Today, we’re announcing the launch of ParGas. It’s a new feature in ParJar that lets you use PAR to pay the standard on-chain gas fees associated with ERC20 withdrawals. It’s the first in a series of features that makes ParJar simple to use for anyone.

What you need to know

While ParJar does not collect a fee for tips or withdrawals, the Ethereum blockchain requires ETH (gas) for on-chain transactions to make a withdrawal. This gas fee applies to any use of the Ethereum network. On ParJar, this is the “fee” you see when you make a withdrawal. You can still use ETH to make withdrawals. ParGas was made to give our 17,000 users a choice. Starting today, you have the option to use PAR to cover these network fees. It makes withdrawals easier than ever. There’s no additional fee for using PAR. We calculate both using the current suggested gas price for the Ethereum. Today you can use it for Ethereum/ERC20 withdraws. As we add new networks and their tokens, ParGas will become a cross-network option.

Why we built ParGas

When we launched ParJar, the idea was to make something simple, fun, and easy to use. With over 17,000 users and 390,000 transactions we’re well on our way to doing that. While the peer-to-peer transactions have been a home run, an area of pain with ParJar users comes moment they want to make a withdrawal.

The new button layout makes it easy to choose between ETH and PAR for gas fees.

Like most solutions, ParJar (before today) required you to use Ethereum to make an on-chain withdraw from ParJar to another wallet. This is painful for two reasons. First, if you do own Ethereum you’re required to send Ethereum to ParJar only to use it as a gas to move tokens from ParJar. This is inefficient and wasteful. Second, for many of our users, they enter the world of owning cryptocurrency without having ever owned Ethereum (very cool!) For them, the pain point to interacting with on-chain Dapps and wallet transfers comes with not having ETH, not wanting to overcome the friction of getting ETH, and having limited options to get it.

ParGas fixes both of these. With over 300,000,000 PAR circulated on ParJar since going live, PAR is commonly shared across communities. It’s owned by over 5,000 users and growing. Additionally, a nuanced feedback we’ve received in beta testing suggests that people feel more comfortable giving a friend 100 PAR to cover gas fees over giving them .0001345 ETH (an equivalent).

What’s next

This is just the beginning. With new chains being added in 2019, expanded connections between ParJar and on chain Dapps in 2020, and the Parachute native app, ParGas is going to touch all of our upcoming products — making it easy for anyone to get started with cryptocurrency, have fun using it, and use it socially with their friends.

We’re thrilled to be launching this feature and happy you’re here to use it. Cheers.

Lindsey & the Parachute Crew

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Website: Parachutetoken.com

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