Facilitating a transaction on an Ethereum network with the increasing gas price has been distressing for investors. The developers of Ethanol were the first ones to put their foot down and address the issue with Ethanol V1. After this successful initiative blew out, there were a few similar projects like Chi Tokens and Unidexgas Token, who tried to enter the space but weren’t as successful as the first movers of this revolutionary idea! Carrying forward the same legacy, team Ethanol has launched a much-awaited update. As they say, it is their time to give back to the community.
How did Ethanol help combat the issue at hand?
Back in 2017, an investor spent 236 ETH on an AirSwapDex contract i.e $134,332. The transaction failed despite the gas price of 400,000 Gwei. The investor was charged a whopping 236 ETH as gas fees for processing the transaction on the Ethereum network. Though not as hysterical as this particular investor, a regular investor spends $500-$1000 every month to facilitate transactions over the Ethereum Network.
A solution to this bizarrely infamous transactional deter was a no-brainer for developers of Ethanol, which was launched back in November 2020 through Ethanol!
After 7 successful months of launch and distribution of over $7 million in a gas refund (worth$21 million in value of Ethereum today), the developers did figure out several problems with version 1 of Ethanol.
What is EthanolX?
Ethanol is a 7-month-old well-established project and has had its share of success in the crypto space. EthanolX is a result of robust analysis, research, and development of the Ethanol team. It is a 100% Community project where the developers would not be taking any share from the minted tokens. Its improvised version has come up with more than just a few enhancements but lists a few – Sustainability, Ease of use, and truly decentralized framework! EthanolX or Enox is an advanced upgrade of the Enol token that will help users combat issues like Distribution Cost, Scalability, Price Volatility, Sustainability and earn consistent rewards without worrying about their everyday transaction amount. Additionally, every user, regardless of their activity, will receive a 2% credit reward on the held ENOX token.
How is EthanolX different?
Ethanol X is a decentralized gas credit reward initiative. Enox allows users to claim a 2% credit reward on the total value of Enox held in the wallet. So the user doesn’t necessarily have to transact to get the benefits of Ethanol X. Alongside comes several other enhancements mitigating the loops of EthanolV1. A few of them are –
- Decentralized on-chain gas reward distribution
- Switching from gas distribution to gas credits.
- LP injections
- Price Stabilizing Mechanism
- Onchain Rewards for referrals
Cashback on gas fees had a whopping response from the crypto users; now it’s time to see how well the gas credit reward works for the Cryptoverse!
Telegram : https://t.me/ethanoltoken