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Flash Trade: Gasless

September 19, 2023

As the launch of Flash Trade nears, the Kinetex team wants to shed more light on the gasless solutions created for the Kinetex dApp. The Kinetex team has been working in the blockchain industry for many years, striving to make DeFi more accessible and provide users with a smooth and hassle-free experience. Gas payments were one of the challenges the team wanted to overcome, and they achieved that with innovative gasless solutions.

Universal Gas is an ingenious technology that streamlines transferring your crypto assets cross-chain. As you may know, the Kinetex dApp has been offering a gasless solution suitable only for the EIP-2612 tokens (also referred to as permit tokens). It is available automatically when swapping assets via the Kinetex dApp's Liquidity Aggregation mode. Universal Gas will cover all tokens, allowing for a genuinely universal gasless solution. 

In order to enable Universal Gas, Kinetex will use relay nodes that will automatically calculate gas costs and complete transfers for users. This way, users can forget about handling multiple native coins at once or waiting for multi-part transfers to complete. Users will need to make a gasless deposit once to swap across supported networks without native coins. 

Consult this simple step-by-step guide to help you use Gasless.

The Step-by-step Guide

1. When you want to make a swap, you can activate a gasless feature at the top of the dApp window. Click on the gas column icon, and Kinetex will search for routes starting with permit tokens. These routes do not require native coins to pay blockchain fees.

2. If you want to swap assets that are not complacent with EIP-2612, you can use Universal Gas instead. Find it at the top of the Kinetex dApp page.

3. First, connect a wallet containing the crypto assets you plan to use for a gasless deposit.

4. You will see all native coins you can borrow below your connected wallet.

5. Second, select a network where you need gas. Note that you may choose multiple.

6. At this step, you can choose the amount you want to borrow.

7. See all the details about your deposit and adjust it accordingly. The deposit amount can usually vary between $1 and $15 based on selected networks, native coin price, gas fee size, and maximum gas limit. 

8. When you have the required native coins, you can return to your swap.

Please note that you can withdraw your gasless deposit at any time as long as you do not have any outstanding debts. Since Kinetex does not use the funds from your deposit, the deposit amount will remain the same, provided you do not have outstanding debts.

You can request any amount of gas that your deposit can cover, with the obligation to pay it back. When you make the repayment, please ensure that you pay the total amount you previously spent, the gas fee paid for transferring a native coin, and the GasTank fee.

Kinetex Network: Website | Kinetex dApp