Gas is essential to the cryptocurrency networks. It is the fuel that allows them to operate, in the same way that a car needs gasoline to run.
For the etherium network, Total fee would have been: Gas units (limit) * Gas price per unit i.e 21,000 * 200 = 4,200,000 gwei or 0.0042 ETH
Let’s take an example, if Alice sent the money, 1.0042 ETH would be deducted from Alice's account. Bob would be credited 1.0000 ETH. Miner would receive 0.0042 ETH. Because the Etherium network is widely preferred for smart contracts, the Ethereum network got so overloaded it caused gas prices to soar to hundreds of dollars apiece.
What it does
Yemca Swap is an online platform that allows users to swap their tokens at a very cheep gas fee.
How we built it
We used Moralis’ 1inch plugin to build Yemca swap
Challenges we ran into
We got into this hackathon late so we had to be very fast
Accomplishments that we're proud of
that we're proud of We are proud to have built our first prototype through the block hack
What we learned
We’ve gained hands on experience through the workshops and we have seen practical ways to apply blockchain tools in the real world.
What's next for Yemca Swap
We are going to be testing Yemca Swap with real users in the real world.