NoGas token – introduction. Find out more about the token’s main purpose, its features and direct access to its official website.
NoGas – The first token on the Ethereum Blockchain that allows free gas, made possible with Paymasters EIP 4337
NoGas – introduction:
In the ever-changing world of cryptocurrency, navigating the Ethereum network during peak times has often led to rapid increases in network activity, resulting in high transaction costs that deterred average users from aping into highly volatile shitcoins. However, NoGas has emerged as a game-changer in the realm of decentralized finance, addressing these challenges and providing a new way forward.
The problems of congestion and high gas fees on Ethereum are no longer a concern. NoGas represents the pioneering platform that sponsors on-chain transactions using a paymaster through ERC-4337. With the NOGAS protocol’s paymaster, any gas fees linked to a token swap will be covered on your behalf.
Paymaster – EIP-4337
Paymasters are specialized smart contracts that facilitate adaptable gas strategies. They allow decentralized applications to cover their users’ operations by either paying gas fees in the blockchain’s native currency or accepting gas fee payments in an ERC-20 token, such as USDC, instead of the blockchain’s native currency.
Introduced in Ethereum Improvement Proposal (EIP) 4337, the paymaster smart contract interfaces with other Account Abstraction infrastructure elements like bundlers and entry point smart contracts to reimburse them for fronting the necessary gas for executing user operations.
NoGas employs sophisticated AI-based contracts to enable this functionality by integrating relayers, paymasters, and smart wallets. Users can now conduct transactions seamlessly, free from concerns about excessive gas fees, or in our scenario, NoGas fees.
How Does NoGas Work?
The NoGas platform enables users to acquire ERC-20 tokens without incurring any gas expenses. The process is straightforward: acquire and HOLD NoGas tokens without the need for staking, and the gas fees will be covered for you. Through the integration of a paymaster contract (enabled by EIP 4337) within the token contract, whenever a user performs a swap (buy/sell), the paymaster wallet takes care of your gas fees.
The paymaster is funded through 2 methods:
1) Token Taxes (This is the primary form of sponsoring transactions)
A percentage of token taxes will be directed to the paymaster contract. This will form the funds to sponsor user’s gasless on-chain transactions.
2) Mint and Swap
10% of gasless transactions will be funded from this route and is NOT operational at the start of the project. When activated, and only when the paymaster funds are at a certain level, it will mint a tiny amount of tokens and sell these. This mint and swap will ONLY happen on a buy transaction. To minimise sell pressure on the chart the mint and swap is a fraction of the buy transaction. Lets look at an example:
When a $500 buy order is made on NoGas, the contract mints and sells $50 (10%) of the total buy into the liquidity pool which is then sent to the paymaster contract. When the paymaster gets to a certain level this function automatically switches off.
The maximum mint and swap amount will not exceed 0.2E.
Max Supply: 100,000,000
Circulating Supply on launch: 70,000,000
Paymaster Wallet: Maximum 30% (This will not exist on launch)
Partnerships & Development: 10%
Due to its status as a utility play with advanced AI smart contracts, NoGas has introduced some innovative and unique tokenomics that have not been seen before. The NoGas protocol reserves 35% of the overall supply for the paymaster in order for gas sponsorship. Instead of creating the entire supply on launch and transferring to the paymaster, NoGas protocol will mint the necessary supply it requires on demand at an extremely controlled non-inflationary rate.
Token Tax: 5% Buy & Sell (up to 30% on initial launch to deter bots/snipers)
Tax Breakdown: 3% Paymaster, 2% Development