Introducing Gasless Deposits

At Babylon.finance, our core mission is to help people accumulate wealth through community-led funds on DeFi.

We believe crypto is a new asset class that will overperform any other asset during the next two decades. Therefore we believe that DeFi needs to be more accessible so more people can have the opportunity to create wealth.

As the price of ETH and ETH gas costs have increased, many people have been priced out of DeFi. The first thing we did to lower fees was socializing gas costs in our investment communities––instead of each member paying for gas on every transaction, we pool the capital and make one transaction, greatly reducing the cost per member.

Today we’re launching our second feature to reduce gas costs for our community.

Gasless Deposits 🪄

We’ve created signature-based deposits & withdrawals.

Instead of paying an additional fee in ETH to deposit, Babylon will take the necessary fee from the asset you are depositing. And sometimes there will be no fee to deposit at all because it will be subsidized by the garden.

So, you don’t need ETH to deposit DAI, WETH, or any other asset. And you can decide in Metamask the maximum amount you’re willing to pay, denominated in the asset that is being deposited.

Here’s a video showing you how to make a signature-based deposit:

On top of it, the treasury of the protocol and the gardens are subsidizing the deposit cost for new members in specific gardens. Your deposit can be even free when the gas price is below 125 gwei.

🧑‍⚖️ Join Babylon

If you haven’t had a chance to use Babylon yet, please join the waitlist to request access to our private Beta and help us build a better way for communities to invest in (and govern) DeFi together.

🌴 Sign up for beta waitlist: http://babylon.finance

🌴 Join us in Discord: https://discord.gg/ZqUrdYvt5e