Atlas’s Transaction Relayer simplifies the experience of buying and selling cryptocurrency
TL;DR: The Transaction Relayer would facilitate the signing, unlocking and swapping of tokens across chains. Users only need to approve and sign 1 transaction for a cross-chain swap and pay for gas at the source chain.
At Atlas DEX, we are determined to create a decentralized cryptocurrency exchange that can rival the ease of use of Centralized Exchanges (CEXs). We understand that CEXs provide users with a seamless way to onramp their fiat, buy and sell cryptocurrency and manage their tokens. However, the recent collapse of FTX, due to the lack of transparency and theft of customer funds has raised some issues with CEXs. This is why Atlas is committed to building a safe and secure exchange for all users.
A key feature that we have been developing since Q2 2022 is the Transaction Relayer:
In a typical cross-chain swap/bridge, you would need to:
- Approve a withdrawal transaction from your wallet on the source chain to the bridge.
- Approving a subsequent unlock transaction from the bridge of the destination chain.
An Ethereum bridge transfer can typically take around 20 minutes.
Users would have to have to wait for transactions to complete before they are able to approve subsequent ones. This can be a time-consuming and complex process.
However, Atlas DEX’s Transaction Relayer would submit the user’s transaction to the network on their behalf (on both the source and destination chain) using a relayer contract. This means that users would only need to approve and sign 1 transaction for a cross-chain swap, and gas fees would only need to be paid on the source chain.
What are some Key Benefits and Use Cases?
1) Simplifying the current cross-chain swap process
2) Users who don’t have gas tokens on the destination chain will be able to swap to a destination chain now
3) Projects will be able to better adapt our swaps using our Software Development Kit(SDK) to their projects
We believe that mass user adoption of DeFi and cryptocurrency starts with swaps that are user-friendly and easy to use.
Are there any Security Risks?
Atlas DEX’s Transaction Relayer feature is made possible through our Relayer Smart Contracts. These smart contracts are logic based on code deployed on the blockchain. We release our code on our Atlas DEX Github, which is tested internally and by external parties periodically.
Throughout the swapping process, you retain custody of your cryptocurrency. At no point does Atlas DEX hold your private keys. This means you maintain complete control of your assets and reduces counterparty risk.
Atlas DEX is committed to building secure, robust, and resilient smart contracts. Learn more about the security audits we have completed.
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