The transaction costs on the Ethereum chain have soared, and these solutions may optimize user experience and save gas costs

Editor's Note: This article comes fromChain News ChainNews (ID: chainnewscom), author: Zhang Gaijuan, published with authorization.

Editor's Note: This article comes from

Chain News ChainNews (ID: chainnewscom)

, author: Zhang Gaijuan, published with authorization.

BitInfoCharts data shows that the average transaction fee on the Ethereum network has increased significantly from $0.0886 in early April to the current $0.544, an increase of more than five times.

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Ethereum average transaction fees, source: BitInfoCharts

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Average daily gas cost of Ethereum, source: Etherscan

Although around June 20, the upper limit of gas on Ethereum rose from about 10 million to about 12 million, the transaction fee did not decline significantly. It is undeniable that the current high gas cost of Ethereum is indeed a big problem for the Ethereum network.

In the case that the problem of high gas fees cannot be effectively resolved in the short term, some solutions specifically aimed at developers and users have appeared one after another to help improve user experience and conduct gas-free transactions (no need to hold ETH), Or directly hedge the gas fee.

Gas-free transactions - user-friendlyintroduceThe fee model introduced by UniLogin and the solution PleaseRelayMe, which helps developers use interest to pay users' on-chain transaction fees, can greatly improve user experience (UX), while enhancing the interaction between users, DApps and the Ethereum ecosystem.

UniLogin introduces two fee models: meta transactions and fee-free transactions

UniLogin, which aims to develop user onboarding solutions for Ethereum DApps, conducted an interview and found that most DApp developers said they would be happy to pay transaction fees for users as long as they can profit from user behavior. Aiming at problems such as the large fluctuation of gas fees, the need to use ETH to pay fees when transferring ERC20 tokens, and the complexity of transaction fee calculation models, UniLogin

introduce

Two fee models are proposed to deal with the high transaction fees of Ethereum.

Fee model 1: Meta transaction

If users have to pay for themselves, they can now pay with ERC20 tokens they already own (instead of ETH) by using Meta transactions. This means that not only do users not need to hold ETH, they can pay transaction fees without even knowing what ETH is.

If the DApp developer decides to pay for the user, the user only needs to create a wallet and send the transaction. No fee dialogs, no widgets to speed up transactions, no cumbersome UI interfaces. This results in a smoother and simpler user experience.to developThe above two models are now introduced in UniLogin Beta 4 — 0.6.0 beta release. UniLogin will also study another new feature in the future, that is, customers can decide whether to pay for users based on input conditions such as transaction data, network status, and user reputation.

PleaseRelayMe: Helps DApp developers use interest to pay user transaction fees on the chain

PleaseRelayMe by BlockRocket Team

to develop

, is a transaction repeater that helps DApp developers use interest to pay transaction fees on the user chain Gas Station Network. For DApp developers, by integrating this project, DApp users do not need to pay transaction fees on the chain, but are paid by the interest generated by the DApp developer's self-raised funds or the interest generated by the DApp revenue.

Specifically, PleaseRelayMe uses the rDai protocol of the DeFi application Compound to obtain savings interest, and then uses meta transactions to provide transaction fees for DApp users. It also uses the Kyber protocol for the decentralized on-chain exchange function of ETH and Dai. According to a rough estimate by the developer, if 100 users each lock 50 Dai in the DApp, the income generated through the rDai protocol every month will be able to fund at least 300 on-chain transactions.

It can be found that the consumer-oriented smart wallets Argent, MYKEY, and Authereum, as well as the above two schemes (the fee model of PleaseRelayMe and UniLogin), are all based on meta-transactions to achieve payment, which lowers the threshold for ordinary users. After the developer integrates, users do not need to own gas, nor do they need to understand the issue of gas fees.

In a general Ethereum blockchain transaction, the sender needs to use ETH (in the form of gas) to pay for the transaction and the smart contract interaction fee after the transaction information is signed and uploaded to the chain. However, after adopting meta transactions, users do not need to purchase the native token ETH of the blockchain network in advance, and do not need to pay fees by themselves. Usually, the sender will first transfer the transaction and signature to the relay party through off-chain transmission, and the relay party will send the transaction to the Ethereum network after bearing the gas fee.

GasTokenIn other words, these wallets and solutions use meta-transactions to realize transactions that do not involve gas, and the transaction fees are paid by relayers. However, for sustainable development, some relayers will charge users a fee.

Saving or hedging gas - saving real gas costs

If developers want to save real gas costs for their DApps, they can use Gastoken and 1inch Chi, or Opium's gas options to hedge the risk of continued gas growth.

Gastoken—tokenized gas

The working principle of Gastoken is that users can create or mint (creat or mint) Gastoken tokens by saving data in the storage of the Gastoken contract when the gas price is low. When the gas price is high (such as during ICO or peak hours), users can send Gastoken tokens back to the Gastoken contract for destruction to consume or release (spend or free) Gastoken tokens, thereby releasing previously saved data. This new transaction is also eligible for a refund and is much cheaper to execute than the same transaction without Gastoken. Gastoken complies with the ERC20 token standard, so it supports the free exchange of gas tokens between users.releaseChi Gastoken - Optimizing on-chain transaction costs

In early June, the on-chain aggregation trading platform 1inch

release

Chi Gastoken based on Gastoken GST2 version and optimized for it. Users can optimize the transaction cost on the chain by minting Chi when the gas fee is low and destroying Chi when the gas fee is high. Compared with Gastoken, Chi saves 1% of the casting cost and improves the efficiency of burning by 10%.

The efficiency comparison of the two versions of Gastoken and CHI Gastoken, source: 1inch

According to 1inch, the deployment of an Ethereum smart contract requires a lot of gas. In the same transaction, Chi tokens can reduce these costs by nearly half.

1inch built a tool called Deployer.eth based on the ETHGlobal HackMoney Online Hackathon. Chi token support can be integrated into any smart contract with just a few lines of code and the following modifiers.

textroll outGas options - hedge against rising gas fees

The risk of rising gas prices can be hedged by trading gas options. While this does not directly affect gas prices, it insulates traders from gas price fluctuations.