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Ambire Wallet Introduces Fee Prepay Mechanism: Details

Fri, 07/22/2022 - 13:00
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Arman Shirinyan
New function can help users to save on fees by prepaying them directly in wallet
Ambire Wallet Introduces Fee Prepay Mechanism: Details
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Open-source noncustodial wallet Ambire introduced a new mechanism that can help users to save significantly on transaction fees: Ambire Gas Tank. The new function will enable the cashback function on transaction fees paid with stablecoins, or ERC-20 tokens.

The introduction of the new function was possible because of Ambire's large capabilities as a smart wallet developed by the start-up team that aims to bring flexibility, a user-focused experience and friendly usage to the web3 crypto scene.

The Gas Tank works similarly to a prepay mechanism: users pay credits before making transactions, covering the existing network fees via one deposit. The whole process is happening on a dedicated page on the wallet's main menu.

For making the most profit from the usage of the Ambire Gas Tank, network fees can be paid in stablecoins like USDT, USDC, DAI and others. By using stable currencies, users are able to save the most notable amount of funds. By combining stablecoin payments with batching transactions that are part of the wallet, transactions will help users to save hundreds of dollars in gas fees.

Gas Tank function
Source: Ambire

The Meta Transactions technology is the backbone of the Gas Tank feature. The technology allows one user to sign off on transactions while they are being paid for by another. The destination, or other variables of the transaction, cannot be changed by the relayer.

When users make deposits, they prepay network fees that they would have eventually generated later. A relayer pays for an actual transaction with gas tokens, hence users can save on unnecessary gas fees and earn cash back from Ambire.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.