Sunday, April 2

Free Gas Transactions Will Revolutionize Web3 By Cointelegraph

©Reuters. Free gas transactions will revolutionize the Web3

Scalability is one of the main hurdles for decentralized finance (DeFi) applications and has created huge barriers to entry. Closely related to this is the issue of high gas costs, which remains a major pain point for newcomers to the Web3 space. When Web3 becomes mainstream, these gas costs will be minimal. For the user, the experience will be completely flat, as it is in Web 2.0 applications.

As a result of the lack of scalability and network congestion, gas costs have skyrocketed, further preventing users from performing various transactions on the blockchain. According to the YCharts report, the average gas price in India is at a level of around 146 Gwei at the time of writing. The high cost of gas fees has become a financial nightmare for regular users in the Web3 space. This has led to the search for a solution that improves the decentralized finance ecosystem and makes it more usable and accessible.

Solving the scalability problem So the question is what steps can we take to minimize gas fees? Although there are a number of strategies that can be taken to reduce and mitigate gas expenses, most of them come down to building a different layer 1 blockchain or improving Ethereum. Another area that has been heralded as a way to address this issue would be layer 2 scaling solutions.

Read the full article on Cointelegraph

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