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Ethereum-based digital assets played a significant role in the DeFi boom that occurred in 2020. While being valued highly for its transaction security, scalability and interoperability, the Ethereum network has a major drawback, which gets even more crucial in terms of market instability — the high transaction costs.
Interviewers had a chance to talk to the niche expert and 0GAS DEX founder, A.I., who is striving to overcome this issue by introducing a game-changing solution. Read on to see the interview transcript.
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’re only just launching 0GAS DEX. On the other hand, it takes time to build a good project, and searching for an idea capable of redefining the existing user experience requires insight, experience, and a visionary approach.
Since the early days of the DeFi boom, the Ethereum blockchain has become an integral part of the space, with hundreds and hundreds of projects released on the blockchain every month. Despite its undoubted advantages, like impressive stability, scalability, and sky-high adoption among the crypto community, the Ethereum blockchain also has several pitfalls. First, it’s high transaction costs, especially during periods of high market activity. Since private investors often get their funds stuck because of gas fees equal to — or even exceeding — the market price of their position, we had to do something about it. Here is where the 0GAS story starts.
Q. What solution does 0GAS offer?
The Ethereum network tends to become extremely congested due to the fact that DEX users constantly have to transact their assets for many reasons. These swaps mean not only paying gas charges but require a wallet to constantly hold some ETH in order to process 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 one blockchain. What’s also important is that Skale can easily bridge to other popular blockchains, which gives us a direction for future development.
Q. Can you tell us about the security of the funds? As we all know, the most secure are those that you keep in your wallet.
0GAS is a non-custodial solution — therefore, we call it a decentralized exchange or DEX. Moving your funds to the 0GAS DEX requires a little gas fee, just as with every transaction of an ERC-20 asset. But that is the last point at which you will have to remember the limitations caused by, let’s call them, the peculiarities of the Ethereum blockchain. After that, you access limitless swaps between the long list of assets while your initial funds are safe and remain in your MetaMask wallet.
Q. Is there anything, apart from the gasless swaps, bringing value to your users?
I was waiting for this question, and my answer is definitely yes! We not only optimize the UX in terms of decreasing swapping expenses but strive to provide our users with all the relevant tools necessary so there’s no need to enter and exit the DEX too often. I’m actually speaking of an entire ecosystem built in our primary product, which comprises a launchpad, AirDrop tools, and many more features to fulfill the needs of our users within the gasless zone.
Another important focus is making the 0GAS platform a meeting point for private investors and holders and the projects. From the latter’s perspective, pooling their assets on 0GAS will definitely benefit their trading volume, as the users here are not frightened away by the cost of gas. so they hesitate to swap, especially in cases of smaller purchasing amounts. Once we launch cross-chain functionality, 0GAS will hopefully step into the Key Exchange Platforms’ Club.
Q. How’s the development going, and what are the nearest milestones for you and your team?
First, we are on the way to our MVP launch, which is planned for Q2 2022. Considering the progress of the current dev team, I have no doubts we are on track here. Along with that, we are running a crowd sale campaign to attract additional investors on the eve of the final push of the product release & IDO. While we have already enlisted the support of several solid VCs and industry majors, at this stage, we are mostly looking for early adopters and core project supporters. And I have no doubts we will succeed.