We would like to propose a feature that could help users reduce on-chain transaction fees while avoiding the issue of locking UTXOs, which we understand is a concern.
Many users have been requesting a way to send cheaper on-chain transactions, especially during times of high network congestion. I believe we can achieve this through a method I’m calling “Slow Mode” (a term referring to cost-conscious users who prefer saving on fees).
How It Works:
- When users choose “Slow Mode”, their transaction request is not sent immediately.
- The platform aggregates multiple “Slow Mode” transfer requests from different users over a period (e.g., up to 24-48 hours).
- Once enough requests are collected, the platform consolidates them into a single batch transaction, saving on fees by sharing the transaction cost among multiple users.
- The final transaction still uses a reasonable fee rate, ensuring it confirms reliably without locking UTXOs prematurely.
Benefits:
- Users save on transaction fees.
- The platform maintains control over UTXO management.
- It improves overall efficiency during periods of network congestion.
As an example, a very popular brazilian exchange, already offers a similar withdrawal option. In their case, free withdrawal can take up to 48 hours "gathering" transactions and is only available for amounts above 100,000 sats, limited to 8x a month. This shows there is existing demand for such features among users, and is flexible in it's options.
Is also an option for automatic OnChain withdrawls reducing coinos daily traffic
This approach aligns with user expectations for lower fees while ensuring their transactions remain timely and efficient.
Please let me know what you think about this suggestion. I would be happy to discuss further details or assist in any way.
Thank you for your time and consideration.
We would like to propose a feature that could help users reduce on-chain transaction fees while avoiding the issue of locking UTXOs, which we understand is a concern.
Many users have been requesting a way to send cheaper on-chain transactions, especially during times of high network congestion. I believe we can achieve this through a method I’m calling “Slow Mode” (a term referring to cost-conscious users who prefer saving on fees).
How It Works:
Benefits:
As an example, a very popular brazilian exchange, already offers a similar withdrawal option. In their case, free withdrawal can take up to 48 hours "gathering" transactions and is only available for amounts above 100,000 sats, limited to 8x a month. This shows there is existing demand for such features among users, and is flexible in it's options.
Is also an option for automatic OnChain withdrawls reducing coinos daily traffic
This approach aligns with user expectations for lower fees while ensuring their transactions remain timely and efficient.
Please let me know what you think about this suggestion. I would be happy to discuss further details or assist in any way.
Thank you for your time and consideration.