How UX gets better with "gasless" transactions by Daria Shakhbazova (@0xProject)

Transcript

right okay let me try uh Hey guys my name is Daria I'm Business Development lead for Xerox and basically today I want to chat about of course gasless transactions and generally the past the future and the presence of swapping I'm not a deaf like full disclosure but I talk to devs who use API for swaps on everyday basis and what's even more important I am a swap user the one that has been like really craving better ux experience for a long time and that's basically the focus of my talk today uh I know it's been a long day so I want to start with sharing my personal

kind of Journey and perspective on swaps so even though I'm not a crypt millionaire yet but basically I had really big pain when my gas my wallet ran out of out of gas for this I would need to go to centralized exchange I get some ease over there and probably most likely my exchange account or like I would need to get to factor out the realization remember all the passwords and somehow on this way I would be like thinking do I really want to do this trade this badly often I would stop and that's why when our team started to work on gasless transactions gasless in

a way that like you don't need to hold native token in the wallet I was truly excited and of course there is account abstraction which is like a buzzword right now but for me uh really account abstraction is very early Tech even though its promises huge potential smart contracts wallets are also quite early the adoption is not completely there yet and finally it's smart contracts which means they might be exploited and also it means like potential security risks so like account of structure is a abstraction is definitely holds a lot of promise but for me I want to be cautious take one step of at a time and basically this is like gasless transactions for me

in general now getting to more like serious business the talk first I want to talk about zero x a little bit more because not everybody knows the project and then I will do a little bit of Dima and we talk about use cases and gasless options to choose from because obviously we are not normally smart people in the room and not the only one who is building you on this and then a little bit about the future of this project so about 0x the team is quite old by crypto standards in terms of it's been around since 2017 and it's known for its contributions for example to NFC standard erc721 or like helping to

establish uh like West erc20 implementation the team is uh well funded uh by uh funds such as the coinbase ventures Greylock Pantera jump and many others and so the core product of the team is a swap API which is a trusted by many wallets and the apps to allow for swap infrastructure in the world such as metamask dividx matcha zapper coinbase Robin Hood recently launched a product for them the protocol and API has processed more than 100 billion of volume we are on

eight chains right now and so nine is coming with base and so we have processed around 50 million trades right now so about uh transaction relay edema for me uh transaction relay and any new product it's like better to see it one time or better use it if just to listen about it so I will play a little bit of a video hopefully it will launch so you could see how it works so basically here we have a simple wallet uh that had no uh like my chicken there here you can see just one usdc and we want to swap this usdc for one die

for this we go to gasless XYZ which is like demo product of ours for transaction relay swaps we connect this new wallet here you can see the whole process okay we select the token which is usdc okay we see one and we want to swap it for one die on polygon so yeah then we confirm the price permit like review sign and confirmed swap okay

and basically this is how the swap was done it's taking a little bit of time to aggregate the liquidity and to submit the trade to polygon so let's give it a few seconds overall and then we will see okay it's done and we can see the transaction ID and the route itself and like how it's done like overall so okay let me move back to the reason ah [Music] the other way around okay yeah so that was the Dima

okay uh oh okay this is just going weird Okay so talking about use cases for this basically uh I just shown you the most basic use case which is like swapping in the wallet for uh gasless swaps but I want uh this to be a little bit more interactive I know we're all tired but please try a little bit so uh but by the end of the talk I would appreciate if you could come up with a few ideas like creative ones how to use transaction really if you can send it to my telegram uh after the talk I will pick uh the best kind of solution the most original one and uh send you a piece of swag from like uh Xerox uh swag shop so here's my

telegram if anyone's to like take advantage of it overall I'll give it a minute here we have much more spec than it's shown right now so lots of nice jackets from architects in case someone interested kidding okay so coming back to use cases the most basic use case is of course to set up new account in the depth or like wallet so how it normally works in defy basically if you want uh to First you deposit token a to your day count then your deposit is then you pay approval

for token a with ease and then finally you trade token a for token B with transaction relay which is also gasly swaps you just deposit token into the account and you trade token a for token B very simple Second Use case also very straightforward for example trading a new token say end user wants to trade token B but he doesn't have is to pay for approvals so end user deposits is into the account they pays for approval photo can be with ease and finally trade token before token a again with transaction relay you just trade token B for token a overall now this is our basic use cases if you

cannot come up with more creative like please share with me like happy to send you a piece of Swag there are many more I'm not covering here all now about competition basically this is a little bit outdated as of now but the key advantages of transaction relay is that we have like gasless approvals and a wider token selection versus others here you don't see one inch Fusion this is a little bit for a reason basically if we can compare a Xerox transaction relay versus one inch Fusion I would say there are two differences key differences here the first one pricing wise we should be a bit better but because the design of the system is

uh positioned in a way that all our market makers and IMS compete for the best quote while for one inch Fusion uh the ones who staked or more tokens they have like first look uh first five resolvers overall so pricing wise we should be a little bit better here and second part in terms of timing basically is uh the timing of transaction relay is as fast as like regular swap when always one inch Fusion it's kind of different modes it can be from one minute to like several minutes okay so if we summarize the benefits in terms of ux so we have like both Gaslamp

swaps and gasless approvals here you don't need to have native token for this then transaction really manages uh like transaction submission uh basically you can either sponsor gas for the user or Xerox will recoup us from the user on chain and finally you don't need to switch Network which is also kind of painful with the transactional delay in the wallet how it works this is very high level uh there uh apis consist of four endpoints and basically they key stuff key components are meta transactions ef712 and gasless approvals ah very high level and what are the limitations because like of course not

any product is ideal and we are working to improve it every day basically gasless approvals work only on tokens that support permit currently it's around like 100 or a little bit more like on Boston is and polygon where the transaction relay operates second part you can't sell native tokens for gaslessly so basically you can sell ease for usdc but you can sell usdc for is gaslessly and price wise if we compare like 0x apis regular swap versus transaction relay if we are talking about most popular tokens then the price is on par for more exotic players it could be slightly worse due to gas efficiencies

in general so what's next for us first of all we are going to full scale launch of transaction relay in Q2 earlier and kind of different versions of this product has been used by much uh Robin Hood and gasless XYZ uh second part we have more chains coming obviously and the third part is we are working on getting more tokens covered by Costless approvals to summarize it all you don't need to wait for account abstraction adoption to swap gaslessly and to provide better user experience for your users and if you want to have Early Access to transaction delay he is QR code for the

Forum feel free to reach out like happy to chat with you overall um basically I will stop here for a second and basically on this slide and now let me see if we get any swag swag swag swag okay interesting one purchase lottery ticket with DC and no gas I didn't see that one yet coming we'll see what are others okay [Music] uh swapping a base asset direct government asset on the same base huh that could be interesting one

okay and then we have I guess we have very genius well yeah we have bridging okay yeah in bridging it's really big pain points for gasless uh okay so we're getting a little bit more uh gustless use case Okay engineer gets a salary in UCC to a new is addressed from his employer but wishes to offer him using sex without buying is and sending it to fulfill transactions with gasless this can be done in one go sent to section of ramp and one huh interesting so basically salary payouts

oh okay out of all of this I think so far I like Bridging the most because it's a big pain point but like thank you for all the submissions in general that all are very interested use cases and right now I will wrap up and like if any questions feel free to like ask them yeah sure okay a full disclosure not engineer but we can exchange context I will ask our engineers and I will get back to you but I know they're working on it like they

I've been chatting with them so yes happy to take it offline and get you proper answer here yeah we kind of looking into it nft swaps is actually one potential use case as well because with like crafties you wouldn't like it's a big paint also yeah yeah okay I think we're covered here okay thank you so much