FEE tools are a set of tools and DApps which would help you save gas fees over the Ethereum network.
With gas fees skyrocketing, more and more people are digressing to other economical networks. However, Ethereum time and again has proved that no other network can level up with its security.
Fee’s aim is to create a better alternative for users of the Ethereum network by letting them optimize gas fees and save gas fees. Here are a few tools which will help you save gas fees when spending on NFTs or Ethereum networks. Here is how —
Before anything else, let’s dive into what is transaction fees and how it works?
To understand the idea of transaction fees, the two most important terms are Gas Limit and Gas Fees (counted in Gwie). The transaction fee is the cost of sending a transaction over any given network. The basic gas limit for a transaction is 21,000 Gwie and it can go to millions depending on the data being executed. Like for deploying a contract, the gas fees will be 50–100x more than just sending 1 ETH for deploying a contract.
The total transaction cost is accounted as:
[21,000 units of gas] × [100 Gwei price for a single unit of gas] =
210,000 Gwei = 0.0021 Ether
Now that we know how transaction fees or gas fees are calculated, let’s take a look at ways to Optimize Gas Limit first.
Batching Transactions
Batching transactions or making batch/bulk transactions can help save gas instead of sending it one by one. We have used and tested a number of contracts to batch transactions and send them in one go. There are a lot of studies that verify the same.
A simple transaction takes a 21,000 gas limit, but if you batch them together with 10 transactions, one single transaction can be sent (not always) for a minimum gas limit of 10,000. This may not be true for all the transactions, but this is a way to optimize the gas. A lot of gas-saving contracts or aggregators such as Genie and a few others are using it.
The biggest issue with implementing something like this is to understand the estimated gas cost (Not just using inbuilt estimateGas() smart contract function) but also making sure that the transaction goes through and doesn’t waste gas.
“Failed transactions are worse than overpaying on a transaction”
Using off-chain analysis and providing guaranteed transactions is a way to do it.
Guaranteed Transactions
Using batch transfers can sometimes be tricky. Using less gas limit can sometimes be a reason for failed transactions. Failed transactions are expensive and a waste of money. Imagine doing a transaction of buying 20 NFTs and spending 0.5 ETH on gas fees which fails.
Guaranteed transaction will guarantee you a completed transaction or refund of the gas fees if the transaction fails. We will discuss the mechanisms in the next post.
Scheduling transactions
Imagine you want to offer some NFTs for sale, but the gas fee is $250 because of 300+ gwei. Now, imagine if you could schedule it when the gas price was low. Saves a few bucks, right?
The surge in gas prices can be up to 200% at a given point of time and -50% than the average at some other time as well. Fee token introduces the transaction scheduler for all its users, which will help you schedule transactions when the gas price is low. It will be conducive for people who have done the less urgent tasks and can wait for a while.
Paying Gas using Fee token by GSN
The development team has been working on the GSN network and how we can use it to save transactions over the Ethereum network. The contracts are still in the testing phase.
Launch of Fee tools
Fee token aims to help users save gas fees on buying/selling NFTs, dex trades, or sending a lot of ERC20 or ETH transactions. We have been working on a lot of ideas and concepts for the last six months to come up with solutions to gas fees.
Here is a comparison of buying/selling nft with leading players in this space:
Developer Grant
Developing software and logical contract code requires a larger set of team members. We would love to reward and promote developers and teams to help us in making our software and contracts better.
After the launch, the team will announce a $1 Million+ dollar Development Fund to join us in creating better code to save gas fees for users.
