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.
GASNOW UPDATED! We give a more detailed illustration of how we predict gas price and shorter the refresh time to 8 s. #Ethereum #GAS #GasPrice #ETHGasPrice #ETH
— SparkPool.eth (@sparkpool_eth) September 16, 2020
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?
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.