How are Kraken users dealing with the fact that the platform is currently charging 40,000 sats to make an on chain withdrawal?
~70sat/vbyte transactions are regularly being confirmed by miners, meaning a simple on chain withdrawal should cost ~£4. Kraken are charging customers ~£14. This doesn't take in to account the economies of scale they benefit from, by way of transaction batching...
Clearly they want to ensure customers a speedy withdrawal experience, however 3x the required fee seems excessive, and ultimately, unnecessary.
I heard from a Coinbase user that a recent withdrawal came in at a total cost of 25,000 sats. Almost half of what Kraken are charging.
Is it time for Kraken to consider a dynamic withdawal fee implementation? Or are high fees part of the business model?
How are other users of the platform handling this situation?
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