Called gas tokens, these smart contract loopholes are a way to send transactions on the cheap by “tokenzing” gas, the fees paid for running computations on-chain. The feature allows an Ethereum user to buy up transaction fees when they are low, store them and then spend them when the fee price inevitably rises again.
While the matter is still under , some developers worry tokenized gas could one day act as a “price floor” for transaction fees and keep them permanently high.
As fees hit record highs twice in the same week, developer Alexey Akhunov’s June Ethereum Improvement Proposal to get rid of gas tokens, , is getting renewed attention.
Akhunov’s napkin math in the Ethereum Research and Developers messaging app shows that about 1.5% to 2% of Ethereum transactions over the summer used a prepaid gas token. Moreover, many algorithmic traders have similar setups that Akhunov’s analysis does not capture, developer Ali Atiia added.