Four Ways To Save Money On Smart Contract Gas Fees

One of the biggest obstacles of a novice NFT user is navigating through unexpected transactional fees.

Anyone who has been in the crypto world can attest to the sometimes absurd gas fees. Fortunately, there are methods that can be used to greatly reduce the price one spends on transactions. Gas fees are the rewards paid to miners for fulfilling transactions on the blockchain. The fee is paid out to the miner that includes your transaction in a block and is taken from the money you sent with your transaction. 

1. Alternative Blockchains

Gas fees are expensive when transacting on the Ethereum network. This has given rise to the development of other smart contract blockchains that focus on fast transaction speeds and low gas. Solana is a blockchain that has been gaining popularity along with other competitors like Cosmos. If you want to use dApps gas-free, I recommend exploring a cheaper chain to save costs.

2. dApps That Offer Discounts

Dapps are decentralized apps. The key difference between Dapps and regular apps is they are run on a peer-to-peer network. There are various decentralized applications (DApps) that offer gas fee discounts. Meaning that by conducting transactions with Dapps you receive the benefit of lower gas fees and increased transaction speed.

3. Layer 2 Networks

Transactions on the Ethereum Mainnet are expensive due to congestion. Layer 2 blockchains use various software to move transactions to side chains on the network. This new process reduces gas fees and expedites transaction completion. If you are looking for layer-two scaling solutions, I recommend you check out Polygon.

4. Zero Fee Crypto Wallets

Another option to save money on transactions is using crypto wallets with zero fees.

FTX

FTX is a popular crypto trading app. It includes free crypto trading. It also doesn’t charge you for deposits. Moreover, it offers free withdrawals when you stake the FTT token.

Dapper ETH

This crypto wallet gives you access to gas-fee-free transactions through Dapper Pass for CryptoKitties. For other DApps, you might want to purchase Dapper Transaction Passes to save on gas fees. The combined use of Dapper Passes and Transaction Passes can help you save more on gas fees than regular users.

Digifox

Though gas fees are unavoidable, you can get a free Pro account on this wallet by joining a waitlist. Also, the platform is working on Ethereum layer-two solutions to offer trading and payment services at zero network fees.

What are some ways that you save gas fees? Let us know in the comments below.