Cut Gas Costs by Up to 99%! Use Automate For Free — ChronoLogic’s New Year Promotion
To celebrate the coming of 2021, ChronoLogic decided to make Automate available for FREE so Ethereum Network users can take advantage of its unique gas-saving delayed execution feature during this year's beginning.
Previously, the team also created another useful and rather unique feature to its tool, Automate: Delayed Gas Execution.
Delayed Gas Execution Explained
With the DeFi boom in 2020, we have seen gas prices — in a nutshell, the transaction cost for interacting with the Ethereum Network — soar to never imagined heights.
If an inconspicuous user was to send out a transaction during high gas prices times, a smart-contract interaction, such as sending out ERC-20 tokens, it could end up costing a lot more than a few hours later.
The way Automate works, it stores the signed transaction until it's the expected time and broadcasts it to the network. Using that as a building block, ChronoLogic decided to implement a new feature: Delayed Gas Execution.
This feature allows Automate to read out the gas price and limit attached to the stored transaction, and only broadcast it once the network's gas conditions are met.
For example: Let's say the following transaction was sent out by Joe: https://etherscan.io/tx/0x05eabfa07304112c92d5dc4b0e48c394168aa90928d0cda1518e57b203dd5fbe
If you check the link, it's possible to notice that Joe used up a really high Gas Price to make his transaction go through a high demanding gas period.
If he was to automate his transaction, instead of spending about 0.0143 ETH to send it through the network, he’d be able to do it with 1/10th of this amount or even less.
All he'd have to do is to sign his transaction as an offline transaction with his preferred gas price and limit, then put it on Automate, telling that he wishes that his transaction is to be broadcasted once gas conditions allow it.
Then, at the time of the intended execution of said transaction, if gas prices are too high, Automate will delay broadcasting his transaction and watch out for gas prices, effectively sending it out only when conditions are right for this specific transaction to be successfully confirmed by the network, even with his lower gas price and limit specifications.
This would save Joe potentially hundreds in network fees as he could have multiple transactions to execute upon. Automate’s Delayed Gas Execution feature can even be leveraged with more complex smart-contract interactions, such as calling functions, vesting schedule, and etc — which are frequently the most expensive interactions when dealing with Ethereum on-chain protocols.
As an example of how much one could save when submitting multiple transactions, below is a table about one user that used Automate's Delayed Gas Execution during a peak time for that specific purpose.
As you can see, this user saved almost a whole ETH in fees that would otherwise be lost or he/she would have to wait until gas prices were lower.
It's worth to mention that the above prerogative is true only if whoever is automating a transaction is able to produce a properly signed transaction that can be obtained via MyCrypto and MyEtherWallet and other tools.
How to Use Automate for Free
For this first part of 2021, the ChronoLogic team is releasing coupon codes that will allow users to bypass its embedded DAY payment, in turn giving customers the full Automate testing and experience so they can leverage its unique features.
In order to do this, all you'll have to do is type in a valid Coupon Code in the Automate's DAY refund address field, in the Payment screen that comes up once you have tweaked your automation at https://automate.chronologic.network — as shown below.
As for the first field, please add a valid e-mail address of yours. Once this is done, tick the "I agree to the Terms" box and hit the "Next" button as you would for any other automation.
If you have a valid Coupon Code, then you'll bypass the payment routine altogether and get your automation's unique URL right away.
How Do I Get Coupon Code?
Automate's Coupon Codes are currently being distributed via Telegram by a few selected collaborators. If you have seen this article and would like to try Automate's Delayed Execution feature out, feel free to contact the ChronoLogic Team via our Telegram Channel and we will be delighted to help you out.
With ChronoLogic you can schedule and automate your transactions with both our tools: Automate and the Ethereum Alarm Clock. We would also like to invite anyone interested to run their own TimeNode and become a part of our ever-growing Decentralized Scheduling Network.
