This article was first published on TrustToken - Medium
GasBoost makes TrueUSD the lowest gas-cost stablecoin on Ethereum today, saving transaction costs for traders, dapps, and exchanges. Though we don’t have comprehensive proof, we are confident that TrueCurrencies are also the cheapest ERC20 token on the entire Ethereum blockchain.
GasBoost is always running, decreasing the cost of every TUSD transaction. You do not have to do anything to use it, and it is available for the entire suite of TrueCurrencies on Ethereum.
What does it mean to reduce gas costs?
TrueUSD is an ERC20 token running on Ethereum. The Ethereum network charges a transaction fee, the product of gas price and gas consumed. GasBoost reduces the gas consumed by ERC20 transfer and transferFrom, both used to move tokens between accounts. The gas price, however, fluctuates throughout the day, depending on the usage of the network. Gas can be expensive, especially during peak trade times or during a phenomenon like Cryptokitties.
How does it work?
Ethereum issues gas rebates for transactions that free up storage or destroy smart contracts. When you transfer TrueUSD, the smart contract detects how much gas you use, and refunds up to half of the gas consumed by freeing storage or destroying smart contracts.
Storage and contracts are purchased at lower gas prices when Ethereum has spare bandwidth, arbitraging gas price volatility. For example, the contract destroyed in the transaction screenshotted above was created at 0.26931421 gwei and destroyed at 22 gwei, saving $0.090 while costing $0.004, a net gain of 2150%.
What methodology did you use to estimate the gas cost of each stablecoin?
For each stablecoin, we averaged the gas cost of these four cases²:
- A transfer that reduces a wallet into an ...
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