One Trick to Save on Ether Gas | Send Ethereum Transactions for Less

One Trick to Save on Ether Gas | Send Ethereum Transactions for Less

By Jay Fried | A Chain of Blocks | 8 Sep 2020


One Trick to Save on Ether Gas | Send Ethereum Transactions for Less

This is a real quick video with 1 simple and quick trick to save 20-30% on Ether Gas. I just started using this, and I wanted to share with all of you.

It is simple to convert from ETH to wETH or Wrapped Ether. From there you can swap other ERC-20 tokens simply and with less fees.

Convert ERC-20 Tokens using Uniswap Decentralized Exchange.

Put plainly, wETH is "wrapped ETH" but let's start by introducing the players.

FIRST, THERE'S ETHER TOKEN
Ether or ETH is the native currency built on the Ethereum blockchain.

SECOND, THERE ARE ALT TOKENS
When a dApp (decentralized app) is built off of the Ethereum Blockchain it usually implements its own form of Token. Think Augur’s REP Token, or Bancor's BNT Token.

FINALLY THE ERC-20 STANDARD
ERC-20 is a standard developed after the release of ETH that defines how tokens are transferred and how to keep a consistent record of those transfers among tokens in the Ethereum Network.

WRAPPING ETH ALLOWS YOU TO TRADE DIRECTLY WITH ALT TOKENS.
The reason you need wETH is to be able to trade ETH for other ERC-20 tokens on decentralized platforms like Radar Relay. Because decentralized platforms running on Ethereum use smart contracts to facilitate trades directly between users, every user needs to have the same standardized format for every token they trade. This ensures tokens don’t get lost in translation.

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Jay Fried
Jay Fried

Check out My YouTube Channel. http://bit.ly/ACOBYTSUB


A Chain of Blocks
A Chain of Blocks

Creator of www.AChainofBlocks.com Dedicated to Increasing Community Knowledge on Blockchain, Crypto, and Distributed Ledger Technology. Simple Explanations of Complex Topics.

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