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New Gas Token Now Available On Ethereum, Reducing Total Fees

Emily Mason

Summary: Ethereum users can now pay for gas with a special token which will reduce their total fees, according to a blog post.  The new Chi token was introduced by the team responsible for 1inch.exchange on June 5. Chi tokens are created when gas fees on Ethereum are low allowing users to utilize the price later. ...

Ethereum users can now pay for gas with a special token which will reduce their total fees, according to a blog post. 

The new Chi token was introduced by the team responsible for 1inch.exchange on June 5. Chi tokens are created when gas fees on Ethereum are low allowing users to utilize the price later. The token could level out gas prices across high and low activity periods.

The team behind the Chi token says it can reduce the cost of a transaction by 50% and is especially useful for operations requiring lots of gas, like deploying smart contracts.

By Emily Mason

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