Decentralized technology is on a path of revolution — from traditional exchanges to decentralized exchanges, with the aim of facilitating a more convenient and secure trading space. Although the centralized exchanges conduct trade off-chain, it is necessary you know that despite the development occurring in the trading space, most of their existing challenges, especially the “high cost of transaction” are yet to be resolved. However, a new blockchain project ‘Biconomy’ is offering an attractive alternative to resolving this present-day issue.
Biconomy, a multichain transaction platform that empowers Dapps to provide a simplified onboarding and transaction experience for their Web3 projects, has recently launched Forward Swap. The decentralized exchange sources its liquidity from Uniswap but provides the option to pay gas in a variety of stablecoins. This vastly improves the user experience for both crypto newbies & seasoned traders.
With it, new DeFi users can swiftly onboard and swap tokens without having to buy & own ETH. The necessity to own ETH to pay gas can be a bottleneck for new users. But the biggest issue is that spending ETH as gas is a lost investment. If you spent 100$ ETH as gas between Jan-May 2020, the same amount is now worth 800$–1000$! So you just burnt away 700–900$ in investments. What should have cost you 100$, ended up costing you 1000$. That’s like buying groceries with Tesla Stocks. Not only did you lose your gains as the stock rallied, but the pack of milk you bought also ended up costing you twice as much.
Moreso, with Forward Swap, it becomes seamless for users can quickly onboard and save their precious ETH investments. Overtime, these ETH savings add up. Interestingly, check here how much ETH you could have saved if you had been paying gas in stablecoins. The result is shocking. In fact, most of us have really overspent on gas by 50-60% due to rising ETH prices. Thankfully, Forward Swap helps save gas even further. It ensures no transaction fails and each of them is gas-efficient.
Biconomy has launched its early adopter program to reward early users on testnet and gain feedback for Forward Swap. Wallets that perform 3 swaps on the testnet are eligible for future Biconomy drops and rewards. The team says the feedback will help perfect their product offering – Forward.
Forward Swap is the first use case built on Biconomy Forward
Biconomy Forward provides developers with simple APIs to allow their users to pay gas in ERC20 tokens! It’s another milestone in Biconomy’s mission to simplify the web3.0 experience. Moreover, Biconomy has a 15K$ grant program for Dapps and developers looking to integrate Biconomy Forward. There are loads of use cases that be enabled now:
- DeFi protocols and wallets can improve their UX 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. As discussed, this will delight their users who want to save up ETH. We see this becoming a competitive advantage for certain DeFi applications, and are already in talks with major players such as Curve & Idle Finance.
- Blockchain games can improve their crypto-economic model by allowing users to pay fees in their own tokens. This will add a new component to the token model.
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.
- 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 conclusion: 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 a simple and customized transaction journey so that their end-users don’t get frustrated by blockchain complexities. The plug-n-play solution enables seamless Web 3 interactions between DApps and end-users. 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.
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