Cap on the Gas!

Putting community ahead and leveling the playing field.

Many of our community members have shared their concerns over being left out of the Bancor fundraiser that takes place on Monday June 12 at 14:00 GMT.

The Bancor protocol aims to provide solutions for communities, and as such, we’ve listened to our own and taken action.

Sending funds to an Ethereum smart contract requires gas which is calculated according to two factors:

  • Gas limit
  • Gas price

Gas Limit

Our smart contracts require a minimum of 200,000 gas. Meaning you need to set the limit to be 200,000 or above but definitely not less than that.

If you decide to set the limit to 500,000, this only means you will be willing to pay more for the transaction but this will not get you any advantages or priorities with the miners.

Gas Price

The default gas price in all wallets is usually set to around 20 gwei. If you manipulate this value, usually this will get you ahead in line as you are willing to pay a higher price to the miners for executing your transaction.

We at Bancor decided to set a limit of 50 gwei in order to make it more difficult for those trying to cut in line to get any advantage over others. In fact, if you send a transaction with higher gas price, it will be rejected by our system. Games are more fun when everyone can play.

For a list of supported wallets and details on how to participate in the BNT allocation event, please read our “How to Contribute to the Bancor Protocol Fundraiser” post, and as always, send us your questions through our channels.