Bitcoin
$ 54,148
Ethereum
$ 2,759.1
Litecoin
$ 260.91
okex ads

China’s SparkPool Unleashes GasNow, an ETH gas Prediction Tool

Yield farmers and liquidity miners have something to celebrate after SparkPool, one of the leading ETH mining pools, has finally made it easy to calculate how much they’ll pay for withdrawing their earnings. It took SparkPool approximately five hours to create the tool.

SparkPool has developed GasNow, a calculator that accurately projects actual gas prices. The tool shows users gas fees estimates based on parameters such as the exact number of unprocessed transactions on mempool and Ethereum’s global queue of unprocessed transactions.

By abandoning historical for predictive (data from pending transactions) approaches, the calculator solves an earlier problem. In the past, gas price prediction tools provided estimates which greatly differed from the actual fees charged by the Ethereum blockchain.

This Is What DeFi Enthusiasts Have Been Waiting for

After SparkPool was happy with the tool, they released it to the public. Presumably tired of following the old and unreliable ways of calculating gas fees, the community pounced on it the minute it was available. This has been proven by the fact that the calculator has recorded roughly 12,000 unique visitors in 24 hours with API requests averaging 500w.

Top cryptocurrency wallets such as MYKEY, TokenPocket, imToken, and MathWallet have already incorporated GasNow onto their platforms.

Why Just Five Hours?

In just five hours, GasNow had moved from incubation to launch. While this may seem hasty considering that the tool is quite complex, SparkPool was actually at an advantage.

How? Miners act as the natural protectors of a decentralized network such as Ethereum. Mining pools, therefore, protect the protectors — the miners.

As such, SparkPool had a complete view of the ETH-powered platform, including valid unprocessed transactions on the entire network. The pool only needed a tool to tabulate the data they already had access to. Furthermore, GasNow is completely free, at least for now.

What Was it Like Before SparkPool’s GasNow?

Trial and error. Popular products that DeFi enthusiasts used include ETH gas station and Etherscan. While they provided gas price estimates, some of the calculations were far from accurate.

It was also a lot like a luck game since these tools would provide an estimate only for the Ethereum blockchain to process transactions with higher gas fees.

SparkPool’s product leader attributed this discrepancy to gas fee calculators using “historical gas fee data.” BTC Manager had previously reported that Ethereum gas fees have dipped from previous highs amid the easing of the network’s congestion.

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Blockchain Object Storage Company Filebase Raises $2M, Aims to Incorporate Filecoin and Arweave Networks
April 29, 2021By
IOHK BLOCKCHAIN PARTNERS WITH ETHIOPIAN GOVERNMENT TO OVERHAUL ITS EDUCATION SYSTEM
April 29, 2021By
Bitmain Reveals New Antminer E9 Ethereum Miner, ASIC Device Commands 3 GH/s Hashrate
April 29, 2021By

Advertisement

Video Posts

In
Discussion Around Fintech And Financial Inclusion
April 27, 20210
In
Opportunities In Blockchain and Crypto Space
April 21, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin54,148 0.69 % 0.09 % 4.20 %
Ethereum2,759.1 0.20 % 2.72 % 13.73 %
Binance Coin607.35 1.54 % 7.36 % 18.25 %
Tether1.000 0.08 % 0.78 % 0.04 %
Polkadot43.88 0.58 % 0.43 % 36.39 %
Cardano1.330 1.61 % 1.70 % 16.00 %
XRP1.410 0.20 % 2.52 % 19.96 %
Uniswap40.64 0.63 % 3.32 % 17.72 %
Litecoin260.91 0.99 % 3.04 % 2.68 %
Chainlink36.64 0.45 % 3.70 % 3.32 %