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January 19, 2022, 11:41:54 PM |
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It's been 2 months since Kromatika protocol was launched as the first decentralized limit order manager powered by UniswapV3.
During those months, the team has completed a live deployment on Optimism network with a few live deployments on other networks in the pipeline, scheduled for January.
Kromatika has brought a unique solution for traders to do limit trading on DEX, without swap fees, no price slippage and no risk of front-running bots, all supported by Uniswap liquidity.
There were 100 limit trades already created on Optimism and we expect many more to be created once Kromatika protocol hits Arbitrum and Ethereum network.
But before getting to Ethereum, let’s consider the problem that is troubling the network:
THE GAS FEE PROBLEM
Lately, the Ethereum network has seen an increase in network gas fees, making it barely usable for low profile users. This has forced some of the projects and especially users to seek alternatives to other networks where the gas fees are much cheaper.
Even Kromatika joined the effort to deploy its protocol on 3 alternative chains (Arbitrum, Optimism, Polygon) beside Ethereum mainnet to allow its users a cheaper alternative.
However, Ethereum chain still remains one of the biggest, if not the biggest chain with huge trading DEX volume, forcing the projects to look for alternatives how to optimize their DAPPs and save on gas fees as much as possible.
Kromatika also tried to optimize its DAPP and provide as low gas fees for its users as possible. While our smart contracts have been optimized for lower gas costs, still it was not enough. We went even deeper into trying to find solutions on how to avoid Kromatika limit traders to pay gas fees.
The solution has been found !!!
We are thrilled to announce that Kromatika is the first ever GASLESS limit order manager for Uniswap.
HOW TO DO GASLESS TRADES?
Usually, when users are submitting limit trades on Kromatika, they need to pay gas fees that depend on the gas price.
This gas price varies a lot especially on Ethereum mainnet and sometimes can be as high as 300–400 gwei, resulting in 200–300$ spent just on ETH gas fees.
How can we avoid gas fees ?!
The solution sounds simple: We relay the gas fees to someone who is willing to pay them.
It sounds simple, but it was tricky to explain and implement. That someone needs to be compensated for its effort of relaying the transaction and covering the gas fees. We are calling them Kromatika Relayers.
KROMATIKA RELAYERS
Kromatika Relayers are small micro-services, running on the bullet-proof OpenZeppelin technology, accepting requests from Kromatika users, and submitting their transactions onto the Ethereum blockchain network to be confirmed by the miners.
Kromatika Relayers are publishing the transactions on the blockchain on the user’s behalf, thus covering the ETH gas fees.
But how Kromatika Relayers are getting compensated for their service.
The solution might be simple:
KROM
That’s right. Kromatika protocol gives the opportunity to its users to use KROM for compensating the Relayers. Note, this feature is experimental, optional and every user can decide to enable gasless mode individually. By default, the mode is disabled and ETH gas fees are being paid.
Lets see how the user interaction with Kromatika is, when gasless mode is enabled:
User deposits KROM balance in Kromatika protocol ( this is a blockchain transaction, need to pay gas fees at least once).
User starts creating limit trades on Kromatika (no ETH gas fees being paid).
Some of the limit trades are filled, user gets the amounts from the trade directly in their wallet (no ETH gas fees being paid), this is an automatic step, done by the Chainlink keepers.
User cancels some of their pending limit trades (no ETH gas fees being paid ).
By enabling gasless mode, users can deposit KROM tokens in the Kromatika protocol at least once and use the Kromatika protocol for limit trading all the time, without having to pay a single ETH gas fee anymore.
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