Venus partners with Zyfi to enable gasless lending/borrowing on ZKsync.
What is Venus?
Venus Protocol is the top lending protocol by TVL on the ZKsync Era chain.
Launched in 2020, Venus is a money market that brings decentralized lending and credit systems across six chains.
They offer various functionalities such as lending, borrowing, and vaults for their XVS governance token.
Solving Gas Fees Issues to enhance UX
Managing gas fees is a common challenge for blockchain and on-chain apps. Thanks to the ZK Stack, the Venus project can leverage features like native account abstraction and paymasters.
Zyfi provides a paymaster-as-a-service, enabling Venus to sponsor fees for users on the following on-chain actions:
- Approval — All approvals are gasless
- Supply — Lend in any pool for free
- Withdraw — Withdraw from pools anytime for free
- Borrow — Borrow from any pool for free
- Repay — Repay loans in any pool for free
- XVS Vault — Deposit/withdraw in the XVS Vault for free
Essentially, all on-chain actions on Venus are now gasless, thanks to the Zyfi Paymaster.
From the user’s perspective, there’s no need to worry about gas fees anymore on the Venus app.
UX Implementation
To integrate the Zyfi paymaster, Venus first decided what type of sponsorship logic they wanted to offer their users. They chose to fully sponsor all on-chain actions to provide the best user experience.
It took them just 2 days to integrate the API for each of their on-chain actions and update the UI to inform users that transactions are paid by Venus.
This integration is another proof point that on-chain UX is evolving thanks to specific technologies like native AA on ZK chains.
The Paymaster Revolution continues ⛽️
