[Updated March 2024]
Firstly, please note that we are phasing out the EDCOIN App.
We do recommend that you withdraw your EDC to our community's all-in-one MASTER EDCOIN WALLET @ ME WALLET.
- Please note that the EDCOIN FOUNDATION absorbs the withdrawal fee for all off-chain withdrawals of EDC from within the EDCOIN App.
- Under exceptionally high GAS fees, the EDCOIN FOUNDATION may choose to wait till GAS fees have subsided before approving withdrawals from EDCOIN APP.
- For example. if the GAS fee is USD20 per transaction, the foundation will have to refrain from processing the withdrawal until the GAS fee returns to a reasonable level. This is to prevent extraordinary costs/losses to the foundation. For example. it is not prudent to process a withdrawal of 300 EDC but have to pay/absorb a USD20 in GAS fees for processing the withdrawal.
- In contrast, withdrawals of EDC from the MASTER EDCOIN WALLET are on-chain and thus, the on-chain gas fees are born by the wallet owner.
- Please also note that due to the sudden increase in ETHEREUM GAS FEES, it is necessary to increase the new minimum withdrawal to 300 EDC. Please note that partial withdrawals from EDCOIN App are no longer supported. If you wish to withdraw your EDC from the EDCOIN App, please withdraw all your EDC. Please rest assured that once GAS fees reduce to reasonable levels again, the minimum withdrawal amount will be revised accordingly.
- The ETHEREUM FOUNDATION will be releasing the DENCUN update soon in the hopes of lowering GAS fees for Ethereum-related transactions.
- We understand and we can appreciate your frustration waiting for withdrawals to be approved. Your patience and understanding is very much appreciated.
- During periods of extraordinarily high gas fees, you may like to consider converting your EDC into EDPOINTS from within your EDCOIN APP as the conversion will not incur any fees.
- Under normal circumstances, please allow up to 72 hours for off-chain manual approvals of withdrawals (allowing for time zone differences, weekends and/or public holidays). This is necessary to prevent any unauthorised withdrawals.