- Summary:
- Nimiq uses an approach that enables users on Polygon to pay their gas fees using any token they hold, not necessarily MATIC.
Gas-abstracted USDC transactions are now available in Nimiq’s native wallet for Polygon users. Using this function, users will not need MATIC to pay for any of the network fees incurred when sending or receiving USDC. Nimiq claims that by enabling gas-abstracted USDC transactions, it is enabling the masses to use cryptocurrency as a payment method, and businesses can ease into crypto by using a familiar asset.
Onboarding the masses to the Polygon Network
Nimiq is creating a decentralized financial ecosystem on the Polygon network that will allow for instant digital currency transactions, fast payments, low-cost international money transfers, enable users to earn passive income. Users can use any token they have in their wallets to pay network fees, thanks to its gas abstraction function. Therefore, they do not have to hold a secondary token. This means that a wallet that only contains USDC can still send the token to another wallet even without MATIC. The user’s USDC is converted into MATIC by the relayer, which also covers the transaction cost on their behalf.
Providing gas-abstracted USDC transactions, as Nimiq does, simplifies the user experience and will likely encourage more people to use digital assets. Because of this approach, users don’t need to be familiar with any other currency in order to transfer and receive USDC. Each USDC gas fee is automatically converted into MATIC by the wallet’s integrated smart contract. This drastically lowers barriers to entry, making USDC a practical payment option for consumers in many contexts.
Open GSN- powers gas-abstracted transactions. Incorporating a stablecoin into your business can be daunting, but with this setup, Nimiq says that merchants will have the best possible experience from the outset. This innovative function, built inside Nimiq’s non-custodial wallet, makes it more convenient and practical for businesses to accept cryptocurrency without having to deal with volatility. This function not only facilitates users’ transition to web3, but also eliminates the necessity for them to keep a separate token on hand at all times to pay for gas.