The high cost of gas fees has become a financial nightmare for regular users in the web3 space.
Basically, the wide range of use cases within the Ethereum network serves as a key driver for the issue of scalability. According to ycharts report, the Ethereum average gas price is at a level of 141.12 Gwei as of the time of writing. Meanwhile, the recent upsurge in ethereum gas fee has negatively affected ERC-20 projects in the aspect of running microtransaction payments on the Ethereum network. Moreover, any interaction with the Ethereum blockchain requires users to pay a gas fee which is measured in units of ETH called Gwei (1 billion Gwei = 1 ETH). And as such, the more complex a transaction is, the more Gwei required to execute it.
With the ever-expanding DeFi movement, users have had to pay miners higher transaction or gas prices due to the inherent complexity of the DeFi decentralized applications, thereby making interaction with decentralized applications uneconomical for regular users. Recently, the web3 applications have encountered some major roadblocks at the crypto transactional layer such as the necessity to pay a gas fee for Decentralized Applications (DApp), long complicated onboarding process, complex blockchain technicalities, volatile and high gas fee, pending and stuck transactions, and more. Consequently, this has resulted in poor user onboarding and transaction experience in the web3 space, thereby decreasing user adoption. Well, thanks to the ingenious blockchain solution — Biconomy, it is simplifying the web3 experiences by transforming decentralized applications (DApp) for everyday users.
Simplifying web3 experiences
Biconomy is a multichain transaction platform that empowers Dapps by using the concept of meta transactions to provide a simplified onboarding and transaction experience for Web3 projects on blockchain and crypto networks. The developer-friendly platform employs powerful and easy-to-use SDK/APIs to delight users by eliminating blockchain complexities through gas-efficient meta-transactions. More so, Biconomy infrastructure enables developers to grow their user base by implementing the perfect experience for crypto savvy and crypto noobs in order to decrease drop-offs and drive higher conversion.
Additionally, with the developer-friendly infrastructure, there’s no need for metamask and crypto proficiency as it aims to simplify transactions by handling blockchain-related complexities under the hood, thereby making web3 products as intuitive and easy to use as legacy web2 products. Meanwhile, here are some of the glaring features of Biconomy that’s distinguishing them from others.
- Non-Custodial & Trustless: Biconomy system is trustless by design and as such cannot tamper with user’s data.
- Gas Optimization: Helps users to reduce gas costs on Ethereum by up to 50%.
- No Stuck Transactions: Ensures that users transactions do not get stuck and they are validated on time at the optimal gas price.
- End-User Friendly: Facilitates gasless transactions for users by allowing them to easily pay gas in ERC20 tokens.
- Platform Agnostic: Allows participants to integrate Biconomy using Javascript SDK via npm or CDN as well as applying the platform’s APIs on any other platform.
- Developer Friendly: Easy plug and play solution with minimal code changes required. Compatible with existing systems and major Web3 Wallets.
- Blockchain Agnostic: Platform’s architecture is built from the ground up to be blockchain agnostic.
- Scalable Relayer Infrastructure: A dynamic relayer infrastructure that can scale horizontally and vertically as users DApp and transactions scale.
In a big leap to blockchain ingenuity, the Biconomy ecosystem has recently launched Forward Swap, the first use case built on Biconomy’s new launch. Interestingly, the Biconomy Forward helps to save gas even further by providing developers with simple APIs that allow users to pay gas in ERC20 tokens. Additionally, it ensures no failed or stuck transactions, as this can be really frustrating for anyone especially new crypto users.
The decentralized exchange — Forward Swap, sources its liquidity from Uniswap, but accepts gas fees in various stablecoins. Consequently, this will facilitate a better user experience for both crypto newbies & seasoned traders. Today, developers can leverage Biconomy Forward Swap to build different use cases in the web3 space such as:
- DeFi protocols and wallets can improve their user experience by allowing their end-users to do everything without having to own ETH.
- All decentralized applications can onboard new users in seconds by giving a sign-up bonus of their own tokens.
- Financial applications can allow users to pay gas in stablecoins. This will delight their users who want to save up their ETH and would rather pay gas in DAI, USDT, USDC etc.
- Blockchain games can improve their crypto-economic model by allowing users to pay fees in their own tokens.
Therefore, it’s crystal clear that the Biconomy infrastructure is on the path to simplify the web3 experience in order to drive mass adoption.
Backlash Following Later Than Expected Rollout For Cardano Smart Contracts
At yesterday’s Cardano 360 event, IOHK CEO Charles Hoskinson gave an update on the long-awaited Alonzo upgrade. Due to stress testing and exchange integration, Hoskinson expects a rollout in mid-August. IOHK had previously penciled in a date of the end of March 2021 for this to happen. A five-month delay hasn’t gone down well with […]