A Swiss startup, Zyfi, specializing in Paymaster-As-A-Service platforms, has successfully raised $2 million in a recent private funding round. The investment, announced on June 10, is intended to further develop Zyfi’s innovative gas abstraction layer on zkSync, a move set to revolutionize on-chain interactions through native account abstraction.
Zyfi is reshaping the DeFi landscape by allowing any tokens to be utilized as gas for transactions. The funding round attracted the support of key industry players, including Everstake Capital, Tenzor Capital, Apvc.capital, Criterionvc, NxGen, Majinx Capital, v3ntures, Momentum8, and others.
Having processed over 815,000 transactions and serving more than 110,000 users with gasless flows on zkSync, Zyfi has proved its effectiveness and appeal. The platform has seamlessly integrated with major protocols like Zerolend, Increment Fi, Pancakeswap, zkMarkets, Libera, and various NFT collections on zkSync.
Zyfi’s goal is to resolve critical DeFi bottlenecks. The typical challenge of running out of gas mid-transaction is addressed by leveraging native account abstraction on zkSync. This technology enables decentralized applications (dApps) to offer users the flexibility to pay gas with any ERC-20 token or for dApps to cover part or all of the gas costs using custom logic.
With an API that simplifies protocol complexities, Zyfi’s solution allows developers to focus on product development, thereby enhancing user experience and promoting broader on-chain engagement.
The $2 million funding will be strategically utilized to support the development of software development kits (SDKs) and paymaster services for dApps. Additionally, Zyfi is planning to enhance utility for governance token holders and advocate for research on account abstraction across all blockchain networks, including the implementation of EIP-7702.
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