Kromatika partners with Biconomy
Kromatika partners with Biconomy to enable gasless transactions. Biconomy, is a Next-Gen Multichain Relayer Protocol.
Biconomy makes the process of owning and managing crypto-currencies considerably more accessible to people. Through the concept of meta transactions, users can make transactions on the blockchain without owning any tokens to pay for gas. Kormatika will sponsor these gas fees for its users.
Enable paying gas in ERC20
Blockchain technology allows users to be independent. However, being independent has a cost. To use the Ethereum Blockchain (i.e. to register a transaction in the “big book” aka blockchain), users have to pay some fees in ETH. But, what if you do not have ETH at that moment to pay for fees? Well, it simply means that you won’t be able to use that technology
Kromatika believes that its native token($KROM) should be enough for users to utilize its protocol. For this reason, they have introduced a new feature that enables users to utilize its dApp while paying the gas price with $KROM (ERC20) thanks to Forward. Gas costs can be spent on behalf of users by developers or any third party. The ETH is then supplied in the relays.
“We are very excited for Kromatika’s DEX as it offers strong features across various chains, like No front-running bots. With Biconomy, they are now also one of the most user friendly DEX in the market” —Aniket Jindal COO & co-founder at Biconomy
Kromatika protocol and Biconomy
With this new collaboration with Biconomy, the Kromatika protocol brings a solution to another part of the blockchain ecosystem: whereas owning and using ETH was previously a necessity, it is now an option.
Kromatika is confident that through this partnership, they will be able to meet the demands of the community to provide a seamless and efficient dApp.
The specific pain points that caught the team’s attention were the following:
- The necessity to pay a gas fee every time the user utilizes your application.
- Users can only pay in ETH, which they may not have at that moment
- New Users have a long complicated onboarding process.
- Proficiency in complex blockchain technicalities is required
- Volatile and high gas fees further dampen the user experience on your dApp
- Pending and stuck transactions
To solve these issues, Biconomy acts as a web3 genie & abstracts away these pain points. Using Biconomy’s relayers, Kromatika can offer gasless transactions to its users so they don’t need to pay gas or manage their transactions. And they can also pay gas in the Kromatika dApp’s ERC20 token $KROM.
What’s next?
Kromatika will incorporate these functionalities into its dApp to provide users with a smooth experience through gasless transactions.
ABOUT Biconomy
Biconomy is the multi-chain transaction infrastructure for the next-generation Web 3.0 applications. Through Biconomy’s powerful and easy-to-use APIs, developers can enable a simple and customized user journey so that their end-users don’t get frustrated by blockchain complexities.
ABOUT Kromatika
Kromatika is a decentralized trading protocol enabling crypto traders to execute limit orders on top of the Uniswap DEX. This feature alone makes it a useful dApp by itself, but the real innovation is the ability to trade without any swap fees, without any price slippage, and with no risk of front-running bots. Kromatika also benefits from an advanced MetaSwap Aggregator.
RESOURCES
Medium
