August 8th, 2024 - io.finnet is excited to announce the launch of a new customizable gas fee feature in its self-custody solution, io.vault. This innovative addition addresses several key challenges faced by Digital Assets users, enhancing control over transaction costs, optimizing transaction speed, managing network congestion, improving user experience, and boosting cost efficiency for high-volume users.

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Control Over Transaction Costs and Speed Optimization

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Different users have varying sensitivities to transaction costs and speed requirements. The new customizable gas fee feature allows clients to select fees that align with their budget and cost management strategies. During low network congestion periods, users can opt for lower gas fees to minimize costs. Conversely, for time-sensitive transactions, setting higher gas fees ensures faster processing by incentivizing miners to prioritize these transactions.

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Network Congestion Management

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The Ethereum, Bitcoin, and ERC-20 networks often experience varying levels of congestion. Customizable gas fees enable users to adapt to these conditions, choosing higher fees during peak times and lower fees during off-peak times, thereby optimizing transaction efficiency and cost.

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Enhanced User Experience and Cost Efficiency

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Providing customizable gas fees enhances the overall user experience by giving users more control over their transactions. This flexibility is particularly appealing to advanced users or those with specific transaction needs. Institutional clients (high-volume users) can batch transactions together and set gas fees strategically to reduce overall costs, optimizing both cost and speed according to their needs.

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io.vault Gas Fee Solution

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Allowing users of io.vault to customize their gas fees across various blockchain networks enables better management of transaction costs and priorities while moving assets from io.vault. The Custom Gas Fee Setting includes:

• Speed Up Transaction Button while a transaction is being broadcasted.
• Advanced Settings:
  • Ability to set Max Base Fees, Priority Fees, and Nonce.
  • Display of Network Fees after adjustments to see the overall cost of the transaction.

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These settings can be configured via both the API and the UI under the Advanced Setting + Speed Up Function.

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Supported Networks and Features

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This feature supports BTC, ETH, and ERC-20 tokens, allowing users to select customizable gas fees for the following networks:

• Ethereum
• Fantom
• Optimism
• Avalanche
• Binance Smart Chain
• Polygon
• Base
• Arbitrum
• Bitcoin

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EVM Transactions

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Users can customize their max base fees, priority fees, and nonce.

• Max Base Fees: The difference between your max base fee and the actual base fee will be refunded. Total amount is calculated as max base fee (in GWEI) * gas limit.
• Priority Fees: Also known as the “miner tip,” this incentivizes miners to prioritize your transaction.
• Nonce: Each transaction from your io.vault wallet has a unique nonce, starting with 0 for the first transaction and increasing incrementally.

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BTC Transactions

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Users can customize their fees by units of sats per byte.

• Sats per byte: In Bitcoin, “Sats” is short for “satoshis”. Satoshi per byte (sat/byte) is a unit for measuring transaction priority; the higher the amount, the faster your transaction will be confirmed.

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io.finnet remains committed to providing cutting-edge solutions to enhance security and efficiency in digital asset management. The new customizable gas fee feature in io.vault is a significant step towards greater control and flexibility for our users.

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For more information, contact us on iofinnet.com.