VollgasDAO - Gas Futures on Ethereum

VollGasDAO

Inspiration

Scheduling transactions is becoming more and more popular on Ethereum. However, one if the biggest hurdlers for users to do so is to estimate the future execution costs of relayers. This is due to gas prices on ethereum being highly volatile.

With VollgasDAO Gas Futures, users can prepay a fixed fee to receive an amount of gas at a locked price which will equal to the future real average gas price at time of redemption (this redeem price is determined by ChainLink oracles fetching data from EthGasStation API). This enables users to be certain that their transactions with a fixed gasLimit will also be relayed in the future, where they will be able to get that gasLimit worth of ETH in exchange for their gasFutureTokens. This effectively acts as hedge against gas price volatility

What it does

Investors can purchase VollgasDAOs dividend tokens. Part of these purchases initially fund a liquidity pool, from which users can mint gas futures ERC721 tokens. For each gas future minted by a user, 5% of that user prepayment will be distributed to all VollgasDAOs token holders proportionally, with minimized gas consumption.

When users want to redeem their future contracts, the VollgasDAO fetches the current gas price via the Chainlink Oracle system to calculate exactly how much the user will receive to pay for an execution at that time. The user will then receive the amount of gas specified in the futures contract * the current gasPrice fetched via the oracle.