Ren Protocol announced this Friday, February 25, through its Twitter account, that VarenX is now available at Polygon with free gas thanks to Varen Finance. According to the company, gasless cross-chain exchanges are here and it is a big milestone to improve the native multi-chain user experience.
“Excited to see VarenX, the cross-chain trading app powered by Ren is now rolling out to Polygon, with free gas! Start trading with free gasoline on Polygon: https://varenx.com/swap”, he said through an article published on the Medium platform.
According to the firm, VarenX launched on Ethereum just over a month ago, and since then he and RenVM have processed over $1 million in cross-chain volume, with each cross-chain transaction incurring protocol fees for the Ren network.
In his view, Varen’s goal is to bring cross-chain DeFi to the retail masses. As such, UX is crucial to that mission. That said, one of the biggest UX bottlenecks was the high gas fees on Ethereum – now that VarenX is on Polygon with FreeWei, that hurdle has been removed.
The company explained that FreeWei is a new service exclusive to VarenX at Polygon that allows users to execute cross-chain trades without gas. FreeWei is automatically activated when you execute any transaction, including a “mint”, coming from a wallet on Polygon. Transactions that include a “mint” are:
• Mint (eg: BTC → renBTC)
• Mint and swap (for example: BTC → MATIC)
• Mint, swap and burn (eg: BTC → LUNA)
“Gaas | This feature may sound familiar if you are familiar with Gas-as-a-Service (GaaS). But where GaaS subtracts the cost of gas from the incoming asset on the user side, with FreeWei VarenX faces gas costs instead of charging users. This makes cross-chain trades with VarenX on Polygon free in terms of network transaction costs for the user experience, which is a GREAT DEAL”, he added.
Similarly, the company highlighted that just like on Ethereum, VarenX on Polygon relies heavily on liquidity from renAsset. If you are a BCH, DOGE, DGB, FIL, LUNA, or ZEC holder, you can earn trading fees by providing liquidity to these liquidity pools. Simply accumulate the renAsset in VarenX by selecting the asset L1 as input and the renAsset as output (eg for LUNA -> renLUNA) and click “exchange”. About $0.01 later, you will have your renLUNA in the wallet and you can link it to something from WETH and provide it to the renLUNA/WETH Sushiswap group on Polygon.