weiWard is an ETH gas Automated Market Maker (AMM), meaning weiWard is an on-chain repo where interested users can gain exposure to tokenized ETH gas without intermediaries or direct human trading counterparties.
We propose a new token labelled ETHtx, short for Ethereum transaction. Defined to be equivalent to 21,000 gas, ETHtx resembles the gas-expense of a generic transaction and is modulated in value by the ETH gas prices.
weiWard allows swaps between ETH and ETHtx, the native token on the weiWard platform.
Because Ethereum gas prices are so inherently volatile, stakeholders may be unwilling to assume risk unless they are provided with a substantial premium. All on-chain transactions involving ETHtx incur a network fee of 7.5 percent on the transacted amount of ETHtx, which is subsequently redeemed on the weiWard platform for ETH. The ETH generated from the redemption is distributed to the weiWard network stakeholders and the weiWard team in accord with the Network Fees Distribution.