Crypto is crashing. But Gas Fees 🚀
Here is Why.
How to Reduce Gas Fees on Ethereum
A thread 🧵 ↓
Here is Why.
How to Reduce Gas Fees on Ethereum
A thread 🧵 ↓
NFTs and DeFi Traders or Blockchain Developers.
We all suffer from higher and higher gas fees on Ethereum.
Let’s understand why and discover the tricks to save thousands of $
We all suffer from higher and higher gas fees on Ethereum.
Let’s understand why and discover the tricks to save thousands of $
// Transactions
The Blockchain World is based on Transactions.
Mint an NFT
Buy or sell a Coin/Token
Deploy an App on Ethereum network
Modify a variable or executing a function in a smart contract
All the above are considered transactions.
The Blockchain World is based on Transactions.
Mint an NFT
Buy or sell a Coin/Token
Deploy an App on Ethereum network
Modify a variable or executing a function in a smart contract
All the above are considered transactions.
// Gas & Gas Fees
Gas is the unit (in GWei) that measures the computational power to execute any operation on the Blockchain.
It also helps keeping the network secure.
Gas is the unit (in GWei) that measures the computational power to execute any operation on the Blockchain.
It also helps keeping the network secure.
Gas price is the fee paid to the miners for providing this computational effort (to make transactions).
It’s based on supply and demand between the miners and users of the network.
It’s based on supply and demand between the miners and users of the network.
This is what explains the high gas fees on Ethereum.
Even if ETH price go down.
The amount of transactions (NFT, DeFi, dApps) is still rising.
The good news:
We can learn how to optimize gas fees.
Use these 8 tips to spend less money 👇
Even if ETH price go down.
The amount of transactions (NFT, DeFi, dApps) is still rising.
The good news:
We can learn how to optimize gas fees.
Use these 8 tips to spend less money 👇
TL;TR:
1- Plan Ahead and optimize Timing
2- Calculate Gas Fees Accurately
3- Write better Solidity Code
4- Make Users Contribute
5- Get GasToken Refund
6- Adopt L2 & Sidechains
7- Try other Blockchains
8- Bonus dApps 🤫 ↓↓
1- Plan Ahead and optimize Timing
2- Calculate Gas Fees Accurately
3- Write better Solidity Code
4- Make Users Contribute
5- Get GasToken Refund
6- Adopt L2 & Sidechains
7- Try other Blockchains
8- Bonus dApps 🤫 ↓↓
1- Plan Ahead to optimize Timing
Gas fees fluctuate over time.
It would be smart to choose the right moment to make a transaction.
Check Ethereum Gas Charts.
Gas fees fluctuate over time.
It would be smart to choose the right moment to make a transaction.
Check Ethereum Gas Charts.
For Heatmaps go to ethereumprice.org/gas/ .
Keep an eye on Network Congestion.
Usually Non-Working Hours on Weekends is when gas prices are the lowest.
Keep an eye on Network Congestion.
Usually Non-Working Hours on Weekends is when gas prices are the lowest.
2- Calculate Gas Fees Accurately
Using Testnets like Ropsten is important.
With Tools such Remix, Truffle and Etherscan you’ll get good estimation of the Transaction Cost.
But there is a more precise method.
Using Testnets like Ropsten is important.
With Tools such Remix, Truffle and Etherscan you’ll get good estimation of the Transaction Cost.
But there is a more precise method.
Take Gas Used by Transaction (in gwei) and get live gas price at etherscan.io/gastracker
Apply this formula:
Cost = Gas Price x Amount of Gas Consumed (in gwei)
Apply this formula:
Cost = Gas Price x Amount of Gas Consumed (in gwei)
3- Optimize Code
• Avoid loop mistakes.
• Short circuit operations.
• Pack variables in 32 byte slots.
• Prefer mapping instead of arrays.
• Store data on memory not storage.
• Delete variables to get a gas refund.
• Don’t initialize variables if irrelevant.
• Avoid loop mistakes.
• Short circuit operations.
• Pack variables in 32 byte slots.
• Prefer mapping instead of arrays.
• Store data on memory not storage.
• Delete variables to get a gas refund.
• Don’t initialize variables if irrelevant.
For more detailed examples on how to optimize your Solidity smart contracts, check my blog article.
marmooz.hashnode.dev/ultimate-guide…
marmooz.hashnode.dev/ultimate-guide…
4- Share the fees with Users
This is one of the most important aspects of Web 3.0
I personally love it.
When developing a dApp you can let the users pay (some or all) the gas of their transactions.
This is one of the most important aspects of Web 3.0
I personally love it.
When developing a dApp you can let the users pay (some or all) the gas of their transactions.
NFT guys already know that.
The same can be done for publishing an article on a decentralized Blogging Platform.
Data storage fees can be paid by the writer for example.
The cost of gas is incurred by users.
The same can be done for publishing an article on a decentralized Blogging Platform.
Data storage fees can be paid by the writer for example.
The cost of gas is incurred by users.
5- Get Gas Tokens Refund
GasToken.io helps you tokenize gas.
This means you can store gas.
Mint gas tokens when the prices are cheap.
Use the tokens when the prices are high to get a refund.
Fee = (GasUsed - GasRefunded) x gasPrice
GasToken.io helps you tokenize gas.
This means you can store gas.
Mint gas tokens when the prices are cheap.
Use the tokens when the prices are high to get a refund.
Fee = (GasUsed - GasRefunded) x gasPrice
6- Layer 2 & Sidechains
Until Ethereum 2.0, gas fees on the Mainnet (Layer 1) will probably stay pricey due to traffic.
L2 and Sidechains are two scaling solutions.
Both are built on Ethereum network to make transactions faster and cheaper like:
Polygon, xDai and Optimism.
Until Ethereum 2.0, gas fees on the Mainnet (Layer 1) will probably stay pricey due to traffic.
L2 and Sidechains are two scaling solutions.
Both are built on Ethereum network to make transactions faster and cheaper like:
Polygon, xDai and Optimism.
The main difference between L2 and sidechains is that the latter have their own consensus mechanism.
To understand this concept, my friend Oliver Jumpertz posted an amazing thread about it
To understand this concept, my friend Oliver Jumpertz posted an amazing thread about it
https://twitter.com/oliverjumpertz/status/1476892932691173382?s=20
7- Try other Blockchains
Ethereum isn’t the only network in the Web3 space.
Other Blockchains can be used to build Apps like Binance Smart Chain, Solana, Cardano or Polkadot etc
Ethereum isn’t the only network in the Web3 space.
Other Blockchains can be used to build Apps like Binance Smart Chain, Solana, Cardano or Polkadot etc
@Cardano is known for its low fees an being climate friendly
@BinanceChain is the most popular for DeFi Apps.
@Polkadot is a "multi-chain network"
@solana the new outsider.
Many alternatives offer lower transaction costs and improving tools for developers. 🚀
@BinanceChain is the most popular for DeFi Apps.
@Polkadot is a "multi-chain network"
@solana the new outsider.
Many alternatives offer lower transaction costs and improving tools for developers. 🚀
8- Bonus dApps
These dApps are useful for NFTs traders and DeFi users.
They offer tools to simulate and/or bundle transactions.
Less (or no) gas fees than the market.
@DeFiSaver
@FTX_Official
@Keeper_DAO
@BalancerLabs
@hellodapper by @dapperlabs
These dApps are useful for NFTs traders and DeFi users.
They offer tools to simulate and/or bundle transactions.
Less (or no) gas fees than the market.
@DeFiSaver
@FTX_Official
@Keeper_DAO
@BalancerLabs
@hellodapper by @dapperlabs
That's it for this thread !
I hope you found it useful.
If you liked it, retweet the first tweet and drop a like.
Follow me @marmooznet, if you are interested in:
- 3️⃣ Web3
- ⛓️ Blockchain Dev
- 📈 Start-Ups
- 🪙 DeFi
- 📱 Web & Mobile Dev🚀
I hope you found it useful.
If you liked it, retweet the first tweet and drop a like.
Follow me @marmooznet, if you are interested in:
- 3️⃣ Web3
- ⛓️ Blockchain Dev
- 📈 Start-Ups
- 🪙 DeFi
- 📱 Web & Mobile Dev🚀
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