Gasless transactions go live on TON blockchain as new wallet standard launches -

Gasless transactions go live on TON blockchain as new wallet standard launches

Jul 25, 2024Jeremy ParkinsonCryptocurrency, No picture0

Key Takeaways

The W5 smart wallet allows for gasless transactions using USDT and NOT.
Users can execute up to 255 transactions simultaneously with the new wallet.

The TON blockchain has implemented gasless transactions through the launch of the W5 smart wallet standard, developed by Tonkeeper and approved by the TON Core team. This new feature allows users to make transactions using USDT and Notcoin for gas fees, eliminating the need to hold toncoin.The W5 smart wallet standard, done as a collaboration between the TON Core team and non-custodial wallet Tonkeeper, aims to simplify user onboarding and reduce barriers to entry for the TON blockchain. Users can now pay transaction fees with USDT when sending USDT, and use Notcoin for gas fees when transferring Notcoin.

“The W5 Smart Wallet has pushed the boundaries of what’s possible on TON blockchain. Our collaboration with TON Core ensures that users experience unparalleled security, efficiency and ease of use,” shares Oleg Andreev, CEO of Tonkeeper.

The new standard also introduces advanced parallel processing capabilities, allowing users to execute up to 255 transactions simultaneously. This feature opens up new use cases, such as transferring multiple NFTs to different collectors at once or managing multiple decentralized subscriptions seamlessly.

“The Smart Wallet will bring 2-factor-authorisation [2FA], password recovery[,] and gasless fees, paid in USDT, making getting started on TON easy for anyone,” shares TON Core Technical Lead Anatoliy Makosov.

The W5 smart wallet standard is currently live on Tonkeeper and is expected to roll out on other self-custodial wallets like TON Space and MyTonWallet in the near future. This development comes as TON reports 5.8 million monthly active on-chain wallets, with a surge in daily active addresses following the popularity of Telegram mini-games using the TON blockchain for transactions.

The introduction of gasless transactions and the W5 smart wallet standard represents a significant step towards simplifying blockchain interactions for users. By removing the requirement to hold native tokens for gas fees, TON aims to lower the entry barrier for new users and potentially tap into Telegram’s vast user base of 950 million, furthering its goal of mainstream blockchain adoption.