Biconomy has integrated Chainlink in order to calculate execution fees and rebalance its relayer infrastructure on the Polygon and Ethereum mainnets.
The cross-chain transaction infrastructure will use Chainlink Price Feeds to ensure users receive fair market rates when paying for transactions in a cryptocurrency that differs from the native asset of the blockchain it is operating on.
Blockchain developers will be able to provide a simplified onboarding and transaction experience for their users through APIs.
Biconomy has recently launched a module called Forward that allows end-users to pay dApp gas fees in supported ERC-20 tokens and stablecoins rather than the underlying blockchain cryptocurrency of the blockchain they are working on (i.e. ETH or MATIC).
At the backend, this requires the users’ tokens to be converted to the native currency of the blockchain/dApp in order to complete a transaction.
Biconomy will leverage Chainlink’s price feeds to calculate the gas fees of each transaction using a precise exchange rate, maintaining a fair and reliable payment infrastructure.
Aniket Jindal, Co-Founder of Biconomy, said: “As we continue working to simplify Web 3.0, Chainlink will act as a critical component in the architecture we need to simplify payments processes. Using Forward, Dapp users can now save their ETH holdings instead of wasting it on gas. Moreover, users new to crypto can easily onboard without having ETH on their wallets.”
The integration marks Biconomy’s first foray into blockchain-agnostic oracle technology as the firm plans to add more ERC-20 token price feeds across different blockchain networks.
Biconomy is already partnered with MATIC, ORIGIN, Idle, Dapp Review, Decentral Games, Curve, Perpetual Protocol, Sapien Network, Arkane Network, and Xend.
The technology company building transaction infrastructure is designed for next-generation web 3 applications as its APIs help developers to create a simple and customized transaction journey for end users as the blockchain space is still riddled with much complexity.
Biconomy solves key pain points at the crypto transactional layer in order to drive mass adoption to the ecosystem. The firm is led by Ahmed Al-Balaghi, co-founder and CEO. Prior to the project, he worked for Jabbar Internet Group, a Dubai based VC, spent time as a blockchain researcher in Shanghai, and worked for institutions such as Citibank, Dow Jones, and Ofgem.
The other two co-founders are Chief Technology Officer Sachin Tomar and Chief Operations Officer Aniket Jindal. Biconomy is advised by MATIC Network’s COO Sandeep Nailwal, and Origin Protocol’s co-founders Matthew Liu and Josh Fraser.
dxFeed, Devexperts’ market data and solutions unit, has recently launched its own official Chainlink node to sell premium financial market data to smart contract developers.
dxFeed will use its own Chainlink node to get the existing suite of APIs blockchain-enabled, enabling to supply decentralized applications with a wide array of datasets used to trigger on-chain executions like derivative contract settlement, automated asset management, synthetic asset swaps, and more.
Some of the initial datasets dxFeed plans to make available include: the data from exchanges and OTC venues; allowing redistribution on-chain without extra licensing limitations; advanced analytics for cryptocurrency options such as implied volatility.