How we've saved dApps over $267,000 in Gas Fees
Let’s face it, Gas fees are costly and inconvenient.
For users, for developers, for everyone.
Due to the cumbersome user-experience of paying for gas, people are left frustrated and at best, a few dollars lighter than they were prior to interacting with a dApp.
But here’s the good part…
In 2022, we’ve already saved dApps over $267,000 in gas fees. In fact, YTD 100% of our integrated dApps have paid lower gas fees than they would’ve without our SDK, since integrating Gasless to support meta-transactions.
Lower fees for users and dApps, that’s the power of Gasless.
In this article, we'll discuss how dApps are saving with Gasless and how developers can even decide who they'd like to sponsor gas fees for, to create a quick and painless user-experience.
Gas Analysis: Ethereum
Gas Usage
To understand the impact of fees on the macro environment, let's take a look at some ethereum historical data. At the time of this post, gas usage on the popular network is at an all time high, exceeding over 100 million per day while daily transactions remain above 1 million, as they have since 2020.
Unique Addresses
The total number of unique addresses have also reached a new high on ethereum, exceeding over 200 million with a daily increase of 66,481 at the time of this post. Despite being in a challenging market, it's safe to say ethereum is continuing to grow at scale and bringing gas fees along with it.
Gasless Impact
Ethereum dApps have saved over $183,000 or $6.80/transaction with Gasless YTD.
$154,000 was saved in 2021, already making 2022 an all-time high when it comes to gas savings for ethereum dApps. Yes, you read that correctly, ethereum dApps are saving nearly 7$ per transaction with Gasless.
Gas Analysis: Polygon
Gas Usage
Due to significant growth in 2021, daily gas usage on Polygon is averaging almost 500 million with an average gas price of 107 Gwei at the time of this publication. Fuelling these higher prices, is over 200 million total unique addresses thanks to a daily increase of at the time of writing. Suffice to say, as multi-chain Web3 adoption and demand continues to grow, so too will gas fees for anyone with an address.
Unique Addresses
Similar to ethereum, the number of unique addresses on polygon has grown exponentially, reaching a new high of over 152 million at the time of this post. Driving that growth is an onslaught of new dApps and partnerships, including household giants such as Instagram and Disney which we expect to see more of throughout the year.
Gasless Impact
Year to date, Polygon dApp fees have been approximately 30% lower with Gasless when compared to polyscan data. These savings reflect an important shift in dev-tooling. One that stands to not only drive user-retention through a simplified UX, but doing so at a lower cost, creating a win-win scenario for all parties.
Behind Web3’s Most Powerful SDK
Our process for gas savings via our SDK includes utilising multiple oracles to fetch the most optimal price prior to relaying transactions to the blockchain, then applying our unique formula to consolidate the gas prices. This allows us to send transactions with a higher probability of being selected in the block while remaining lower than the block’s average.
Bumping Optimization
Gasless meta-transactions are among the most reliable in the market, with an average transaction approval of 99%, even for high volume use-cases such as NFT drops. However, in the rare event of a transaction failure due to variables such as network congestion or frequent price fluctuations, we bump it up by a proportionate amount to avoid overpaying or underpaying. Our process is unique for every network considering congestion and the block time required before resending the transaction with an improved gas price.
…100% of our partnered dApps paid lower gas fees than they would’ve without Biconomy
Currently, we are working to further improve the efficiency of both the aforementioned practises to help dApps save even more while maintaining our near 100% transaction approval rate.
For gas price optimization, this includes adding variables such as blocks (number of past blocks we would like to scan to build our estimation) and the acceptance threshold of transactions (percentage of previous blocks that would accept the transaction at the current price).
And as for our bumping mechanism, the end result is one that involves a more analytical and algorithmic mechanism which would continue to ensure smooth bumps at accurate and when possible, lower fees.
Total Savings
To date, Gasless has helped end-users save over $435,000 USD on Polygon and $4.1 million USD on Ethereum for total gas savings of $4.6 million USD since launching our Gasless SDK.
Doing so, has added over 1.8 million new users to Web3 in two years while the dApps they used saved over $200,000 in gas fees. More users, lower fees. For everyone.
As we find ourselves building into a bear market, dApps and protocols should be actively thinking of ways to mitigate unnecessary costs and reduce overhead when possible, without negatively impacting growth. Our Gasless SDK addresses both challenges:
1. Eliminates gas fees for end-users, increasing stickiness while improving the UX
2. Reduces overhead for dApps and protocols with lower gas fees
The future of Gasless
As we continue into Q3, we aim to deliver impactful SDK updates to continue simplifying complexities for dApps and users. One way we're doing exactly that, is with the new release of Conditional Gasless, one of our most highly requested features.
Conditional Gasless marks a crucial milestone in development for the most powerful SDK on the market when it comes to supercharging the dApp user-experience.
DApps can now choose to specify conditions with token or NFT whitelisting
Set up your first condition in the dashboard — https://bit.ly/biconomy-dashboard
