Gastoken (GST2)

Gastoken (GST2) is a cutting-edge Ethereum contract that allows users to tokenize gas on the Ethereum network. It enables users to store gas when it is cheap and use or deploy it when it becomes expensive. Using Gastoken, users can subsidize high gas prices on transactions for various purposes, such as arbitraging decentralized exchanges or participating in early ICOs. Gastoken is the first contract on the Ethereum network that allows users to directly buy and sell gas, providing a long-term “banking” solution for gas storage and shielding users from rising gas prices.

Gas is a fundamental resource in the Ethereum network, as every transaction requires gas, and the fee paid to miners is directly proportional to the gas consumed. Gastoken optimizes gas usage by allowing transactions to do the same work and pay for less gas. This results in savings on miner fees and enables users to bid higher gas prices without incurring higher fees. By using Gastoken on eligible transactions, users can save money on the Ethereum network today.

Gastoken takes advantage of Ethereum’s storage refund mechanism. Ethereum provides a refund covering up to half of the gas used in a transaction when a storage element is deleted. Gastoken allows users to create tokens by saving data into the contract’s storage when gas prices are low. When gas prices are high, these tokens can be spent or freed by sending them back to the contract, destroying them, and freeing up the previously saved data. The refunded gas in this new transaction makes it significantly cheaper to execute than without using Gastoken. There are two versions of Gastoken available, one that banks gas using storage and another that banks gas by creating and deleting contracts, each with different efficiency profiles.