Oddz Protocol introduces Zero Gas Fees Transactions to drive Widespread DeFi Adoption
In the earlier pieces, we discussed how Oddz Protocol is constantly employing cutting-edge technological solutions to eradicate the limitations in the DeFi derivatives economy. Forging ahead, it aims to reinforce the idea of open finance with respect to exercising on-chain derivatives. It strives to offer the best attributes to maximize the potential of the DeFi derivatives space by infusing smart features backed by technological innovation. Today, we will discuss in detail how Oddz Protocol transforms zero-fee transactions into reality for option/derivatives traders.
Zero Gas Fees transactions: Liberating Option traders from the burden of surging gas costs
One of the intricate aspects that limit users from executing several transactions in the DeFi space is the rising gas costs. The increased network activity on the Ethereum Network has led to skyrocketing gas prices, throttling users from performing seamless and flexible derivatives trades. Oddz Protocol adopts a zero gas fee model that eases trades without pestering users with insane gas costs or network latencies. It introduces zero gas fee transactions via relayer networks, thus employing native meta transactions to minimize gas costs to transfer the benefit to platform users ultimately.
Understanding Relayer Network and Native Meta Transactions
The prerequisite for executing transactions on the Ethereum Network constitutes having Ether/ERC20. However, the absence or insufficiency of Ether/ERC20 balance results in transaction failure. Since the underlying principles of blockchain technology rely upon gas costs depending on transaction counts and not transaction value, quite a time accessing Ether involves surpassing various processes, including Know-Your-Customer & Anti-Money Laundering processes. Thus making it a herculean task for the platform users.
With the integration of relay networks, the process is simplified. Relay networks are third-party networks that allow seamless transfer of funds from one party to another, withstanding the costs for themselves. They are addresses that sign and relay the transactions on behalf of the end-users. When integrated into DApps, they directly communicate with the corresponding blockchain and settle gas costs.
The relayer networks serve as an indispensable part of native-meta transactions. The relayer networks automatically relay the user signed transactions to the receiving smart contracts without resorting to a proxy contract, making the process cost-effective. The creation of a proxy contract involves designing a smart contract owned by a user’s wallet address for the purpose of relaying transactions to other contract addresses. Also, the creation of a proxy contract for each user is an expensive process consuming increased efforts.
Meta transactions are almost indistinguishable from routine network transactions except with an extension, known as a relayer. In meta transactions, the relayer can transfer user’s transactions and pay themselves for the gas cost. In this process, users sign messages involving data about a transaction they want to execute. Further, Relayers are liable for signing valid transactions with this data and transferring them to the network, funding the gas cost. A base contract protects the identification of the user that initially demanded the transaction. In this way, users can communicate instantly with smart contracts without wanting to have a wallet.
For instance, the Gas station Network (GSN) serves as a decentralized network of relayers, allowing decentralized applications to pay for user transactions, easing out the onboarding process and driving value.
Oddz Protocol employing Native Meta Transactions
The Oddz Protocol’s smart contract will leverage relayer networks to execute native meta-transactions, wherein Oddz will cover meager protocol transaction fees on behalf of the users. Thus, transactions for derivatives traders will technically be gasless. Whilst solving gas complexities, users can enjoy trading without worrying about the dynamics of public blockchain technicalities and market dynamics for transaction fees. Zero gas transactions on the Oddz platform will promote smooth trades.
Prominently native-meta transactions are the key to inspire rapid adoption for DeFi applications. By leveraging native meta transactions, Oddz will streamline the user experience for their decentralized application. Oddz Protocol is relentlessly working towards evoking a revolution by designing smart and intuitive products to promote DeFi adoption. With the Zero gas fees transaction, it intends to take a step further towards achieving its goal.
We hope we were able to deliver the nuances of integrating native meta transactions in Oddz protocol in the truest sense. In case you are keen on exploring how we are revolutionizing the on-chain derivatives space, follow us on our channels.
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