Addressing the Gas Fee Challenge in Crypto: Insights from Jellyfish Mobile

by Ethan Huang ([e-mail])

The Persistent Challenge of Gas Fees

The world of cryptocurrency is continually evolving, but one persistent issue remains a significant barrier to wider adoption: the complexity of gas fees. This is particularly evident in transactions involving tokens like USDT, where users often need to hold an additional reserve of the blockchain's native token to cover these fees.

Understanding the User Experience Hurdle

The fundamental problem here is one of user experience. For both newcomers and seasoned crypto users, managing different tokens for basic transactions can be daunting and counterintuitive. This not only adds unnecessary steps but also goes against the ethos of seamless digital finance.

Jellyfish Mobile's Innovative Approach

At Jellyfish Mobile, we've been exploring ways to simplify these transactional complexities. Our approach within the #SIM3 Wallet is to streamline cryptocurrency transactions, eliminating the need for users to manage separate gas fees.

Leveraging EIP-712 and EIP-2612 Standards

To realize our vision of seamless and user-friendly cryptocurrency transactions, we are integrating key Ethereum Improvement Proposals (EIPs) - specifically, EIP-712 and EIP-2612.

EIP-712: This proposal is a game-changer in standardizing secure, typed transactions on the Ethereum network. It plays a critical role in enhancing the user experience by making transactions more understandable and less prone to errors. This clarity is essential, especially for those new to the crypto space.

EIP-2612: On the other hand, EIP-2612 introduces the innovative 'permit' concept. It allows users to approve token transfers without the need for gas fees. This is a cornerstone in our strategy to enable gasless transactions, significantly lowering the barriers for day-to-day crypto usage.

However, to implement these standards in a more manageable and efficient manner, we turned our focus to the 0x Tx Relay API.

0x Tx Relay API: This powerful tool acts as a facilitator in our ecosystem. By integrating the 0x Tx Relay API, we can efficiently manage the transaction process, leveraging the benefits of both EIP-712 and EIP-2612. This API allows us to streamline transactions, ensuring they are not only gasless but also smoother and faster. It's a crucial component in our endeavour to refine the transaction experience, making it as seamless as possible for our SIM3 Wallet users.

By combining the strengths of EIP-712, EIP-2612, and the 0x Tx Relay API, Jellyfish Mobile is at the forefront of simplifying crypto transactions. Our approach signifies a step towards a future where managing digital assets is as straightforward as traditional banking, yet with the added benefits of blockchain technology's security and transparency.

Our Vision for Seamless Transactions

By integrating these EIPs, our aim is to remove the complexity of gas fees from the user’s perspective. Imagine sending USDT as effortlessly as sending a text message, with no worries about having Ethereum for gas or similar requirements.

Inviting Community Engagement

As we refine our approach, we're keen to engage with the community and welcome feedback. Our goal at Jellyfish Mobile is to foster a more accessible, user-friendly cryptocurrency environment. Solving the gas fee challenge is a key step towards this vision.

Stay connected with us as we advance towards making cryptocurrency transactions intuitive and straightforward – a true reflection of what digital finance should be.