Are you trying to send ERC-20 tokens, but you get the error message “Not enough ETH to send” (“Not enough ETH to send”)? This means that you don’t have enough ETH (Ether) to cover the cost of gas.
MetaMask, My Ether Wallet, Ledger, Exodus or any other wallet. To send tokens, you need to have ETH in your wallet. This covers the transaction fee.
When transferring Ethereum, you can pay with an ETH commission. But why do I need ETH to send ERC-20 tokens? Can I not pay a commission with tokens that I transfer?
If you are just starting to work with Ethereum and ERC 20 tokens, this may seem confusing. In this article, we will explain the need for Ether to transfer ERC-20 tokens.
Commission for transactions in Ethereum
Let’s first assume that there was no transaction fee. Everyone can send transactions on the Ethereum network. What’s going to happen?
Obviously, the network will be clogged with millions of transactions, and eventually it will be clogged. To avoid this, we need to introduce a transaction fee. The transaction fee is the only motivation for miners to inсlude your transaction in the block.
Whatever the change in the state of the network; regardless of whether you are transmitting Ether, ERC-20 tokens, deploying a smart contract or performing the functions of a smart contract, you need to pay a commission on the Air. This is because in Ethereum, the transaction fee is measured in units of gas, that is, in fractions of Ether.
Now the following question arises. Do I need ETH to receive ETH and ERC-20 tokens?
Do I need ETH to receive (deposit)?
No, to get Ethereum or any ERC-20 tokens to your wallet, you don’t need to hold ETH. However, to send ETH or transfer ERC-20 tokens from your wallet, you will need ETH for gas. The transaction fee is paid only by the sender, not the recipient.
Let’s say, for example, you send tokens from one wallet to another, then you will pay a commission. If someone sends a token to your Ethereum address, the sender pays this commission.
Thus, in order to store tokens in a wallet, you do not need to have ETH. But make sure that you have a small amount of Ethereum in your wallet to pay for gas (commission). Just in case you want to withdraw these tokens from your wallet in the future.
Why do I need ether to send ERC-20 tokens?
Allowing people to pay commissions in ERC-20 tokens makes sense. However, this is not the case.
ERC-20 is a blockchain asset. Just like Bitcoin and other cryptocurrencies, they can store and transmit value. However, the main difference is that they do not have their own blockchain.
ERC-20 tokens are Ethereum—based tokens. This means that they are created and hosted on the Ethereum blockchain. Tether (USDT), Chain Link (LINK), Aave (LEND), OMG, Maker (MKR), 0x (ZRX), Basic Attention Token (BAT), Compound, DAI and YFI are some of the popular ERC-20 tokens running on the Ethereum blockchain.
To date, thousands of Ethereum-based tokens (ERC-20) coexist in the Ethereum blockchain, and they all use the same technology.
Since the ERC 20 token runs on the Ethereum blockchain, they are stored on the Ethereum address, and all their transactions occur only on the Ethereum network. Since these tokens work on the Ethereum blockchain, transaction fees are paid only in Ethereum, and not in the same tokens.
ETH transactions require gas
Each operation in the Ethereum blockchain requires a certain amount of gas. Whether it’s a regular Ethereum transaction or the execution of a smart contract. Any transaction will require gas (Gas). This gas is paid in ETH, usually part of the Ether is called gas.
Understanding gas, gas price (GWEI) and gas limit in Ethereum can become quite complicated and is beyond the scope of this article.
At this point, all you need to understand is that if your Ethereum balance is zero or if it is too low, your ERC-20 token transfer will not go through. So keep some Ether in your wallet to cover the cost of the transaction.
You can use this site (https://ethgasstation.info) to check the current recommended transaction fee.
*All links to third-party resources are purely advisory in nature