Everstake Capital, Tenzor Capital, and Apvc.capital were among the investors in a $2 million private funding round that Zyfi, a gas abstraction layer on zkSync, announced on Monday.
The funding will be allocated to the development of software tools for developers and a payment management system for decentralized applications (dApps).
The funds will also be allocated to the funding of research into a novel approach to managing accounts that operate across multiple blockchains. This research will involve the creation of a system that is predicated on the EIP-7702 standard.
In the end, the objective is for dApps or foundations to provide funding for the majority of transactions, rather than individual users being responsible for the gas charge.
What is Zyfi? It is a “Paymaster-as-a-Service” that simplifies gas fees for consumers of zkSync, an Ethereum L2-scaling solution. It streamlines the tools available to dApp developers, offering a user-friendly interface for managing petroleum fees within their applications.
Zyfi has emerged as a preferred solution for numerous prevalent protocols. It has processed more than 815,000 transactions and eradicated gas fees for more than 110,000 users on zkSync. Zerolend, Increment Fi, Pancakeswap, zkMarkets, Libera, and even numerous NFT collections built on zkSync are among the examples.
Zyfi Empowers Users and Developers in the zkSync Ecosystem
The process is as follows: Zyfi makes use of the zkSync built-in account abstraction features.
This enables dApps to provide users with the option to pay gas fees using any ERC-20 token they possess, rather than requiring a specific cryptocurrency.
DApps have the option to sponsor a portion or the entire cost of their users’ gasoline fees.
This adaptability is enabled by a straightforward API, which enables them to concentrate on the development of dApps without concern for gas costs.
In addition to its payment service, Zyfi functions as an entry point to the zkSync network, which does not necessitate petroleum fees. Users can derive numerous advantages from this.
These include the identification of the most advantageous exchange rates and the transmission of tokens without the necessity of Ethereum for gas. Additionally, users may engage with protocols that lack their own payment system by means of custom transactions.
