Mimic Relayers explained
Relayers are the backbone of the Mimic Platform, simplifying complex tasks and making DeFi operations a breeze for our users. Acting as intermediaries between you and task execution, they ensure precision and efficiency in every transaction.
A little bit of context
The Mimic infra contains extensive logic referring to various microservices that enable Mimic’s functionalities behind the scenes. One of these services is Mimic Relayers, a core component responsible for executing automated tasks on behalf of users in a trustless and efficient manner.
No more manual execution headaches!
With Mimic Relayers, tasks are automated based on your customized parameters, saving you time and minimizing errors. Plus, with thousands of simulations per transaction, you can trust that each transaction is optimized for speed, cost, and safety.
☝🏻 The goal of the relayer is to automate and execute tasks on behalf of the user.
How our Relayers enhance efficiency
Relayers streamline the process and alleviate the burden of manual task execution from users as they act as intermediaries between the user and the tasks execution.
Executing all this manually can be extremely cumbersome and prone to errors. As part of our automation process, Mimic relayers run continuous simulations to identify the best execution scenario, ultimately optimizing time and gas costs while making the process safer than ever.
Safety first!
A custom Smart Contract for each network executes the required tasks based on hundreds of params, triggers, and conditions set by the owner. To ensure transparency and security, each smart contract is previously audited by Certora, one of the top auditing firms.
Once tasks start being executed, relayers come into play to fund with desired tokens and interact with decentralized exchanges to find the best prices and execute the best possible trades.
The inside scoop
Tasks are designed to streamline DeFi operations with precision and automation. Think of tasks as the conductors of a well-orchestrated financial ensemble. These components enable the automatic execution of operations by relayers, ensuring trustless precision.
Relayers run as a core component of the Mimic protocol, executing tasks 24/7 in line with the owner’s configuration of multiple params.
For example: A Swap task utilizing the Uniswap connector would expose parameters such as gas price limits, threshold amounts, frequency, allowed tokens, maximum slippage, and more. Such configurations ensure that relayers can only execute Swaps under predefined conditions, with all necessary validations performed on-chain.
Owners of the environment can select from hundreds of params to customize their environment tasks. That being said, they’ll remain in control of them at all times by managing permissions through the Authorizer contract.
🔎 Learn more about the functions behind the relayer contract in our Documentation.
Conclusion
The use of relayers enhances efficiency by automating and orchestrating the execution of tasks to a decentralized network, while smart contracts ensure the trustless and transparent nature of these operations.
Note: Always refer to the specific documentation and details provided by Mimic’s official channels for accurate and up-to-date information on how the platform works.
About Mimic
Mimic is a platform that revolutionizes the way users engage with DeFi by offering a powerful solution to model and automate a wide range of operations in a trustless manner, focusing on strategic decision-making. Trusted by industry leaders like Trust Wallet, 1inch, Balancer, ParaSwap, Exodus, Rainbow, Decentraland, Beethoven; Mimic has facilitated over 6.2M transactions, executed 110M simulations, and managed a transaction volume exceeding 2.5 Billion.
Stay tuned and stay connected!
Why not hop on over to our Twitter and Farcaster feed? Here, you’ll be privy to news, events, and cool features! Also, you can join our Discord community and rub shoulders with our dedicated team members and fellow enthusiasts!
