Introducing 0x Labs’ New Trading API: Tx Relay
If you’re a regular DeFi user on Ethereum, you’ve likely experienced failed transactions due to insufficient ETH for gas fees. However, 0x Labs has a solution for you. The prominent web3 infrastructure developer, known for its decentralized exchange (DEX) Matcha, has launched Tx Relay, a trading API that enables “gasless” swaps between cryptocurrencies without the need to spend ETH on gas fees.
The Problem with Gas Fees
Gas fees are the costs users pay to execute transactions on Ethereum. On average, 8-10% of DEX transactions fail, with the figure rising to 20% during network congestion. Tx Relay abstracts away the process of setting gas limits by covering all the required gas within the transaction itself.
Gasless Swaps and MEV Protection
Tx Relay adds the cost of gas to the swap and charges it in the form of the token being swapped. This API is currently available on Ethereum and Polygon, with plans to launch on Arbitrum soon. Gasless swaps using Tx Relay also benefit from MEV protection, safeguarding against bots and advanced tools.
Simplifying the Trading Experience
Claudia Haddad, Coinbase Wallet Product Manager and a beta tester for Tx Relay, believes that network fees have been a significant pain point for years. Gasless swaps create a simplified trading experience that unlocks better user experience (UX).
A Solution for Crypto Traders
Gas fees can be challenging for both experienced and new crypto traders. Many beginners make the mistake of not having enough native tokens in their wallets to cover transaction costs. With gasless swaps using Tx Relay, users no longer need to worry about maintaining a balance of gas tokens. Additionally, large spikes in network congestion are rare, but if they occur, transactions will be automatically resubmitted and executed.
Gasless Swaps in Action
During its beta testing, gasless swaps have gained popularity among users. Coinbase reported thousands of users utilizing this feature in December alone, while Matcha witnessed an 85% reduction in failed trades. If everything goes as planned, Tx Relay could significantly improve the overall user experience for crypto traders and make on-chain transactions less daunting for newcomers.
Hot Take: The Rise of Gasless Swaps
0x Labs’ new trading API, Tx Relay, is set to revolutionize the DeFi space by enabling gasless swaps between cryptocurrencies. By abstracting away the need to set gas limits and covering all the necessary gas within transactions, Tx Relay simplifies the trading experience and reduces transaction failures. With added MEV protection and plans to expand to other networks, this API has the potential to greatly enhance user experience and attract new users to the world of crypto trading.
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