If you've not had at least a small whinge about ETH gas fees over the last month or so, you're probably not really "in" crypto. And if you're a user of Defi Dapps and protocols, such as Uniswap, where Ethereum gas fees have reached into the hundreds of dollars per transaction, things have been pretty painful recently both for crypto traders, and for developers building the future of finance upon the ETH blockchain. And DefiBids has been no exception.
Having launched only a few months back, just as gas fees were beginning to rocket, DeFi's first and only perpetual crypto auctioning-house came to a grinding halt due to these astronomical fees. The devs launched a fully working and finely polished platform in record time, but it was a hard sell to convince people to take part in the auctions when the fees for purchasing credits using ETH were at record highs, rendering it almost unusable.
TRON to the Rescue
Now I have to be honest here and say that until a few days ago I'd never given a lot of thought or attention to Tron, being a big Ethereum "advocate" and user. But it was as clear to the community as it was to the devs, that something needed to be done to circumvent the gas problem, if people were going to be encouraged to use the platform. And so it was decided to integrate Tron as an alternative payment method for partaking in the crypto token auctions. And in little more than a week the team, to their credit, had it up and running. And it has to be said, while Tron might not boast the all-encompassing DeFi ecosystem (at least yet) of Ethereum, as a payments gateway (at least), at this point in time, the benefits were immediately obvious.
To test it I installed TronLink, which is a near identical clone of Metamask, but for the Tron ecosystem, grabbed myself a little TRX, and went about purchasing some credits over at DefiBids. The withdrawal fee for TRX from Kucoin was 1 TRX, around 4 cents. A considerable saving compared to the 10 dollars or so it costs to withdraw Ethereum, with the transaction fees for purchasing credits being similar (so small it barely registered on my balance), compared to the 40-50 dollars worth of ETH it would have cost just to pay the gas to purchase credits using ETH. Instantly making the DefiBids platform both usable, and viable once again. Not to mention that transactions on Tron were near instant, compared to the increasing amount of time it was taking for my Ethereum transaction to go through as the blockchain became ever more congested. A real time and money saver.
Scroll through Twitter and you'll find endless complaints regarding Ethereum gas costs over the past month as the cracks in its current form have become evermore evident. And while I remain a big believer in the potential of Ethereum, there's no other blockchain that currently can match it in terms of what's built upon it - but there's no denying that without the fixes that are promised to come with Ethereum 2.0. it has kind of been eating itself in recent times in terms of its usefulness. With much of the amazing things that make up the ETH ecosystem having been rendered mostly unusable due to the unpalatable cost of making use of them. With Tron in this instance providing a more than adequate workaround to the problem for DefiBids. Opening the platform up again for those looking to get in on the fun, and try their luck and test their skills on the platforms novel lowest-unique-bid crypto auctions...
If you're not already familiar with the DefiBids platform and staking token $BID (with 15% of all crypto used to purchase credits on the platform being paid out to stakers), you can read my short introductory post published at Publish0x HERE.
Or alternatively, if you've got a little TRX lying around and fancy trying your luck at turning it into something more considerable, GO PLAY!