As we keep adding new EVM networks to MintedVodka, the challenges of providing the GATE token on all the chains become more apparent. GATE was used to pay for the market deal fees and bridging expenses, but GATE is not always readily accessible.
Often, there are no liquidity pools on the smaller chain, or the pools are tiny, and the price fluctuations are enormous. So on a smaller network, a user would need to bridge GATE from the “Binance Smart Chain” to create new deals or bridge items to another chain.
We did the following upgrades to remove this obstacle and onboard new users easier.
No deal fees
Starting now, you can create any deal type on any chain without paying fees. Only the network’s gas fees apply. The same applies to the buyer of your deal.
Bulk deals with any fungible token
We have released a new version of bulk deals that allows you to set your price in any token. Hence you can opt-out of being paid in GATE and use any fungible token of your choice.
We have deployed a 3rd generation bridge that is more secure, faster, and does not require any GATE.
The speed and security come from the bridging transaction not happening on a remote server. Instead, the user signs two transactions: one on the source network and one on the destination network. Once the second transaction is signed, the assets are readily available on the destination network. The whole process could be done in less than a minute, depending on the block speed of the networks.
This new design makes the bridge robust, harder to hack, and extensible toward multi-signature “oracles” that would make it even more secure.
The additional benefit of this design is that the user does not have to pay any GATE fees for gas. Only network gas fees apply. Simple. Transparent. Flexible.
We hope that these changes will make the onboarding process of new chains and the usage of MintedVodka easier and attract more users.