Tidal Finance integration with Biconomy
Tidal Finance has integrated Biconomy’s technology to simplify transactions and have zero cost transactions on Polygon. With mainnet launch coming, users will enjoy gas-free transactions to deposit/withdraw USDC, Stake $TIDAL, along with other features.
Biconomy is a technology company building the multi-chain transaction infrastructure for next-generation Web 3 applications. Through Biconomy’s powerful and easy-to-use APIs, developers can enable gasless meta-transactions, instant cross-chain transfers, gas payment in custom tokens, easy layer 2 onboarding & zero failed transactions. By solving key pain points at the crypto transactional layer, Biconomy is on a mission to simplify Web 3 experiences that will drive mass adoption.
With Biconomy’s infrastructure, Tidal Finance users can:
- Onboard without paying gas through gasless transactions
- Pay gas in their favorite ERC20 token or Dapp token
- Avoid blockchain complexities such as changing RPC network on wallets
- Enjoy lightning-fast confirmed transactions
The way it works is by using the concept of meta-transactions, where the user can execute a transaction on the blockchain with an account with no balance and any third party can pay the transaction fees for the user. Biconomy enables this on a large scale by providing a non-custody and gas-efficient relay infrastructure network. The integration is achieved on the smart contract level of the Tidal protocol and applied to the transactions on USDC and TIDAL.
Take Seller.sol for example. The Seller smart contract inherits from the BaseRelayRecipient smart contract.
Whenever _msgSender() is called, BaseRelayRecipient will relay msg.sender as the forwarder contract instead of the user.
See below for its application in the deposit USDC on the cover provider page. Instead of paying for the gas fee, the user can simply sign on the transaction and let Tidal Finance take care of the rest!
Furthermore, the Biconomy infrastructure takes care of gas optimization and transaction management on behalf of the user. It deals with gas price fluctuations in order to reduce gas costs by up to 40%.
About Biconomy
Through Biconomy’s powerful and easy to use SDK/APIs, you can enable a simple and customized transaction journey so that your end users don’t get intimidated by blockchain complexities. This enables seamless interactions between your application and your end-users. The simplified web3 experience will ensure that drop-off rates decrease, thereby increasing user adoption.
About Tidal Finance
Tidal Finance is the first multi-chain flexible insurance platform, working directly with companies, and the first insurance solution to launch on Polygon. The flexible insurance model allows companies to adjust their premiums on a weekly basis based on fluctuating TVLs (Total Value Locked) and evolving investment strategies. Users can buy and cover insurance purchasers and receive the highest APYs in the industry. Tidal Finance is also the first DeFi insurance provider to offer gas-free transactions for cover providers and buyers.
📰 INFO
