Gas costs can be covered
Arbitrum (ARB), the L2 solution for the crypto asset (virtual currency) Ethereum (ETH), announced on the 5th that it has launched a feature that allows Orbit Chain, which operates in the ecosystem, to use its own gas token.
With the implementation of this feature, each Orbit chain can now use ERC-20 tokens other than Ethereum for transaction fees. This also makes it possible to create your own economic zone.
Custom gas tokens for Arbitrum Orbit chains are now supported!💙🪐
Orbit chains can now use any ERC20 token for their transaction fees, allowing projects to build vibrant native economies.
Since the initial launch of Arbitrum Orbit, custom gas tokens have been the most… pic.twitter.com/pxWh582q4M
— Arbitrum (💙,🧡) (@arbitrum) January 4, 2024
What is L2?
Abbreviation for “Layer 2”, which refers to the “second layer” network. If all transactions are processed on the main chain, the load will be heavy, leading to a decrease in processing speed and a rise in network fees. By performing some transactions on L2, it is expected that the load on the main chain will be reduced and processing speed will be improved.
▶️Virtual currency glossary
connection:What is blockchain layer 2? Explaining types, points of interest, and typical networks
Orbit Chain is a blockchain that each project builds according to its own needs. This blockchain will operate as an L3 chain in the Arbitrum ecosystem.
According to the announcement, being able to customize Gas Tokens is a feature most requested by the Orbit Chain ecosystem. Until now, Orbit Chain only allowed Ethereum to be used to pay transaction fees.
The announcement states that projects such as gaming chain Xai are already taking advantage of this feature.
connection: L3 “Xai” for games using Arbitram, to be launched in 2023, plans to issue tokens
The co-founder of “Ex Populus”, which develops games on Xai, commented to “The Block” as follows.
By utilizing this feature, it will be possible to shoulder the transaction fees of users, lowering the barrier to entry for users.
We believe that the reason why Web3 games have not become more popular is because traditional users are not entering the game.
connection: Arbitrum’s first L3 network “Xai (XAI)” plans to hold virtual currency launch pool on Binance
According to The Block, in addition to Arbitrum’s announcement, modular blockchain Celestia and others will also implement this feature.
connection: Modular BC construction “Celestia” encourages early participation through airdrop targeting 580,000 addresses