❓FAQ
Find all your answers here!
Last updated
Find all your answers here!
Last updated
Simplify is a project on Ethereum, and it's the first of its kind to utilize our self-developed ERC-314 standard. This standard is part of our experimental approach to improve and innovate beyond current models, like the 404 and other new standards.
ERC-314 is a groundbreaking standard we've created to reduces transaction complexity making them more efficient and cost-effective. It removes the need for wrapped Ethereum (WETH), traditional decentralized exchanges (DEXs), or the process of approving transactions. As a result, it significantly lowers transaction fees.
As a dev with ERC-314, you don't need to approve tokens or create liquidity pools on DEXs like Uniswap. Instead, you start by depositing your initial liquidity in Ethereum and any tokens you want into the pool directly through a smart contract, which then locks it in. When launching an ERC-314 token, you can set at wich block the liquidity pool will unlock.
To trade, you simply send Ethereum or the token to the contract or use the swap function on our app. This process treats your transaction like a swap without worrying about price slippage, as there's no need for an external approval step and there isn't MEV.
We're all too familiar with the high transaction fees on the Ethereum network, which can range from $60 to $100 per transaction—and even spiked to $100 to $300 during the peak trading times. With another market surge on the horizon, Simplify aims to cut down these costs using the ERC-314 standard, making it more affordable to buy and sell tokens. This initiative also opens the door for developers to launch similar tokens to combat these high fees. Our goal is to keep more people trading on Ethereum without having to switch to layer 2 solutions or other blockchains due to cost barriers.
Simplify benefits everyone, particularly by optimizing gas fees, making it especially useful for those with smaller budgets to continue trading on Ethereum just as freely as on other platforms like Solana. This innovation is expected to retain more liquidity on Ethereum, especially during the next market boom, potentially revolutionizing Ethereum's decentralized finance (DeFi) landscape.
Our ERC-314 standard can save you up to four times more Ethereum compared to a traditional ERC-20 swap. Your first purchase of an ERC-314 token will be roughly half the cost of a standard swap, and subsequent transactions will be around four times cheaper.
Selling ERC-314 tokens is also more economical, costing about four times less than selling ERC-20 tokens. In simpler terms, after the initial purchase, buying or selling ERC-314 tokens will cost about twice the price of a standard Ethereum transfer.
Keep in mind, our cost-saving estimates compare ERC-314 with traditional ERC-20 tokens, which don't include additional features that might increase gas costs, like taxes or burn mechanisms. Therefore, swapping with ERC-314 could potentially save you even more—or slightly less—depending on these factors.
Please make sure to read our Disclaimer page for important details and considerations.
