Zyfi, powered by zkSync, secures funding to revolutionize payment services in the Ethereum ecosystem.
A gas abstraction layer, Zyfi, has successfully raised $2 million in a private funding round to kickstart native account abstraction on zkSync. This initiative aims to simplify gas options and enhance decentralized finance (defi) activities.
Despite the increasing adoption of blockchain and cryptocurrencies, challenges persist with tools like self-custodial wallets such as MetaMask and executing on-chain transactions. Gas fees remain a major obstacle for users in the defi space, as they are required to pay miners or validators for transaction confirmation.
Zyfi plans to utilize the capital raised from investors to address this issue by streamlining gas options across various protocols and solutions. The platform’s account abstraction thesis enables users to pay gas fees in Ethereum (ETH) or any ERC-20 token, offering a comprehensive solution to the gas dilemma.
By leveraging native account abstraction, Zyfi allows users to enjoy enhanced functionality and flexibility in their transactions. This approach, championed by Ethereum co-founder Vitalik Buterin, is seen as a crucial step towards wider adoption and seamless integration of Web3 users.
With the ability to customize gas payments, spending limits, and social recovery, users can now have more control and versatility with their wallets. Zyfi has already implemented this technology for nearly one million transactions and over 110,000 users on zkSync, paving the way for a more user-friendly and efficient experience.
Various prominent firms, including Everstake Capital, Tenzor Capital, Apvc.capital, Criterionvc, NxGen, Majinx Capital, v3ntures, and Momentum8, have participated in the private fundraising efforts. This support will enable developers to focus on enhancing their products for end-users, ultimately driving further innovation and adoption in the crypto space.