How are transaction fees charged on GIWA which tokens are accepted as the fee?
By default, transaction fees on GIWA are paid in ETH. However, in the future, we plan to support the Paymaster function, which will allow users to pay transaction fees with various stablecoins.
A Paymaster is a system introduced in Ethereum based on the concept of Account Abstraction. Simply put, it enables users to execute transactions without necessarily having to pay gas fees in ETH.
On traditional Ethereum, every user must hold ETH in order to pay gas fees when executing transactions.
For Web3 beginners, the idea of “what is a gas fee, and why do I need to buy ETH first?” becomes a major barrier to entry.
Paymaster solves this problem by either sponsoring the gas fee on behalf of the user or allowing fees to be paid with other tokens (e.g., stablecoins).
On the GIWA chain, transaction fees are made up of two components:
The cost of executing and processing a transaction on L2 (GIWA). This works the same way as transaction fees on Ethereum. The fee is calculated as: (gas used) × (gas price at the time). Like Ethereum, the GIWA chain uses the EIP-1559 mechanism to improve fee efficiency.
The cost of publishing transaction data from Layer 2 (GIWA) to Layer 1 (Ethereum). Since this is also a transaction, the corresponding Layer 1 transaction fees are charged.
Why Publish Layer 1 (GIWA) Transaction Data to Layer 1 (Ethereum)?
To ensure that the GIWA chain is progressing correctly, Data Availability is critical. Anyone should be able to download past transaction data, re-execute it, and verify. While there are multiple options for L2 data availability, publishing directly to Layer 1 (Ethereum) is known to provide the highest security. GIWA publishes directly to Ethereum to inherit strong security.
In general, execution fees are higher than security fees. Execution fees vary with Layer 2 (GIWA) network congestion, while security fees depend on Layer 1 (Ethereum) network congestion.
Check out the OP Stack developer docs for further details.
Last updated