In blockchain, Gas refers to the encrypted token used to pay transaction fees. It is a cryptocurrency in Ethereum. Because every transaction requires fuel to be implemented and confirmed, everyone on Ethereum needs Gas. So, what is Gas in the OP chain? This article will provide a detailed introduction to OP chain Gas fees.
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In daily life, people often use Alipay, WeChat, and banks for withdrawals. However, there is a certain fee charged when transferring money, which corresponds to Gas fees in the blockchain. Recently, OP chain has become very popular due to the issue of transaction fees. As one of the hottest public chains, more and more people have noticed that the Gas fees on the OP chain are not low. Previously, many investors would purchase OP coins as Gas fees for the OP chain, but after experiencing airdrops, they found that they couldn't use them at all. So what is Gas in the OP chain? This has attracted widespread attention from investors in the cryptocurrency circle. According to current information, Gas fees are Ethereum. Let's discuss it in detail below.
What is Gas in the OP chain?#
Gas in the OP chain refers to Ethereum. Regarding Gas fees, due to the Optimism business process involving steps to store data on Ethereum, the Gas fee for each transaction = Layer1 part + Layer2 part. Other OPRollup solutions such as Arbitrum and Metis are no exception.
The Layer2 part mainly involves the cost of executing transactions by the Sequencer node. Due to the extremely high TPS limit of the Sequencer and the relatively small number of users currently on Optimism, the local GasPrice is very low. The calculation formula is: L2 Gas fee = L2 Gas Used × L2 Gas Price.
The more complex the execution steps of a transaction (such as options), the more cost can be saved on Optimism. For example, an options operation on Ethereum that costs $100 would only cost around $1.5 on Optimism, which is only 1/60; a regular transfer on Ethereum costs $3, while on Optimism it may only cost $0.3, which is 1/10.
As for the Layer1 part of the Gas fee, the formula is = scaling factor × (fixed overhead + storage overhead). The fixed overhead comes from the process of packaging data and cross-domain transmission, and the storage overhead is the Gas generated when storing data on ETH. The scaling factor is set by the Optimism official to reserve a portion of funds to prevent a sharp increase in ETH mainnet Gas prices, which would prevent data from being successfully stored on the chain.
Currently, the fixed overhead Gas for each transaction on Optimism is 2100. The Optimism team stated that as the user base expands in the future and the number of transactions included in each Batch increases, the fixed overhead will be further reduced. When storing Batch on Layer1, the Sequencer will pass the Batch information to the CTC contract in the form of text data Calldata. Generally, text data is only used for storage and not for execution. This step saves a lot of Gas compared to a regular contract call.
What is the OP chain?#
Optimism (OP) is a layer 2 scaling solution for Ethereum. It aims to alleviate the load on the Ethereum network and is designed as an OptimismRollup chain equivalent to the Ethereum Virtual Machine (EVM).
The main feature of Optimism is to make transactions on Ethereum applications very cheap by moving transactions from one blockchain to another, reducing miner fees and increasing throughput. At the same time, it provides Ethereum developers with the opportunity to use all available tools on Ethereum without making any changes.
Optimism adopts optimisticRollups technology, which can "aggregate" a large amount of transaction data into a batch of data on Ethereum, and only charge one transaction fee. This makes transaction processing faster and cheaper, while relying on the security of Ethereum.
The above content is the answer to the question of what Gas is in the OP chain. Although Optimism is currently very popular and shows great development prospects and value-added space, Gavin Wood once said, "True decentralization and security are more valuable than high efficiency." If users cannot participate in network maintenance in a timely manner, so-called Layer2 will be no different from traditional financial platforms. While relying on idealistic narratives to create a vision of scalability, how Optimism will move towards decentralization, fulfill the "fraud proof" mechanism and the vision of multiple Squencer rotations, still needs to be verified over time. However, it can be determined that in the long run, only true decentralization can stand tall in the sands of history.
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