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.
Today we launch a groundbreaking smart wallet feature:— Ambire Wallet (🔥_🔥) (@AmbireWallet) July 21, 2022
⛽️ The Gas Tank ⛽️
Pre-pay your network fees and save on gas!
To celebrate it we are kicking off with a limited collection NFTs and a 1.25x WALLET multiplier for holders!
Read more below ⬇️ pic.twitter.com/qScxA5hyY4
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.
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.