Zyfis gas abstraction layer secures 2 million in private funding closing
Zyfi, a paymaster service built on ZkSync, received a financial boost to kickstart its operations within the Ethereum ecosystem. The Gas abstraction layer, Zyfi, secured $2 million in a private funding round to pioneer native account abstraction on zkSync, consequently impacting the decentralized finance (defi) sector as a whole.
Despite the progress made in blockchain and cryptocurrency adoption in recent years, navigating tools like self-custodial wallets such as MetaMask and conducting on-chain transactions can still be daunting for some users. One of the major hurdles in defi activities is gas fees, which users pay to miners or validators to confirm transactions. Zyfi aims to address this issue by streamlining gas options across different protocols and solutions using the capital from investors.
Zyfi’s account abstraction concept is powered by zkSync, enabling users to pay gas fees in Ethereum (ETH) or any ERC-20 token. This innovative approach provides a comprehensive solution to the gas fee issue by leveraging native account abstraction. Ethereum’s co-founder, Vitalik Buterin, has emphasized the importance of account abstraction in driving adoption and facilitating the seamless onboarding of more Web3 users.
By eliminating the limitations of standard wallet addresses (EOAs) and allowing them to function like smart contracts, account abstraction offers users enhanced flexibility. This includes the ability to customize gas payments, set spending limits, and enable social recovery features. Zyfi has already implemented this technology for nearly one million transactions and over 110,000 users on zkSync, with founder Gauthier Vila expressing confidence that the investments will empower developers to enhance their products for end-users.
Several prominent firms, including Everstake Capital, Tenzor Capital, Apvc.capital, Criterionvc, NxGen, Majinx Capital, v3ntures, and Momentum8, participated in the private fundraiser. The support for Zyfi’s account abstraction initiative signifies a positive step towards catalyzing mass adoption within the crypto industry.
