Our September 2022 update of the MOBIX wallet is all about FET transaction fees. MOBIX runs on the Fetch.ai network which will be introducing transaction fees in FET tokens within the coming weeks.
In order to ensure a smooth transition to the FET transaction fees for the users, the MOBIX team has updated the app to:
- Enable transaction fee handling with FET tokens
- Manage FET tokens within your MOBIX wallet
FET Transaction Fee Handling
Fetch.ai will introduce transaction fees to its network in order to prevent network spamming. You can check out the proposal here:
Many validators on the Fetch-ai Network do not have minimum gas fees set to their node for accepting transactions. This can easily lead to network congestion from spam attacks since you can spam transactions at no cost. To mitigate this problem, the Fetch-ai Network team believes it be necessary for as many validators as possible (hopefully all) to set their minimum-gas-prices value to at least 2 aFET on their validator node.(Read the full proposal here)
The MOBIX team has already prepared for this, as you can read in this Q & A from August 2022. The Fetch.ai team is planning on a minimum gas price of 2 aFET which may change over time with demand. To put the amount in perspective: 2afet equals 0.000000000000000002 FET.
Manage FET tokens with your MOBIX wallet
As a MOBIX user, you might have noticed that your MOBIX wallet address starts with “fetch” – this indicates that MOBIX runs on the Fetch.ai network. It also means that you can simultaneously use this wallet address for FET tokens! In order to make FET tokens visible within the MOBIX wallet, you will now discover a new wallet area within the app.
You will be able to access options to obtain FET tokens for covering your transaction costs as well.
If you are running low on FET for your transactions, you will get a visual alert in the wallet that prompts you to stock up on some (very small amount of) FET.
Note: You are NOT required to import a Fetch.ai wallet! FET can be sent directly to your MOBIX wallet address and will appear in the FET area of your wallet.
Also, you will be able to see options on how to obtain FET tokens for covering your transaction costs within the app.
Staking features of the MOBIX wallet will remain as you know them. Join our Telegram channel and/or Twitter account if you have any questions – and keep in touch with the community!