Other Features

Gasless Blockchain

The implementation of gasless blockchain transactions via ERC 4337 standard will provide an exceptional user experience on the Foxify platform. By eliminating the need for gas fees, users will be able to seamlessly and cost-effectively transact on the platform. This will greatly improve accessibility and usability, making it easier for users to engage with the FoxyFi ecosystem. Furthermore, the ERC 4337 standard is designed to provide increased security and transparency, ensuring that users can trust the platform and their transactions.

To use gasless transactions on 4337, a user first signs a message using their private key, indicating the action they want to perform (e.g. creating a buy order on a perpetual exchange smart contract). They then send this signed message, along with a small fee paid in the native token of the 4337 network, to the relayer. The relayer broadcasts the transaction to the network using their own funds, and once the transaction is confirmed, the user’s order is executed.

Gasless transactions on 4337 provide a number of benefits, including reducing the barrier to entry for new users by eliminating gas costs, improving the user experience by simplifying the transaction process, and increasing the adoption of DApps and smart contracts.

Overall, the adoption of gasless transactions using ERC 4337 standard is a significant step towards enhancing the user experience on the Foxify platform.

Non-Custodial Wallet & On-Ramping

To ensure seamless user on-boarding, the Foxify platform will leverage the "magic link" - a non-custodial wallet creation solution provided by the blockchain wallet product, magic.link.

Magic.link is a platform that offers a secure and user-friendly way for developers to integrate passwordless authentication and wallet creation for their users. This solution removes the need for users to remember complex passwords or undergo lengthy registration processes.

With magic.link, users can create a wallet simply by clicking on a link, which is sent to their email or phone. The link is unique to the user and contains a secure authentication token, which allows them to access their wallet without needing to remember any passwords.

This non-custodial solution ensures that users have full control of their wallet and funds, as they are not held by any third party. Additionally, magic.link's robust security features, such as multi-factor authentication and encryption, ensure that users' private keys and sensitive information are protected at all times.

Overall, by utilizing magic.link's non-custodial wallet creation solution, Foxify can provide its users with a secure, efficient, and user-friendly on-boarding experience. Magic.link offers users several on-ramp options that enable them to purchase stablecoins and other cryptocurrencies using their credit cards, Apple and Google pay systems.

Governance

The Foxify token acts as governance token in the FoxifyDAO earning stakers a right to vote (weighted).