Biconomy X Timeswap
We are excited to announce our partnership with Biconomy and integrating their Gasless offering. It enables a gasless onboarding user experience for Dapps. This integration aims at making the UX of our Time Travelers smooth and easy.
The integration with Mexa will enable users to use the DApp and send transactions free of cost while Timeswap pays the gas fee¹ on their behalf as a part of our user acquisition cost
The objective is to make user experience as seamless as ever, that’s what Biconomy does best!
¹ Please note, this feature is only compatible for non-payable transactions; ie, for transactions that do not require you (as a user) to pay / transfer any Blockchain Native token (eg Matic, for the Polygon Blockchain) for executing the transaction. Additionally, certain transactions, even though executed on Timeswap Dapp, are not interactions with Timeswap contracts; specifically the approval transaction (ie where you approve Timeswap Contracts to interact with ERC20 Tokens on your behalf). These transactions will only be gasless, if the underlying token has integrated such a feature. In our experience, most of the ERC20 Tokens do not have this feature integrated and hence, such transactions will also require the payment of gas.
What is Biconomy?
Biconomy aims to make web3 UX similar to web2 UX by abstracting away all complexities that a user has to handle while using blockchain apps.
What started 3 years ago to simplify blockchain is now a great starting point for any developer trying to deploy a smart contract on blockchain.
Today Biconomy has two products in its arsenal amongst other [REDACTED] stuff in the works:
- Hyphen bridge
The former makes dealing with dapps literally gas-less whilst the latter is building a bridge for an interoperable future.
Why is Timeswap collaborating with Biconomy?
For us at Timeswap, user experience is paramount. If we are to onboard the next billion people to web3, we need UX to match with the fintech world, what the users are already accustomed to.
We consistently strive to make users go through minimal steps, clicks, and friction to swap tokens through time & Biconomy’s gasless integration is another step in the same direction.
If you think about it, paying gas, speeding up gas, what fee to pay in times of congestion, all this put together occupies a great mindshare of users and it’s important we abstract away all these complexities to onboard the next billion.
Biconomy X Timeswap
How will this partnership look like, you ask?
Let’s just say that you would be needing to sign the transaction/prompt in your metamask instead of paying any fee.
Lend/borrow your favourite tokens & never pay a cent in gas. In other words, Time travel & chill.
But there’s a few things to keep in mind while doing the transactions: a few transactions will not be the gas-less such as lend/borrow in a pool with Native token, which are:
- Lend in any pool with native token as the asset,
- Borrow in any pool with the native token as the collateral.
Gas-less transactions work on the concept of Meta-transactions, in which the third party (relayer) pays the transaction fee on the behalf of the user doing the transaction.
This transaction fee is in-turn funded by the Dapp. The user only needs to sign the transaction (which doesn’t cost a fee), and hence enabling the gas-less transaction.
Frens at Biconomy are razor-focused in bringing crypto to the masses while we want to bring Oracleless, Permissionless, and most Capital Efficient money market to the masses.
Never letting market cycles affect our momentum & keep shipping because that’s how we build the Future of France.