Most Ethereum Virtual Machine (EVM)-based blockchains require a fee, called gas, to be paid in their base asset to execute transactions of both the base asset and other tokens. Gas is deducted from the account that initiated the transaction.
The Fireblocks Gas Station auto-fuels a vault account with the required base asset when it is enabled for them. Using the Gas Station helps cases of Fireblocks customers who choose to use the omnibus account vault structure or similar.
All transfers on Fireblocks, including those between vault accounts, occur on the blockchain. Therefore, you must pay gas fees when transferring funds from the deposit accounts to your omnibus vault account.
The auto-fuel transaction is triggered whenever a withdrawal or deposit is detected to or from that vault account. Fireblocks checks the balance of the vault and transfers gas according to the Gas Station parameters.
The Gas Station removes the need to monitor your base asset levels and manually transfer funds to your vault accounts to cover future transaction fees when funds are swept to your central vault (omnibus) account, where they can be invested.
Ethereum and all EVM-based networks available in your Fireblocks workspace are supported.
Many retail businesses use the omnibus structure, making the Gas Station a helpful feature when many vault accounts are required to receive individual direct deposits from end clients.
- In this case, you'd monitor the Transaction status using webhooks.
- Then, upon receiving the
COMPLETEDtransaction status, trigger a sweep from the end-client vault account to your omnibus deposits vault account.
Other business types using the Gas Station include exchanges, lending desks, neobanks, and commercial and investment banks.
Updated about 1 month ago