Gas-abstracted USDC transactions are now available for Polygon users in the blockchain ecosystem of Nimiq’s native wallet. The innovative feature makes it simpler and more practical for businesses to accept cryptocurrency while eliminating traditional volatility. It is included in Nimiq’s non-custodial wallet.
With the most recent addition to Nimiq Wallet, USDC may now be transferred and received without having MATIC in order to pay network fees. This functionality helps with web3 onboarding and relieves users of the requirement to carry a backup token around to pay for gas.
Moreover, users may pay network fees using whatever coin they own thanks to gas abstraction. For instance, a wallet that just has USDC is able to transfer the token even if it contains no MATIC. In order to submit the transaction to the network, the relayer transforms a portion of the USDC into MATIC and pays the transaction fee on the user’s behalf.
One of the first self-custodial wallets to use Polygon’s gas-abstracted transactions enabled by open GSN is the Nimiq Wallet. For business owners wishing to start accepting cryptocurrency payments using stablecoins, this combination offers the best possible experience. Polygon is the optimal network for USDC transactions due to the low-cost environment and fast transactional speed it offers.
Nimiq Ambassador Max Burger said: “We want to make crypto payments accessible to everyone. Adding gas-abstracted USDC transactions to our wallet is a big step towards that goal. Merchants can get started with crypto using an asset that’s very close to what they already know. As they become more knowledgeable, our wallet provides a path to discover the wider world of crypto with features like atomic swaps and a crypto map.”
Head of DeFi at Polygon Labs, Hamzah Khan, shared their enthusiasm for the deployment, stating, “We are excited that Nimiq is working on this groundbreaking development on Polygon. By offering gas-abstracted USDC transactions, they’re not only streamlining the user experience but also promoting wider adoption of digital assets. This innovative solution aligns with our vision to make Web3 more accessible and user-friendly, and we look forward to continuing our collaboration with Nimiq to drive further advancements in the space.”
Since Nimiq uses a mechanism that does not need users to become familiar with other currencies, they will be able to send and receive USDC without any further preparation. Because of the smart contract that is included in the wallet, any and all USDC gas expenditures are instantly converted into MATIC. As a direct consequence of this, there is a considerable reduction in friction, which makes it straightforward for customers to accept USDC as a standard mode of payment.
Moreover, NIM, Nimiq’s native payment token, is also supported, as is an atomic exchange between USDC, BTC, and NIM, as well as a crypto map, which helps users identify businesses that are willing to accept cryptocurrencies as a form of payment. One of the additional features is called Cryptopayment.link, and it is provided by Nimiq free of charge as a point-of-sale solution for retailers.
