Key Takeaways
- Zyfi completed a $2 million private funding round from Everstake Capital, Momentum8, and others.
- Zyfi leverages native account abstraction on zkSync to allow for flexible gas payments with any ERC-20 token.
Zyfi has raised $2 million in a private funding round to advance DeFi transactions on zkSync. The company, which operates as a Paymaster-As-A-Service, enables use of any tokens as gas to enhance the on-chain experience through native account abstraction.
The funding round saw participation from several leading venture capitals, including Everstake Capital, Criterionvc, NxGen, Majinx Capital, v3ntures, Momentum8, Tenzor Capital, and Apvc.capital, among others.
Zyfi’s platform has already facilitated over 815,000 transactions and has served more than 110,000 users on zkSync, providing gasless transaction solutions and integrating with major protocols such as Zerolend and Pancakeswap. By utilizing a versatile API, Zyfi allows decentralized applications (dApps) to offer their users the option to pay gas fees with any ERC-20 token, or even to have these fees sponsored, reducing the complexity and enhancing the user experience.
The core of Zyfi’s innovation lies in its use of native account abstraction on zkSync, which treats externally owned accounts (EOAs) as smart wallets, thereby broadening the scope of its application. This technology not only simplifies transactions but also democratizes access, enabling a wider range of users to engage with DeFi products without the typical hurdles associated with Ethereum gas fees.
- “At Zyfi, we are dedicated to tackling crucial challenges within the DeFi ecosystem and empowering builders to create seamless DeFi experiences for users,” Zyfi Founder, Gauthier Vila, said in a statement.
- This, according to Vila, enables developers to concentrate on enhancing their products with an API that simplifies the intricacies of protocols.
“At Zyfi, we are dedicated to tackling crucial challenges within the DeFi ecosystem and empowering builders to create seamless DeFi experiences for users. Our technology allows developers to focus more on their products rather than the intricacies of blockchain protocols.”
Denys Vashchuk, General Partner at Everstake Capital, noted: “ZyFi accelerates zkSync adoption and empowers developers to prioritize innovation, enhancing user experience without distraction. It’s the go-to tech stack for every dApp developer, backed by a strong team, tech, and vision.”
The company plans to use the funds for several projects, including the development of software development kits (SDKs) and further enhancements to the paymaster services. Additionally, the funding will support the exploration and implementation of new blockchain standards like EIP-7702 and advocate for broader account abstraction across all chains.
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