How does Okto calculates Gas Fee?
Updated
To complete any transaction on a blockchain for DeFi activities, users are required to maintain native tokens in their portfolio for all the chains. A native token is a base token of the blockchain, for example, Ether (ETH) is the native token used by the Ethereum blockchain for verifying transactions. These native tokens are essential for paying the gas fees without which the transaction cannot even be initiated.
At Okto, we believe in simplifying the experience for our users and have made it easier for you to pay the transaction fee. In DeFi, there are multiple blockchains and each chain requires a different token to pay the fee for executing transactions. With Okto, you do not need to go through the hassle of holding native tokens of each blockchain. We are simplifying it for you so that you can focus on buying and selling tokens of your choice and earn passive returns effortlessly rather than worrying about holding native tokens to pay for each transaction.
We have developed a solution in such a way that in case you do not hold native tokens, you can still complete your transaction by paying in stablecoins such as the USDT or any other token of your choice. Moreover, you also end up paying lower fees through this simplified solution as explained in the next section.
How does Okto provide an easy, no-click experience to its users for completing transactions?
We calculate the gas fees required for your transaction.
Next, we check for sufficient native tokens in your portfolio for the transaction. If you have the respective native token, it is used for completing the transaction.
If No, we follow the steps below:
Since the gas fee is always paid in the native token, we airdrop the native token to your wallet by deducting an alternative token from your wallet.
To facilitate 3.1, first, we check which token can be spent for the transaction from your wallet, preferably a stablecoin. If you hold a sufficient amount of other tokens that could be used to pay for the gas fee, we automatically convert that into the native token and airdrop it to your wallet.
You can then use this native token to complete your transaction. Voila!
What is even better is that all the above steps are automatically performed at the back-end and all that you have to do is simply click on the token that has been airdropped to you to pay for the gas fee.
To know more about Gas Fee at Okto, refer to this article: https://okto.tech/blogs/gsn-feature-on-okto
