Kromatika partners with Biconomy to enable gasless transactions
We are excited to announce our partnership with Biconomy, which is a Next-Gen Multichain Relayer Protocol. This way, Kromatika users will be able to enjoy one-click gas free blockchain transactions!
Biconomy makes the process of owning and managing crypto-currencies considerably more accessible to people. Through the concept of meta transactions, users can make transactions on the blockchain without owning any tokens to pay for gas. Kormatika will sponsor this gas fees for our amazing users!.
Enable paying gas in ERC20
Blockchain technology allows users to be independent. However, being independent has a cost. To use the Ethereum Blockchain (i.e. to register a transaction in the “big book” aka blockchain), users have to pay some fees in ETH. But, what if you do not have ETH at that moment to pay for fees? Well, it simply means that you won’t be able to use that technology. Sad.
At Kromatika, we believe that our native token($KROM) should be enough for users to utilize our protocol. For this reason, we have introduced a new feature that enables users to utilize our dApp while paying the gas price with $KROM (ERC20) thanks to Forward. Gas costs can be spent on behalf of users by developers or any third party. The ETH is then supplied in the relays.
“We are very excited for Kromatika’s DEX as it offers strong features across various chains, like No front-running bots. With Biconomy, they are now also one of the most user friendly DEX in the market” —Aniket Jindal COO & co-founder at Biconomy
Kromatika protocol and Biconomy
With this new collaboration with Biconomy, the Kromatika protocol brings a solution to another part of the blockchain ecosystem: whereas owning and using ETH was previously a necessity, it is now an option.
We are confident that through this partnership, we will be able to meet the demands of the community to provide a seamless and efficient dApp. The specific painpoints that caught our team’s attention were the following:
-Necessity to pay a gas fee every time the user utilizes your application. Netflix does not charge you their AWS fees every time you watch a video, so why should dApps charge you gas fees for every interaction you do?
-Users can only pay in ETH, which they may not have at that moment. Or, the user may not want to spend their ETH investment.
-New Users have a long complicated onboarding process. Non-crypto savvy new users will have to pass KYC, purchase ETH from an exchange, download a wallet, then connect their wallet before they can go any further, which can take days! No one wants to wait for days just to try out an application.
-Proficiency in complex blockchain technicalities is required such as using MetaMask, signing transactions, understanding gas etc. If the project is on layer 2, they need to know what that means and be able to change RPC manually.
-Volatile and high gas fees further dampen the user experience on your dApp.
-Pending and stuck transactions can force your users to wait for minutes and even hours before they can carry on interacting with your application. And sometimes the transaction fails altogether.
To solve these issues, Biconomy acts as a web3 genie & abstracts away these painpoints. Using Biconomy’s relayers, Kromatika can offer gasless transactions to its users so they don’t need to pay gas or manage their transactions. And they can also pay gas in the Kromatika dApp’s ERC20 token $KROM.
Kromatika will incorporate these functionalities into our dApp to provide users with a smooth experience through gasless transactions.
Biconomy is the multi-chain transaction infrastructure for the next-generation Web 3.0 applications. Through Biconomy’s powerful and easy-to-use APIs, developers can enable a simple and customized user journey so that their end-users don’t get frustrated by blockchain complexities. By solving key pain points at the crypto transactional layer, Biconomy is on a mission to bring the familiarity of web 2.0 to simplify Web 3.0 experiences that will drive mass adoption.
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About Kromatika Protocol
Kromatika is a decentralized trading protocol enabling crypto traders to execute limit orders on top of the Uniswap DEX. This feature alone makes it a useful dApp by itself, but the real innovation is the ability to trade without any swap fees, without any price slippage, and with no risk of front-running bots.Kromatika also benefits from an advanced MetaSwap Aggregator. This platform aggregates the liquidity from many DEXs and compares swap data across Uniswap, 0xProject, and 1inch. This allows users to get better trades than they would get on a single DEX by optimizing token pricing, swap fees, and slippage.
With this feature, you will never have to jump on different DEXs searching for the best price because MetaSwap does this job within seconds. Through this feature, all your favorite tokens are now available on the Kromatika dApp.The Kromatika protocol code is open-source and hosted on GitHub under the GPLv3 license. We invite open-source contributors to join, help improve and support the growth of this protocol to push the project forward.