How The Tentaverse NFT Project Plans to Save Their Community ~700k on Ethereum Gas Fees

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How The Tentaverse NFT Project Plans to Save Their Community ~700k on Ethereum Gas Fees

November 13
00:18 2021

Since The Tentaverse team first began to collaborate on their project, one of their fundamental objectives was addressing rising Ethereum gas prices in order to reduce the financial barriers to entry for their future minters. Ethereum gas is a growing concern throughout the NFT community, as there is a direct demand-to-cost increase correlation. So as the NFT consumer market grows, inevitably, so will the price of gas. The dev team, led by art generation and smart contract wiz, Squeebo, is planning to approach this with two essential goals in mind. The first being, optimize the smart contract. Secondly, optimize the minting process itself in order to circumvent gas wars.  

Squeebo has always been a technology purist at heart. Simply put, he likes to seek out complex problems and formulate simple solutions. This has been the case for the last several months as he has diligently been working to crack the code on reducing gas for smart contracts. Unsurprisingly, it seems he has figured it out. The process, initially conceptualized by Squeebo, had been in proof of concept for nearly a month, however, just two weeks ago it made its way from theory into reality.  Squeebo’s solution was officially put through the quintessential ringer and validated, not just by his own means of testing, but by 3rd parties. Most notably, an article titled “How the standardized usage of Open Zeppelin smart contracts cannibalized NFTs with insane gas prices” captures how Squeebo was able to verifiably achieve a 70% reduction in Ethereum gas during a live token minting, where he placed his smart contract methodology up against a standard smart contract.  

The Ethereum blockchain is powered by “workers” in the same way that P2P networks share files. But the workers must be compensated for processing tasks; this is done using “gas.” In the same way that driving a loaded truck up a mountain requires more gasoline than cruising along the coast in a Prius, blockchain workers consume more gas during complex calculations and data storage. That’s when Squeebo had his “aha!” moment – what if we didn’t need that truck or to drive it through the mountains?

A majority of Ethereum projects are built (and sometimes carelessly thrown together) using templates provided by OpenZeppelin. An organization that has invested a wealth of expertise and security into the blockchain community. Unfortunately, these templates are designed for scenarios that only apply to the most complex projects. To accommodate these projects, they use 4-to-6 times more storage than often necessary.

It’s easy to add processing power to the blockchain, but storage requires each worker to keep a full copy of the data which increases the “gas” cost exponentially.  In an effort to save collectors, investors, and the environment millions of dollars in “gas”, The Tentaverse has custom-crafted its smart contracts to process and store data as efficiently as possible.  

To compound this efficiency in the smart contract, The Tentaverse dev team also plans to take a page from one of their favorite projects, Sneaky Vampire Syndicate, and deploy a web registration process with a custom captcha, which accomplishes several key actions. Firstly, it protects the NFT value by ensuring fair distribution and preventing bot attempts to mint the project in bulk and manipulate floor prices. Secondly, this process allots the minter an 8-hr window to mint their NFT(s), which eliminates the possibility of thousands of people attempting to mint their NFT(s) simultaneously. This is what typically causes spiking gas prices.

The result? A happy community, a happy minter, and an even happier crypto wallet that gets to retain up to 70% when minting and transferring items in The Tentaverse collection. 

Media Contact
Company Name: The Tentaverse NFT
Contact Person: Media Team
Email: Send Email
Phone: +44 20 7946 0653
Country: United Kingdom
Website: www.twitter.com/tentaverseNFT

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