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Gasp V3, the Upcoming Mainnet & GASP Launch

Gasp Team

• 3 min read
Gasp V3, the Upcoming Mainnet & GASP Launch

Today, the final version of the Gasp testnet, Gasp V3, was released. This is the last step in our journey towards mainnet deployment on Ethereum and the official launch of the GASP token.

We’re thrilled to bring this protocol to life and share the news with the community on how to get involved.

What’s New in Gasp V3

Gasp V3 is the final testnet version of the Gasp protocol, set to be released soon to mainnet. It enables lightning-fast, gas-free, MEV-protected cross-chain transactions across Ethereum and Arbitrum.

Several improvements, features, and security procedures have been implemented in this release, including:

  • Rollup protocol enhancements for optimized performance
  • Ferries Mechanism: A new system that speeds up cross-chain transfers by allowing ferries to use their own funds to provide quick access to assets on the destination chain
  • Reward and fee system improvements
  • Governance upgrades: enhanced L1 and L2 governance implementations
  • Stableswap pool support to ensure liquidity for the highest-volume pairs
  • Security enhancements: V3 has been audited by Zellic, and all issues found have been addressed, delivering many security improvements

With these additions, Gasp V3 is primed for mainnet deployment after thorough testing on our testnet network on Holesky Ethereum.

The Gasp Journey and Vision

The Gasp vision has always been the same — cross-chain transactions must be native: no bridges, wrapped tokens, or trust assumptions should be involved. 

  • April 2024: the launch of our first testnet iteration, where we initially envisioned solving the liquidity fragmentation issues in the Ethereum ecosystem. More than 50k wallets performed and 300k transactions, showing the interest and demand for the solution.
  • July 2024: Gasp V2 introduced our first L2 integration with Arbitrum, enabling ETH fee payments and other UX and UI improvements for greater stability.

As we progressed through 2024, we realized that many of the limitations we identified in Ethereum also apply to the intersection of the world’s markets. Analyzing what we’ve built, we see Gasp becoming a global, decentralized, settlement layer, powered by the crypto-economic security of Ethereum through EigenLayer.

Thus, the vision is for Gasp to be a cross-market settlement layer, putting blockchain at the core of enabling secure, decentralized transactions across the world’s blockchain, FX, stocks, and commodities markets, natively.

In 2025, we aim to expand beyond the EVM ecosystem, exploring the integration of chains such as Solana, Bitcoin, and Cosmos. As we advance, we're also setting our sights on the FX markets as an exciting potential milestone.

The Gasp Mainnet and Token Launches

With the final testnet version live, we invite our community to participate one last time in testing the protocol to ensure readiness for mainnet deployment and The GASP token launch, both set for the coming months.

These events will happen simultaneously, as GASP is essential for the usability and security of the Gasp network.

The GASP Token

Gasp is introducing an innovative token economy to ensure transaction security, spam prevention, MEV protection, and the guarantee of gas-free swaps.

To perform transactions through the Gasp network, users must hold certain amounts of the GASP token staked within their wallets. These tokens are not spent, but rather act as a guarantee, locked for a certain period to enable swaps. The more tokens staked, the more trades can be performed within a 24 hour period, regardless of trade size.

The GASP token is a direct representation of the network's throughput and will also serve as: 

  • A common denominator for longer tail assets where liquidity is more scarce through liquidity bootstrapping from the staking pools
  • Payment currency for liquidity providers
  • Collateral for EigenLayer node operators
  • Reward currency for sequencers
  • Gas payment currency for non-swap transactions: governance votes, signatures, and other non-transactional onchain actions

More information on GASP tokenomics and distribution will be shared soon.

The Gasp Community

The Gasp community has been spectacular through 2024. With over 150k wallets have performed testnet transactions and provided feedback, more than 130k users have joined our community channels, and 140k have participated in our community quests. We are extremely grateful for the support and want to ensure we give back all of the love to our community.

In addition, over 2,000 Gasp Citizens have applied to become Ancients, our recently announced ambassador program. We are sorting through hundreds of very promising applications to select the first 10 ambassadors, who will be onboarded soon.

We want to communicate that we will reward our community accordingly. Participants in our testnet, and those who have completed all stages of our Galxe campaigns, will be eligible for rewards. We will share the eligibility criteria in an upcoming post.

Stay tuned for an upcoming announcement about our community rewards program, and how you can secure a spot in it.

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