What is the most expensive Gas Fee you've paid to complete a transaction? Likewise, have you ever run out of Gas and could not complete a transaction? If so, you are not alone. Let me share with you how you can avoid these situations in the future while reducing your overall transaction cost through a universal gas token.
L1X is a revolutionary new token that solves many of the pain points associated with Gas Fees in crypto. The L1X Token will act as a universal gas token and is an accepted currency enabling the user to transact on any chain with the same token. This ability gives L1X Token a similar breadth of utility to a stablecoin but with the potential price appreciation of non-stablecoin cryptocurrencies.
In this article, Matiu Rudolph (L1X's Chief Operating Officer) breaks down how L1X will change the future of Gas Fees.
The Future of Gas Fees
Gas fees can be a significant pain point for crypto users. Acquiring and using a gas token can be expensive, complex, inconvenient, and risky. But what if there was a way to pay for gas fees on multiple chains with a single token? That's where L1X comes in.
L1X token will have the ability to be a multi-chain gas token, meaning it becomes a universal gas token. It can pay for gas fees on Layer One X, Ethereum, BSC, Polygon, Solana, Avax, Fantom, Arbitrum, Optimism, with Bitcoin coming by 2024. This innovation means you only need to hold one token for gas fees across these chains.
Today, there are several pain points associated with gas fee tokens and their utility in crypto. These include:
Single-chain utility for gas tokens: Many tokens have little or no utility beyond being used for gas fees on a single chain. This issue makes them less attractive to investors, as they have limited value and utility within a siloed chain.
- Users must use different tokens for different chains: This requirement can be inconvenient, risky, and complex, as users need to purchase or bridge tokens to varying chains to make transactions.
- The cost of purchasing and bridging tokens: Every day, users add significant overhead to transactions, making them even more expensive, but is it necessary? Gas Fees on Layer One X have a max limit set to only 1 cent!
- Getting stuck on a chain without the gas token: Has this ever happened to you? This issue occurs if a user does not have enough of the native gas token for a transaction. To complete the transaction, the user must purchase (top-up) or transfer additional gas fees from another wallet.
The Benefits of L1X as a Multi-Chain Gas Token
The L1X Token is designed to address the pain points of gas fees in Crypto. For example, it can be utilized as a universal gas token, or a multi-chain Gas Token, to pay for Gas Fees on Ethereum, BSC, Solana, Avax, Fantom, Arbitrum, and Optimism. As a result, users only need to hold one token for Gas Fees across multiple chains.
What are the other benefits of using the L1X Token?
- Massive utility: Currently, L1X connects to eight different chains. In 2022, these chains had a combined gas fee volume that exceeded $16 billion. This stat is essential as it presents a massive market opportunity for L1X tokens. Why? Due to its gas token utility used across multiple chains.
- Ease of use: L1X Tokens can be purchased directly from the L1X Wallet, which makes it easy for users to get started and reduces the need for the user to bridge or try and find the right Dex (Decentralized Exchange) on each chain to acquire more gas tokens.
- Low-cost transactions: The transaction fee to acquire the L1X token is very low, making it affordable for users of all levels.
- Peace of mind: Crypto users never have to worry about running out of gas tokens or getting stuck on a chain without the native gas token when transacting from Layer One X. Likewise, users of the Xwallet will have an auto top-up feature to ensure they are always in supply of gas tokens.
L1X is poised to drastically improve the user experience by handling gas fees in crypto.
Stay updated on Discord and Social Media, and do not miss the latest news!
