contract accounts and external accounts (controlled by humans) have all the same inherent powers. Each can do what the other can.
If you send some ERC-20 token to a contract, it can in theory send it elsewhere, providing it has that functionality already built into-it.