A New Token Lets You Save on Ethereum Fees by ‘Storing’ Gas
Cointelegraph
Published Jun 08, 2020 02:32PM ET
Updated Jun 09, 2020 04:40PM ET
Ethereum (ETH)’s fees are hard-coded to only be payable in Ether, but a clever trick with smart contracts allows users to effectively pay for gas with a special token, which reduces the total fee they incur.
This principle was used by the team behind 1inch.exchange, a decentralized exchange aggregator, to introduce the Chi token. The technology was formally announced on June 5, and it builds on a previous iteration of the concept, called Gas Token (GST).
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Written By: Cointelegraph
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