Gas Paid in PRC20 Tokens
Last updated
Last updated
Gas Paid in PRC20 Tokens is an innovative feature in the world of blockchain and cryptocurrency. It allows users to interact with the blockchain without having to pay for gas fees in the native token. This is particularly beneficial for users who are interacting with multiple chains.
Pulse Wallet enables Gas Paid in PRC20 Tokens through a process where instead of the user paying the gas fee directly to the blockchain, we pay it on your behalf through the paymaster contract. We pay the gas fee in the native token of the blockchain (in this case, PLS token), and then gets reimbursed by the user in another token with ample liquidity.
For instance, if a user wanted to make a transaction in USDT on PulseChain, they could do so without needing any Pulse tokens. Instead, they would pay the transaction fee in USDT. Pulse Wallet would pay the actual gas fee in PLS, execute the transaction, and then get reimbursed in USDT.
This system allows users to interact with the blockchain without needing to hold or spend any native tokens (like PLS), hence making it much more convenient for them.
A user authorizes transactions with a dapp incorporating Pulse Wallet SDK by signing a message off-chain. The SDK's relayer receives this message through an API call and then submits the transaction to the forwarder. Subsequently, the forwarder processes the message from the relayer and calculates the transaction fees in PRC-20 tokens chosen by the user. These collected tokens are later converted into PLS and used to cover the gas fees on behalf of the users during the transaction.
Users only need to initiate a transaction and pay the fees in the tokens they prefer. The SDK takes care of all other aspects automatically.
The computation of transaction fees is based on various factors, including:
The price of PLS and PRC-20 tokens.
Optimal gas prices for Ethereum transactions.
A fee multiplier, which accounts for risk and revenue generation. Developers have the flexibility to customize this multiplier to align with their business strategies.
The actual gas consumption during the transaction.
