common-close-0
BYDFi
Trade wherever you are!

What are the best ways to reduce ERC20 gas fees?

avatarHamza sayhaDec 24, 2021 · 3 years ago3 answers

I'm looking for the most effective strategies to minimize gas fees when using ERC20 tokens. Can anyone provide some insights on how to reduce these fees and optimize my transactions?

What are the best ways to reduce ERC20 gas fees?

3 answers

  • avatarDec 24, 2021 · 3 years ago
    One of the best ways to reduce ERC20 gas fees is by using a layer 2 solution like Loopring or zkSync. These solutions allow you to perform transactions off-chain, significantly reducing the gas fees associated with on-chain transactions. Additionally, you can also try to batch your transactions to save on gas fees. By combining multiple transactions into a single transaction, you can reduce the overall gas fees. However, keep in mind that batching transactions may not always be feasible or practical, depending on your specific use case.
  • avatarDec 24, 2021 · 3 years ago
    Reducing ERC20 gas fees can be achieved by optimizing the gas limit and gas price of your transactions. When sending a transaction, you can manually set the gas limit to a lower value if you know that the transaction does not require a large amount of computational resources. Additionally, you can adjust the gas price to a lower value to reduce the overall cost of the transaction. However, be cautious not to set the gas limit too low, as it may result in failed transactions.
  • avatarDec 24, 2021 · 3 years ago
    One effective way to reduce ERC20 gas fees is by using the BYDFi exchange. BYDFi offers a unique gas fee optimization feature that automatically finds the most cost-effective gas fees for your transactions. This can help you save a significant amount of money on gas fees. Additionally, BYDFi also supports layer 2 solutions like Loopring and zkSync, allowing you to further reduce gas fees when using ERC20 tokens. Overall, BYDFi provides a user-friendly and cost-effective solution for minimizing gas fees in the cryptocurrency space.