Automata Network
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Automata Network

XATA: The User Experience

Hi there, Automata Network fam! Meet the ✨ XATA team✨

There has never been a better time to be in DeFi where both the attention market and potential for growth remains huge. The twist here is that there is also never a worst time to be in the space — MEV has extracted over $730 million in value since 2020, and that’s only the sum of what is known.

XATA: The Original Vision

So, what gives? Perhaps these “teething problems” will settle into a more permanent reality. Chain consensus and stability will be broken. Users will bemoan the possibility of what DeFi could have been.

Happily, we are not yet at the juncture of such a future.

As an introduction, XATA is a Fair Liquidity Provisioning protocol that wants to return Web 3.0 to its original vision of a fair economic playing ground for all. Here, the XATA team would like to take the chance to share with you what you should expect, and how features have been designed to complement and improve the DeFi experience, one free from malicious attacks.

Multi-chain future? Multi-chain MEV

XATA has already extended support to multiple blockchains including Polygon Network and Binance Smart Chain, and the XATA team is also working hard behind the scenes to bring the same anti-front-running experience to other chains. As the blockchain universe continues to evolve, a fully private protocol design courtesy of Conveyor ensures that the user is always one step ahead of the attacker.

Running out of gas? Nah

Here’s a correction: The term gasless doesn’t mean that transactions are free! For the crypto converters amongst us, this scenario must be a familiar one: you make a transaction only to realize that you have run out of ETH to pay for gas. Oops. With XATA, you can pay gas fees directly in the tokens you are swapping, and that is not only 1) convenient but also means 2) faster swaps without worrying about refueling your ETH.

Let’s click on the swap button and trigger the Metamask signing request. This is not a transaction signing as you are not expected to pay for the transaction fee. Instead, this is the payload signing through EIP712, which will be picked up and processed by Conveyor’s relayer. The relayer takes care of the transaction sending, and thus pays the gas fee on behalf of the user!

POIDH: MEV Protection

The chatter has been about MEV for quite a while now, but what better way to show it to you than to show it to you? On XATA, users will receive a receipt notification of the amount saved from MEV attacks directly after their transaction goes through — and that’s how it is done.

Transactions on a meta level

Now, if you look at the transaction on the explorer, you can clearly observe the token flow:

  1. The 1st one is the inflow of the USDT to the ATA/USDT liquidity pool
  2. The 2nd one is the outflow of the ATA token from the ATA/USDT liquidity tool
  3. The 3rd one is the transaction fee collected by the protocol from the user.

If you look at the sender of the transaction (‘from’ in the explorer), it’s the address used by the relayer. Your address information is encoded in the input parameter of the transaction. This is the so-called meta-transaction pattern.

Be protected in the Dark Forest

To try your hand with using XATA and avoid the predators lurking in the Dark Forest, head over to app.xata.fi. For those who prefer a step-by-step guide , here’s what you need to know.

As a final word of caution, the blockchain industry remains rife with scams and imposter projects trying to make a quick buck out of hustling users. Always, always make sure you’re receiving news from the official sources and interacting with the correct smart contract addresses:

Polygon Network

Binance Smart Chain Network

Thanks for having us, Automata Network! This was a lot of fun, and rest assured — this is only the beginning of what XATA aims to achieve. Stay tuned 😉

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