Ondefy Labs is thrilled to announce Zyfi, a set of tools designed for a completely abstracted DeFi experience on zkSync. Since launching the Ondefy App, we’ve onboarded over 20,000 users into DeFi through a seamless on-chain experience. Today, we’re excited to share with you our vision for Zyfi, using native account abstraction to make zkSync accessible for all.
zkSync as a foundational building block
Ethereum had planned to implement native account abstraction at the core protocol level, however, this would have been a complex change. It would have resulted in compatibility challenges; as existing smart contracts, wallets, and user interfaces were all designed without account abstraction in mind. Changes that might require significant alterations, demanding extensive testing, community consensus, and coordinated deployment efforts.
After engaging with zkSync and other projects in a X space, selecting zkSync Era as our focus was a clear and straightforward decision. First off, zkSync is EVM compatible and natively supports account abstraction. This compatibility is crucial for us as most of the services we have developed at Ondefy are EVM-compatible.
Many values of zkSync resonate with ours, as both our teams believe in creating a free financial system accessible to all. ZkSync has solved scalability and cost, using roll-ups that scale computation whilst preserving the ethos of Ethereum. While the zkStack shows great promise for niche degen applications, it has yet to attract a significant number of users. With Zyfi we will be able to offer a first-class experience that will accelerate our transition to the sovereign economy of tomorrow.
The Gas Problem
Managing gas has always been a problem, whether you suddenly run out of it or need to fill a specific wallet with it. You can find yourself losing a considerable amount of time and with scattered funds across multiple wallets.
Currently, to achieve full gas abstraction on the mainnet for any token or asset, a smart contract account's is essential. Paymasters are not accessible to externally owned accounts (EOAs) due to their inability to interact with them. Smart Wallets, while offering a potential solution, come with their own set of drawbacks, such as the need of gas for deployment, limited interoperability, and potential security risks.
On zkSync Era Account Abstraction is implemented at the core protocol level enabling a seamless experience for EOAs as well.
“Accounts in zkSync Era can initiate transactions, like an EOA, but can also have arbitrary logic implemented in them, like a smart contract. This feature, called "account abstraction" (AA), aims to resolve the issues described above.” zkSync documentation
What if you could swap any token just by signing a gasless message from your wallet? This breakthrough can bring users a seamless and cost-effective trading experience. It’s not only about convenience; it’s also about expanding accessibility and usability for everyone in the DeFi ecosystem. This goes for swapping but actually could be for any type of generalized transactions you want to do.
Introducing Zyfi Paymaster API
We are enabling generalized gasless transactions on zkSync, allowing for transactions without the need for ETH to cover gas fees. We want the whole zkSync ecosystem to function gaslessly and in order to do so we are building a paymaster API that will enable any project to propose a way for their user to pay gas using any ERC-20.If you wish to know more about the whole process or would like to use the API, you can read our documentation. Below is the full flow enabling a complete trustless process for any dApp to integrate.
Meet Zyfi Portal: Your ETH-free gateway portal
We aim to provide a gasless interaction hub for all zkSync users. To achieve this, we are developing a user-friendly frontend. It will serve as an abstracted on-chain platform, offering users the ability to interact with zkSync without incurring gas fees.
Our platform will enable users to perform gasless swaps and broadcast custom transactions by utilizing ERC-20 tokens as payment. Essentially, we will serve as a "gas rescue" solution for users who do not possess ETH in their wallets when conducting transactions on zkSync.
Gasless swaps
We think gas in the future should be completely abstracted away from the user without him knowing it even exists. The gas fees itself should be implemented in the total cost for a transaction.
Connected to an aggregator, the product enables users to perform gasless asset swaps with just a simple signature. The swap feature is compatible with both web2 (magic) and web3 wallets. Users have the flexibility to choose any asset as an input token, and the gas costs are covered by the selected token. This means users can execute various types of swaps without the need for ETH to pay for gas.
Custom transactions
For experienced users, we are creating a page where someone can come up with their own transaction data and broadcast it gaslessly.
This would let the whole zkSync ecosystem broadcast any type of transactions whether it’s for Lping in a pool, lending/borrowing an asset, trading an NFT, or doing an ERC-20 transfer to someone. Here, a user will be able to pay his gas fees with an ERC-20 for any type of transaction he wishes to do.
Wen Zyfi?
We're excited to announce that a demo is out for people and protocols to try! This release will empower both individuals and projects to initiate gasless transactions on zkSync seamlessly. You can try our products on our website and find more details on the project.
Calling all DeFi protocols on zkSync! If you're keen on offering a completely gasless experience to your users, we invite you to collaborate with us. Whether you're a Decentralized Exchange (DEX), a gaming dApp, or any other project striving to enhance user experience, our upcoming release is designed to facilitate a smooth, gasless experience for all users.
Stay engaged and informed about our upcoming releases by tuning into our channels. We're committed to fostering a comprehensive on-chain experience on zkSync for projects and users alike, and we can't wait for you to be a part of this exciting journey!
Links:
Documentation: https://docs.zyfi.org/
Demo: https://zyfi.org
Telegram: https://t.me/joinchat/3-fAd9pmy9gwODlk
Twitter: https://twitter.com/ZyfibyOndefy