OpenSea switches Seaport Protocol to slash Ethereum gas fees
2022.06.17 15:01
OpenSea switches Seaport Protocol to slash Ethereum gas fees
Following the recent launch of a new feature to help prevent NFT scams on its platform, OpenSea is now moving to tackle the issue of high gas fees. The leading NFT marketplace announced that it is migrating its operations to a new protocol called Seaport.
The “Seaport Protocol” is a new smart contract that will allow its OpenSea users to save up to 35% on Ethereum gas fees and according to the company, new accounts will no longer be needed to pay the one-time “setup fee” OpenSea previously charged.
Seaport is an open-source and decentralized protocol that was audited by Web3 security firms OpenZeppelin and Trail of Bits, engineered to enable users to include multiple items per on-chain transaction and isn’t exclusive to OpenSea.
OpenSea operated on the less-efficient Wyvern protocol prior to the migration. Wyvern was a victim of an exploit back in February when traders lost $1.7 million in an off-platform phishing scam.
The explained in a Twitter (NYSE:TWTR) thread that “the new contract will save [over] $460 million in total fees each year,” clarifying that it does not control or operate the Seaport protocol and merely builds on top of it. The removal of the setup fee would also potentially result in $120 million (35,000 ETH) per year in additional savings.
Today, we’re officially moving to the Seaport protocol! We estimate the new contract will save $460m + in total fees each year. But, that’s not all
