ERC-20 Token Swaps Without Gas: Interview With The Founder Of The 0GAS Exchange – CoinQuora – Live Crypto News | Region & Cash

  • 0GAS DEX is a decentralized exchange that offers fee-free swaps between the long list of assets.
  • In addition to gasless swaps, 0GAS DEX offers a Launchpad and AirDrop tools, among others, to cater to users.
  • The MVP launch of the platform is planned for Q3 2022.

Ethereum-based digital assets played a significant role in the DeFi boom of 2020. While the Ethereum network is highly valued for its transaction security, scalability, and interoperability, it has a major drawback that becomes even more crucial in terms of market instability – the high transaction costs.

The interviewers had the opportunity to speak with the niche expert and founder of 0GAS DEX, AI, who strives to solve this problem by introducing a game-changing solution. Read on to see the transcript of the interview.

Q. How did you come up with your project idea?

Well, our solution has the potential to be a huge lifeline, so I regret that we are just getting 0GAS DEX to market. On the other hand, building a good project takes time, and finding an idea that can redefine the existing user experience requires insight, experience, and a visionary approach.

Since the early days of the DeFi boom, the Ethereum blockchain has become a staple of the space, with hundreds and hundreds of projects being released onto the blockchain every month. Despite its undeniable advantages, such as impressive stability, scalability, and sky-high adoption in the crypto community, the Ethereum blockchain also has several pitfalls. First, there are high transaction costs, especially at times of high market activity. Because retail investors are often stuck with their funds due to gas charges that are at or above the market price of their position, we had to do something about it. This is where the story of 0GAS begins.

Q. What solution does 0GAS offer?

The Ethereum network tends to become extremely congested as DEX users need to constantly trade their assets for many reasons. Not only do these swaps mean paying gas fees, they require a wallet that constantly holds some ETH to complete a transaction.

So we built a Layer 2 solution based on bridging Ethereum with the Skale protocol, which accesses a much higher throughput and transaction speed while remaining fully compatible with the Layer 1 blockchain. Also importantly, Skale can easily bridge to other popular blockchains, giving us direction for future development.

Q. Can you tell us about the security of the funds? As we all know, the safest ones are the ones you keep in your wallet.

0GAS is a no-custodial solution – hence we call it a decentralized exchange or DEX. Moving your funds to the 0GAS DEX requires a small gas fee, just like any transaction of an ERC-20 asset. But that’s the last point where you need to remember the limitations caused by the specifics of the Ethereum blockchain. After that, access unlimited swaps between the long list of assets while your initial funds are safe and stay in your MetaMask wallet.

Q. Is there anything aside from gasless swaps that will add value to your users?

I’ve been waiting for this question, and my answer is definitely yes! Not only are we optimizing the UX in terms of reducing swap costs, but we strive to provide our users with all the relevant tools needed to avoid entering and exiting the DEX too often. I’m actually talking about a whole ecosystem built into our main product that includes a launchpad, AirDrop tools and many more features to meet the needs of our users in the gasless zone.

Another important focus is to make the 0GAS platform a meeting place for private investors and owners and the projects. From the latter point of view, pooling their assets on 0GAS will definitely benefit their trading volume as users are not put off by gas costs here. Therefore, they are reluctant to exchange, especially for smaller purchase amounts. Once we launch cross-chain functionality, hopefully 0GAS will join the key exchange platform club.

Q. How is development going and what are the next milestones for you and your team?

First, we are on track for our MVP launch scheduled for Q2 2022. Given the progress of the current development team, I have no doubt that we are on track here. At the same time, we are running a crowd sale campaign to attract more investors on the eve of the final product release & IDO. Although we have already gained the support of several solid VCs and industry giants, we are mainly looking for early adopters and core project supporters at this stage. And I have no doubt that we will succeed.

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