Someone asked a question on Binance Square: From Web3 to Exchange 🤔 someone please explain! I don’t understand why it showed that i had a certain amount when on web3 but only 2k when transferred to exchange? Am lost!
The answer is: It sounds like you're experiencing some confusion with cryptocurrency transfers. I'll break it down step by step to help clarify things.
Web3 to Exchange: What's Happening?
1. Web3 Wallet: You have a certain amount of cryptocurrency in your Web3 wallet. This is a decentralized wallet that allows you to store and manage your digital assets.
2. Balance Display: The balance displayed on your Web3 wallet might include:
- Available Balance: The amount of cryptocurrency you can freely use or transfer.
- Pending Balance: The amount of cryptocurrency that's being processed or confirmed on the blockchain (this might take some time).
- Staked or Locked Balance: The amount of cryptocurrency that's being used for staking, lending, or other purposes, and is temporarily unavailable.
3. Transfer to Exchange: When you transfer your cryptocurrency from your Web3 wallet to an exchange, the exchange might only recognize the Available Balance. This means that any pending, staked, or locked balances might not be included in the transfer.
4. Exchange Balance: The exchange will display the amount of cryptocurrency they received from your Web3 wallet. In your case, this amount is 2,000 units.
Possible Reasons for the Discrepancy
1. Pending Transactions: If you had pending transactions on your Web3 wallet, they might not have been included in the transfer to the exchange.
2. Staked or Locked Assets: If you had staked or locked assets on your Web3 wallet, they might not be transferable to the exchange.
3. Fees or Gas: Transaction fees or gas costs might have been deducted from your transfer amount, reducing the balance displayed on the exchange.
What to Do Next
1. Check Your Web3 Wallet: Verify your Web3 wallet balance 2. Contact Support and Verify transaction details.