Save on gas fees with the new Batch Issue feature
Today we’re excited to announce the launch of an exciting new feature on the Cook platform called “Batch Issue”. With this feature, users will be able to save on gas fees by pooling their orders together with others when issuing ckTokens (fund specific tokens) such as one of the first two funds on Cook including the Crypto Largecap Index (CLI) or the ETH DeFi Index (EDI).
In order to utilize the batch issue feature to get funds on the Cook platform, users just need to deposit a desirable amount of ETH. Then when the threshold of ETH has been met and the gas price is sufficiently low, ckTokens will be issued by the fund manager on behalf of the ETH depositors. The gas fee is shared among all the ETH depositors thereby lowering the transaction cost significantly by up to 97%.
The batch issuing threshold is set at 10 ETH currently and is subject to change in the future based on how often this feature is being used and transaction slippage. Once the ckTokens have been issued, users will be able to withdraw their respective fund tokens to their wallets.
We hope that this new feature will make it even easier and cheaper for everyone to begin issuing funds on the Cook platform. Everything we do at Cook is focused on improving the user experience and providing real value to those who use the platform. For those of you, who are ready to try out this new feature out, just follow the guide below.
Batch Issue — Guide
- First go to the Cook DAPP at https://app.cook.finance and connect your wallet. Then select the fund that you want to get by clicking the “Issue” button on the specific fund detail page such as the Crypto Largecap Index (CLI). After you click the button a Batch Issue screen will popup as shown below( Note all screenshots are taken in a testing environment).
2. Then enter the amount of ETH you would like to issue for the ckToken for that fund (in this case the CLI token). Once ETH has been deposited successfully, you will see the amount of ETH you deposited for the batch issue
3. Now go to the Portfolio page and you will see the fund that you selected with the batch issue feature icons. You will see a gray dollar sign next to the fund name, meaning your deposit is still waiting in queue for the batch issue to complete. Note that waiting is necessary to batch your issuance with others in order to save on gas fees.
4. Once the batch issue has completed, the gray dollar sign will turn into a purple gradient color and then the issued ckTokens for that specific fund are ready to claim.
5. Click on the purple dollar sign to claim your ckToken. Now you just successfully issued ckToken for that fund with up to 97% savings in gas fees.
We believe that this new Batch Issue feature will provide a lot of value to everyone who uses the Cook platform, especially as more and more people come onboard. With new features like this, we are aiming to make the world of DeFi asset management easier and more accessible to everyone.
If you have any further questions about this new feature, please reach out to us on Telegram.