Oddz Partners with Biconomy to Provide Zero Gas Fee Model to Users
Paying High Gas Fee Will Be a Thing of The Past!
We are extremely delighted to announce our upcoming partnership with Biconomy, an industry-leading blockchain relayer infrastructure network that aims to eliminate much of the technical knowledge needed to interact with dApps, making it easier for developers to onboard new users and simpler for users to explore new dApps without paying any gas fees. We are happy to partner with Biconomy who will be sponsoring the gas fee for the first three months of our long term partnership.
Snapshots:
- Oddz Finance is happy to partner with Biconomy, who have agreed to sponsor the gas fees for the first three months of this long term partnership.
- Going forward, Oddz will use Biconomy’s relayer infrastructure to provide a zero gas fee model and simplify interacting with our multi-chain ecosystem.
- This integration will help in solving the problem of high transaction fee thus making it easier for developers to onboard new users onto DeFi.
One of the major challenges that have stunted the growth in daily active users on DeFi protocols is rising gas costs. Gas refers to the cost that all dApp users need to pay in order to perform a transaction on the network. Network congestion rises with the rise in network activity and this has resulted in skyrocketing gas prices that has prevented users from performing various transactions on the Blockchain. At Oddz Finance, we aim to solve this excruciating problem of high gas fees or poor network latency by introducing a zero gas fee model aided using relayer networks like Biconomy.
Things might get complicated when new users hop on to a new dApp to try it but fail to do so because the dApp might be on a different chain and the user might not know how to manually change their RPC to interact with the dApp. Biconomy is a one-stop solution for such problems. Users, in this case, can easily interact with the dApp, while Biconomy takes care of the complexity.
Why is this integration important?
Developing an in-house relayer infrastructure is possible but that would be very resource-intensive, requiring active management and maintenance. An in-house relayer would mean that we would be constantly monitoring gas prices, keeping a track of nonces, transactions in the mempool, to constantly ensure that our relayer works fine in executing each transaction and maintaining the security when it comes to private key management.
There are many relayer infrastructure networks in the space but Biconomy has been leading from the front. Our integration with Biconomy, therefore, means that no options trader will have to worry about gas fees or even think of what’s happening in the backend. Moreover, this is another step towards making DeFi more user friendly and accessible to new users.
They can simply come onto the platform, trade in the options based on their predictions or customise their own options based on their trading strategies and they are good to go! The problem of high gas fees is now a thing of the past!
Oddz Finance has the potential to be one of the leaders in the decentralised options trading space. The platform fits right into our thesis of a multi-chain ecosystem and we are super excited to plug in our relayer infrastructure that will further simplify the transactions for the end-user.
Aniket Jindal, Co-Founder and COO, Biconomy
How will Biconomy help in achieving a zero gas fee model?
One of the major roadblocks that prevent users from trying out new dApps is the complexity associated with the transactions procedure, payment of gas fees and the steps to complete a transaction. Using Web 2.0 features like social networking sites, maps, etc. does not involve any complex methods and that has helped in the quick adoption of most of these tools.
Our integration with Biconomy simplifies the way in which users interact on dApps. As soon as you confirm the options contract you wish to purchase, Biconomy will get your transaction signature and all the necessary information relevant to the transaction taking place. On your behalf, Biconomy will then relay the transaction to the corresponding blockchain after settling the gas cost for you.
Biconomy serves as an indispensable part of native — meta transactions. Meta transactions, in simple words, involve a third party (called a relayer) that can send another user’s transactions and pay themselves for the gas cost. In this scheme, users sign messages (not transactions) containing information about a transaction they would like to execute. Relayers are then responsible for signing valid Ethereum transactions with this information and sending them to the network, paying for the gas cost. A base contract preserves the identity of the user that originally requested the transaction. In this way, users can interact directly with smart contracts without having to pay high gas fees.
Users want to explore the different dApps on blockchain but to do that, we need a partner like Biconomy that helps us provide a zero gas fees model. Happy to have partnered with them!
Shreedhar Shreenivasa, Co-Founder and CTO, Oddz Finance
About Biconomy:
Biconomy’s mission is to make next-generation technologies simple to use. We are building a smart relayer infrastructure network for blockchain transactions that reduces the friction between applications built on the blockchain and the end-users. Biconomy’s relayer network comprises a suite of SDKs and APIs that simplify the dApp development process for developers as well as abstracting many of the blockchain complexities, vastly enhancing the end-user experience for DApps and wallets.
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About Oddz
Oddz Finance is a trustless On-Chain Option trading platform that expedites the execution of call and put options contracts, conditional trades, and futures. It allows the creation, maintenance, execution, and settlement of trustless option contracts, conditional tokens agreements, and futures contracts in a fast, secure, and flexible manner.
It employs the synergies of Ethereum, Binance Smart Chain, and Polkadot to unleash the potential decentralized derivatives market. It focuses on building solutions that can propel the DeFi ecosystem by simplifying derivatives trading and enhancing the user experience.
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