Gas Tank on Polygon

This month we take a look at how Tokeny is making blockchain fees transparent for its users through the implementation of a “Gas Tank” service.

We are, on an optional basis, providing investors with a built-in custodial wallet¹ associated to their ONCHAINID digital identity. This allows users to hold assets and/or instruct transactions on the blockchain without having to safekeep their private key themselves. These wallets are available both on Ethereum and on Polygon.

Despite the fact that network fees on the Polygon network are substantially lower – roughly by a factor of 1/10’000 – than on Ethereum, they nevertheless still exist and need to be covered for transactions to be executed. This obviously means wallet holders need to make sure to have enough MATICs – the cryptocurrency used to pay the gas fees on Polygon – in their wallet to ensure their transaction(s) from not being processed. This might cause an unnecessary burden on those investors who are not familiar enough with the blockchain to monitor the MATICs they have on their wallet(s), to buy new ones when needed and to transfer them on their wallet.

To avoid such confusion and make the process of holding and transacting in security tokens deployed on Polygon as seamless as possible, we have developed a “Gas Tank” solution ensuring that, at any time, there is enough MATICs available on all built-in wallets to cover the transaction costs of the wallet holders.

In essence, the Gas Tank:

• continuously monitors the level of MATICs available on the Wallets;
• detects the wallets which are running short and;
• tops-up the MATIC provision on those specific wallets.

The process is fully automated, provided at no additional cost to the wallet holders and … live!

The main benefits users can expect from the “Gas Tank” are:

• a more seamless user experience;
• simpler operations: no need to monitor their wallet and top it up;
• reduced risk of transactions not being processed;
• reduced costs: no transaction fees for them to pay.