Greetings from the Kinetex team!
Dubai, UAE, 17th November 2023, A lack of interoperability between blockchains leads to many challenges in the DeFi market, and complicated gas payments might be one of the most puzzling and irritating. To use different crypto assets, users must store and regularly refill coins for each network they use while also managing the related wallets. Unfortunately, DeFi users have been unable to use a single balance for all payments, which is a standard feature of most centralized exchanges.
However, things are changing!
Last November, the Kinetex development team introduced an innovative gas technology called Multi-chain Gasless to simplify the process of paying gas fees. With Multi-chain Gasless, Kinetex users can make gas payments using assets they swap or any other token that supports EIP-2612. Yet, the team believed this was not enough and committed to further streamlining the process and adding more payment options.
Today, the team is happy to announce the upcoming launch of the second version of Multi-chain Gasless, called Universal Gas. With this technology, users will be able to forget about the hassle of paying gas in various chains.
How will it work? Users will need to add funds to specialized gasless accounts once to enjoy effortless gas payments across all supported networks. Kinetex relay nodes will help users obtain any native coin necessary and then automatically refill the balances with tokens from their swaps. If it is impossible to do in time for some reason, the spent amount will be deducted from the balance of users’ gasless accounts. Such an approach means that every user can enjoy using Universal Gas for a long time without topping the gasless balance, provided they complete every swap.
Keep an eye out for the upcoming release of Universal Gas! Thanks for your continued support!
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Market Encore journalist was involved in the writing and production of this article.