Kromatika has launched its gasless swap feature. From now on, Kromatika users will no longer have to pay gas fees in $ETH or $MATIC when executing swaps on the DEX. This means traders will no longer have to keep a reserve of these currencies in order to use Kromatika’s dApp.
Instead, gasless swap mode, when enabled, will let users pay their fees from the token they receive as part of a trade. When transactions are executed, users will pay the fees from the output token. For example if you swap $SUSHI for $MAKER, you will pay a small fee in $MAKER. If you buy $KROM with $USDC, you pay a small fee in $KROM – and so on.
This is similar to how it works on a CEX. The CEX takes a portion of the token you are swapping for as its fee on trades. It saves hassle, it speeds up the entire process, and it stops the need for a third token needing to be used to enjoy swap functionality on the DEX.
How Gasless Swaps Help Complex Strategies
The feature is optional. Users who want to continue paying gas fees in $ETH or $MATIC can do so. Those who enable the gasless feature won’t. Gas fees have long been a sticking point for traders attempting sophisticated strategies, as the constant ‘tax’ bites into the profit margins of each trade.
When a strategy involves multiple trades across many different asset classes, that ‘tax’ can add up. In addition, the headache of keeping $ETH or $MATIC always in reserve, and never being sure of the gas prices on any given day, is a further problem that Kromatika’s gasless feature will help overcome.
What Gasless Swaps Can Unlock
However by using gasless mode it does unlock the ability to execute swaps without $ETH or $MATIC. Kromatika creates the transaction, calculates what the user can expect to receive, and explains the fees for the user for the trade. This fee is denominated in the token they hope to receive. Kromatika does this by scouring liquidity from a huge variety of DEXs in their aggregator to find the best price. And this service is free.
The user simply signs that transaction, agreeing (this does not cost gas). In simple terms, a user will have fees deducted from the final amount of tokens they are going to receive, rather than having any upfront costs.
Gasless mode functions through the work of relayers. In short, These relayers pay the gas fees for traders, and collect their reward from the output tokens a user has agreed to give them as part of the trade. No $KROM needs to be deposited for this feature, it works for anyone. And any token from any pool, as long as it’s not a honeypot token, can be used to pay the fees to the relayers.
Any Token Can Be Used for Gas
The advantage of this is no token will be needed for an entire trading strategy. To use Kromatika, you will only ever need to pay $ETH or $MATIC once – when making the initial deposit. After that, users can trade efficiently and effectively from the Kromatika DEX and pay their fees from the profits of their trading in the tokens they are trading.
The gasless feature in Kromatika’s DEX is made possible through a close collaboration with Biconomy. Biconomy are the market-leaders in helping dApps pay gas fees on behalf of end users. Their goal is to simplify the adoption of crypto for the mainstream, and their collaboration with Kromatika is another step towards that essential goal. They act as the relayers for the Kromatike dApp and make gasless mode work.
Kromatika users will delight in the fact that they no longer need any other token to do all their trading activity. Kromatika’s DEX, with its MetaDEX aggregator, is steadily becoming a one-stop-shop for all ERC-20 trading activities.
Kromatika’s Rapid Expansion Turning Heads
Kromatika’s DEX has already made decentralised limit orders better by stopping front-running bots taking advantage of users, it reduces slippage to a bare minimum through liquidity aggregation, and is in the process of adding a derivatives market to its platform. Now, with gasless swaps for the swap feature, Kromatika is removing another barrier – and headache – that crypto traders face. If Kromatika keeps progressing at the pace it currently is, it is sure to become one of the most popular, flexible, and economical ways of decentralised trading.
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