Mosendo, a DeFi focused money management project, released a new product called Gasless that helps avoid using Eth when transferring Dai. Gasless, is a service that capitalizes on new features in Multi-Collateral Dai (MCD) that uses a permit function in order to skip a step in the transferring process.
Apparently, Maker didn’t advertise much about the fact that MCD is able to execute meta-transactions without a third party. Mosendo jumped on this finding in order to build what is now called Gasless.
“It’s surprising that there is zero documentation about this online from the Maker team, except for the source code itself.” said Nour Haridy, blockchain architect at Mosendo. “They should be bragging about this,” He continued.
They define meta transactions as a way to delegate your transactions to someone else, so that they pay for your gas fees. There is still a gas fee for sending the Dai, which can be paid in Dai, but users won’t have to send Eth from another wallet in order to use the gasless wallet.
“What’s really cool about this is that I can create a new wallet, I can receive a client payment for say 200 day, then I don’t ever have to dox myself by sending Eth from another wallet. If you ever find yourself in a situation where you have Dai in a wallet but no Eth, this allows you to get around it,” Says Clayton Roche, Head of DeFi at Mosendo.
You will still need to connect a smart wallet in order to use Gasless, but it doesn’t share your smart wallet address. In total, fees seem to be higher using Gasless than metamask.
“I just now compared metamask fast setting and it’s .03, and Gasless is .16. I don’t know how much of that fee is just the gas, nor what gas settings its using,” Roche clarified
As someone who only holds Eth in order to pay for gas prices, this app could be very convenient. It’s hard to estimate how much gas you might need over a certain period of time, so instead of being left with Eth dust in a wallet, it might be more financially practical to pay in Dai.
Watch the full explanation here: