Convergence Finance Partners with Biconomy to Enable Gasless Transactions on Moonbeam
- Convergence Finance is partnering with Biconomy to facilitate gas optimization and transaction management across the product suites on Moonbeam
- Convergers are incentivized to trade on ConvX AMM on Moonbeam Network in the upcoming Trading Competition to earn rewards
- Convergence will be covering the transaction fees via Biconomy’s multi-chain relayer protocol — to give Convergers a taste of seamless and gasless trading experience
To celebrate the start of spring and as a 2022 Q1 delicacy, we are delighted to collaborate with Biconomy, a next-gen multi-chain relayer protocol making Web 3.0 frictionless and mainstream by simplifying the complex mechanism of blockchain transactions.
Through the partnership with Biconomy, Convergers will get a taste of gasless trading on Moonbeam with a chance to earn additional $CONV rewards. The team would be extending gasless features for Convergers to not just trading but also the subscription on Convergence offering platform in the future!
Biconomy Relayer Protocol
Biconomy is a multi-chain relayer protocol that enables a simple blockchain transaction experience with their scalable relayer infrastructure. Biconomy’s Mexa uses the concept of meta transactions where the user is able to do a transaction on the blockchain with zero balance account and any third party can pay for the transaction fees for the user. Biconomy enables this at scale by providing a non-custodial and gas-efficient relayer infrastructure network.
Apart from Mexa, Biconomy also enables instant cross-chain transfers via Hyphen and paying gas in ERC20 tokens on Ethereum via Forward. Click here to learn more about Biconomy’s solutions.
Gasless Trading on Moonbeam
Convergence will be integrating with Biconomy to enable gasless transactions on Moonbeam for an exclusive period of time. In order to enable gasless transactions, our ConvX contracts will accept meta transactions which will be executed on behalf of users and their gas fee will be paid by Convergence X Biconomy Infrastructure.
In short, when you are initiating a swap transaction on ConvX, after confirming and signing the message which represent your meta transaction on your Metamask wallet (off-chain and gasless signing), this meta transaction instruction will be handled by Convergence X Biconomy relayer — without you paying the transaction fee.
Convergence will be funding your gasless experience by depositing GLMR into a Gas Tank to ensure Biconomy Relayer has enough GLMR to execute your transactions, all you need to do is to wait for your swap transaction to be confirmed on-chain.
We will be hosting a Trading Competition soon to stimulate the gasless trading with rewards for the winners, more details to follow.
Gasless Exploration for Premium Converger
Apart from gasless trading, Convergence will continue to explore and avail gasless transactions in our other product suites i.e. ConvO to further optimize the launchpad subscription process and maximize Convergers’ upside in future private sales. Let us know if you have any other awesome ideas that we should explore in our community channels!
Convergers, it is your shot to moon your portfolio! Stay tuned for the upcoming Trading Competition details.
About Convergence Finance
Convergence is the first AMM to make private tokens interchangeable in the DeFi space by fractionalizing them using a single easy-to-use interface and composable with other DeFi protocols. Convergence enables originators to take advantage of DeFi’s liquidity, while DeFi users can access exotic private exposure unavailable to them before. Convergence Finance combines the edge of a lowered investment entry barrier with the liquidity, automation, and transparency features of DeFi to bring exclusive investment exposure to all DeFi users.
Biconomy lays the groundwork for Web 3.0 infrastructure. With a user-friendly UX, users need not worry about multiple wallet management, and complex configurations behind the door. The two stakeholders in the network, executors and validators, implement and verify transactions on behalf of their users. Both parties are rewarded with $BICO tokens, thus providing a seamless, and quasi-gas free experience. Its mechanism is proven popular following the two blue-chip Metaverse projects, Decentraland ($MANA) and Sandbox ($SAND) partnership since late 2021. Moreover, Biconomy is backed by top-tiered industry investors including Binance, Coinbase Venture and Huobi Ventures.