summary: Chi Gastoken is an ERC20 standard token that is meant to be used on 1inch exchange to pay transaction costs.
content: Chi Gastoken is an ERC-20 standard token that is meant to be used on the 1inch exchange to pay transaction costs. It also facilitates transactions on Ethereum Blockchain with the same amount of work but less gas by taking advantage of the Ethereum storage refund. Overview GasToken is a more liquid form of gas because it can be bought and stored at times when gas is cheap and released (spent/burnt) when gas is expensive. Chi takes advantage of a mechanism that refunds gas when storage space is freed on the Ethereum virtual machine. In the case of gas tokens, burning them destroys dummy “sub-smart contracts” that were created when the tokens were minted, and it is more efficient than erasing data directly. Chi is pegged to the Ethereum network’s gas price. When the gas price is low, the Chi price is also low, and the opposite. Just like GasToken, Chi is tokenized gas on the Ethereum network. The only difference is that Chi is used on 1inch and Curve, while GasToken is used across the entire Ethereum network. GasToken takes advantage of the “storage refund” on the Ethereum network. Smart contracts are designed to store data forever. Ethereum pays for freeing up the data saved previously while storing GasTokens. Chi Gastoken is not intended for investment. It is a functional token whose price is strictly determined by the Ethereum network gas price. There is no correlation between the number of Chi Gastokens minted (total supply) and its price, as Chi minting is available to anyone at any time. This token was designed to be destructed for the refund. Tokenomics and Minting Chi Gastoken was deployed on the Ethereum network, from which it is directly backed to the Ethereum gas price movement. The token's ticker $CHI, was inspired by the Asian Martial Arts called "Chi". Users can burn their Chi tokens and thereby save on gas. The total supply of the token is 1,966,092 CHI. The CHI token is currently being traded on the 1inch Liquidity Protocol and Uniswap (v2). Trading CHI Tokens To trade Chi gastokes the following considerations need to be taken: buy (mint) Chi when the gas price on Ethereum is relatively low; sell Chi when the gas price on the Ethereum network increases; set up a LIMIT ORDER on 1inch. CHI tokens price The protocols of the $Chi gastoken as ealier stated is not intended for investment. It is a utility token whose price is baasically determined by the Ethereum network gas price. $CHI token and the price is not a function of the total supply or amount of CHI tokens minted. The token is minting is readily made available for anyone at anytime. This token was designed to be destructed for the refund.