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Biconomy, a cross-chain transaction infrastructure for decentralized applications, announced today that it has integrated Chainlink in in order to calculate execution fees and rebalance its forwarding infrastructure on the mainnets Polygon and Ethereum.
He will do it use Feed chain link price a ensure users receive fair market rates at checkout for transactions in a cryptocurrency that differs from native asset of the blockchain is operating on.
Biconomy enables the blockchain developers provide a simplified onboarding and transaction experience for users of Web 3.0 and blockchain projects. It does it through powerful API that remove many of the complexities inherent in Web 3.0 applications.
Recently, Biconomy launched a module called Forward that allows end users have to pay the DApp gas taxes in token ERC-20 and stablecoin supported rather than the underlying blockchain cryptocurrency of the blockchain are working on (i.e. ETH or MATIC). In the backend, this requires that i token of users are converted into to native currency of the blockchain / DApp in order of complete a transaction.
The on- chain process a completing a transaction powered by Chainlink begins with the customer who retrieves the current gas price from servers. The forwarder ERC20 then receives that token the user wants to pay for the gas in and the price for that token it is required by the Oracle aggregator, which refers to Chainlink. Thereafter, the ERC20 forwarder calculates accordingly how lot of token the user should pay to cover their gas and then charge the user. The commissions are then calculated and paid for in the converted ETH.
Biconomy + Chainlink
Integration with Chainlink guarantees that Biconomy is in able to calculate gas tariffs of every transaction using a precise exchange rate, maintaining a fair and reliable payment infrastructure. This is extremely important when transactions are completed in various currencies. Therefore, users can pay for gas in the token of their choice while being certain they are paying the right taxes. DApps can enable it new feature to improve the user experience and offer flexible gas payment options.
“As we continue to work to simplify Web 3.0, Chainlink will act as a critical component in architecture us need to simplify payment processes. Using Forward, users can now save their holdings in ETH instead of waste it on gas.”
– Aniket Jindal, co-founder of Biconomy
This integration of Chainlink Price Feed marks Biconomy’s first foray into the oracle independent of the blockchaingnostic technology. In future, Biconomy plans on integrating numerous other ERC-20s token price feed on different blockchain networks, this will satisfy requests better of developers.
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