- 0x’s new Tx Relay API enables gasless trading, abstracting away gas costs and complexities for users.
- Gasless trading provides a smoother experience for traders, with no failed transactions or need to hold ETH for gas.
- If adopted widely, gasless trading could attract new crypto traders hesitant about Ethereum’s high gas fees and complexity.
Gas fees on Ethereum have long been a top complaint among crypto traders. Failing transactions and headaches over gas costs are all too common, especially during times of network congestion. This presents a major barrier to entry for new crypto users.
0x Launches Gasless Trading
On January 22nd, 2023, 0x announced the launch of a new gasless trading API called Tx Relay. The API allows builders to facilitate swaps without users having to spend ETH on gas.
How Tx Relay Works
Tx Relay abstracts away the need to set gas limits. It covers the gas costs internally and adds it to the swap. Users pay for the gas in the token they are swapping. This prevents failed transactions due to insufficient gas.
Benefits for Traders
Gasless trades through Tx Relay provide a smoother user experience. Traders don’t need to hold ETH for gas or worry about bot exploitation. Trades are also automatically resubmitted if transactions fail due to congestion.
Industry Response
According to Coinbase, thousands of traders used Tx Relay’s gasless swaps during the beta test. Matcha also reported an 85% reduction in failed trades. The feature could attract new crypto traders hesitant about gas fees.
Conclusion
If gasless trading gains widespread adoption, it would significantly improve the user experience on Ethereum. By abstracting away gas complexities, 0x aims to make DeFi more accessible to mainstream traders.
