There is a reason why DeFi is the future of finance, and this month has reinforced our beliefs.
The bank runs on SVB, Signature, and potentially more soon are just repeats of the archaic financial industry that has constantly destroyed the lives and businesses of millions.
DeFi can eliminate these issues by giving financial power, transparency, and freedom back to the user…. But DeFi isn’t without its faults.
The user experience is poor and not ready for mass use like TradFi. But that’s precisely the opportunity for Aurox, and it starts here.
No ETH? No Play
One of the biggest hindrances of DeFi’s mass adoption revolves around how network fees are paid.
Imagine if Bank of America created a new currency called BOA Dollar (BOAD).
Every time you purchase with your credit card using your USD balance, you must give one BOAD to Bank of America to execute the transaction. If you run out of BOAD, you have to purchase more BOAD using your USD; otherwise, you cannot make a transaction.
Worse, if you run out of BOAD, Bank of America will not allow you to convert your USD to BOAD. You have to go to a 3rd party exchange, convert USD to BOAD, transfer it back to your bank account, and finally be able to access your cash.
Just that simplified example is enough to make anyone’s head spin. If that’s how the traditional financial sector ran, we would still be in the stone ages.
But that’s how the Ethereum network works.
Run out of Ethereum in your wallet? Too bad you can no longer transact with that wallet. You’re forced to purchase ETH on a centralized exchange, pay a fee, withdraw it to your wallet, pay another fee, and finally, you have access to your funds.
But that’s what DeFi users have to deal with constantly… until now.
No ETH? No Problem with the Aurox Wallet
Aurox is proud to introduce the first-ever true gasless swapping experience.
With the Aurox Wallet, you will no longer have to worry about keeping ETH in your wallet. At any point, you can convert ANY decentralized exchange listed ERC20 token with any other ERC20 token.
No more Gas anxiety.
No more reliance on centralized exchanges to purchase ETH.
No more money wasted on CEX trade and withdrawal fees.
Select an input ERC20 token, output ERC20 token, and click swap. Even if the wallet is completely brand new and has only ever received ERC20 tokens.
It’s that simple. Just see for yourself.
Cutting through competitors’ marketing BS
We keep using the word “true gasless swapping,” and there’s a reason for it.
For the past year, our competitors have corrupted the word “gasless” and made claims that their solutions don’t require ETH to perform swaps. But that couldn’t be further from the truth.
As demonstrated in the video above, every solution we have discovered is less than ideal. Most, if not all, rely on a network upgrade called EIP-2559, otherwise known as meta transactions.
Meta transactions are a half-solution to the problem. It’s impossible to have gasless transactions for most of the tokens out there using meta transactions. In fact, there’s probably less than 1% of tokens that support the EIP-2559 upgrade.
The rest of the tokens out there still require an “approval” transaction before they can be used inside a meta transaction. Which means your wallet still needs ETH.
Meta transactions are easy to integrate into a contract, taking maybe a couple of weeks of development at that. Instead of innovating and creating a full-scale solution to this issue, our competitors spent a minimal amount of time and money integrating EIP-2559. They spent their money and effort marketing themselves as gasless protocols to pump their bags.
We created a real and useful solution to the problem that works for the entire network, not just for 1% of transactions. Our solution might have taken time, but it’s a solution that has actual impacts on DeFi. A solution that anyone can use at any time. Independent of your experience with DeFi.
Real innovation takes time. Rebranding copy-paste jobs as innovation does not.
The first step to the Aurox Trade Protocol
This new routing contract is the first functionality of the Aurox Trade Protocol.
We set out to make DeFi’s user experience feel like TradFi last year. With the release of the Aurox Wallet, we took one step toward our vision. With the release of the Gasless Swapping, we take a giant leap.
As we expand the system to add more functionalities, our users will see significant improvements in their entire user experience on the Ethereum network. We can leverage all the great aspects of DeFi while eliminating all the headaches.
By making it easy to onboard users to DeFi, we can increase liquidity and trust in the system. We can increase the usage of various protocols out there, including ours. And more importantly, Aurox will be at the forefront of the evolution of finance.
The contract is already deployed at the following address:
0xC65F7B26a7bBa778efD39641C46599bBDBEcCCf7 (Etherscan Link)
The contract is integrated into the Aurox Wallet, as shown in the demo video.
The Wallet integration and the contract have been routinely tested for the past several weeks.
At this point, our team is working to clean up the Aurox Wallet integration codebase. The functionality will be available to all Aurox Wallet users within the next couple of weeks.