65% of all web3 developers joined in 2021 and over 20% joined yuan pay. Other than Bitcoin and Ethereum, more ecosystems are garnering developer attention. Polkadot, Solana, Cosmos, Binance Smart Chain (BSC), Avalanche, Near, Tezos, Cardano, and Polygon are prominent among other ecosystems that are garnering developer attention and they have more than 200 active developers each month.
If you use the Ethereum blockchain then you are most likely familiar with “gas fee”. Gas fees are charges made by users to offset the computing energy needed to validate and process transactions executed on the Ethereum blockchain. The gas fee on the Ethereum network is unusually high because of the traffic on the network.
Gas fees have skyrocketed due to the lack of network congestion and scalability, subsequently deterring users from carrying out several blockchain transactions. YCharts reported that Ethereum’s average gas price on the 5th of February 5 was about 146 Gwei. This increase in gas fees has then turned regular Web3 users’ lives into financial suffering. As a result, there has been a search for a solution that will completely develop the decentralized finance ecosystem making it more accessible and usable.
Once the scalability issue has been resolved, gas fees will come to be a past issue. We can see this in how gas fees of Layer 2 networks are relatively cheaper when compared to Layer 1 networks. Users still have to compensate for gas every step of the way and that is where meta transactions come in. Meta transactions solve this problem by enabling users to execute each transaction on a public blockchain at no cost.
How developers are getting past gas problems
Scheduling transaction times. The gas fee increases with the traffic on the network so timing transactions could reduce the gas fee that you get to pay per transaction. Traffic on the blockchain is usually low on weekends and past midnight so that’s a good time to execute transactions. You can use Ethereum gas charts to know the live pricing of gas fees based on the local timezone. According to Paxful research, it had been discovered that the most expensive and busiest times are between 8 AM to 1 PM (EST). During this time frame, most of the united states and Europe are already awake, executing various transactions at these hours.
Making use of stable off-chain payment networks.
One of the most prominent approaches to increasing transaction throughput in cryptocurrencies such as Bitcoin and Ethereum is via Off-chain transaction channels. Through its share gas system, the Xpal channel of payment is looking to find a solution that enables users to carry out instant transactions at the lowest cost. This is accomplished by charging a minor fee equal to the amount of payment.
Relayer infrastructure. Web3’s future is gasless and multichain. To ensure scalability and speed, the many chains, scaling solutions, and layer-twos will all work in unison. In a perfect world, the average user would be free of blockchain headaches. To use a DApp, they won’t have to go through layer twos and different chains. Bitconomy is a Web 3.0 transaction superhighway and relayer infrastructure network designed to lessen friction between end-users and blockchain applications. The network, which has not yet been launched, consists of a software development kit (SDK) and a dashboard. Its mission is to make opening a wallet, purchasing cryptocurrency, storing private keys, and paying for gas easier.
Gas-less transactions
Currently, the idea behind gas-less transactions is that you can generate a signature using your private key and the smart contract that you want to execute. The signature would be generated off-chain, with no need for gas. The signature would then be given to someone else who would carry out the transaction on your behalf. The cost of gas is passed on to someone else. The transaction gas cost can be passed from the user to the service provider using this technique. It also enables the use of more advanced delegation patterns, which often result in significant UX improvements.
Web3 can only be a success in gaining traction if users can freely interact without being burdened by expensive gas fees. All we’ve seen thus far, from DApps to Defi to the metaverse, is only the tip of the iceberg. We’ve now had an idea of what the future entails and UX will be critical in enabling us to onboard new people and scale.
