70 days ago
KEI Finance & Gelato: Driving the Future of Crypto Payments
- KEI Finance has integrated Gelato and is set to introduce a groundbreaking integration that will revolutionize the way users spend, invest, and transact with cryptocurrencies.
- Through the introduction of KEI payment solutions supported by Gelato Relay, users can now unlock the value of their on-chain assets using KEI Finance card payments.
- KEI connects the assets in a user’s wallet directly to their non-custodial cards avoiding the need for third-party centralized payment providers.
How KEI Leverages Gelato
Imagine a world where traditional finance merges seamlessly with the power of cryptocurrencies. KEI's solution not only provides secure automated algorithmic trading solutions but also introduces the first-of-its-kind non-custodial debit card to unlock portfolio value for real-world spending.
With over 35+ smart contracts interwoven, a lead contract ('the Processor') takes daily snapshots of the protocol state. Depending on protocol usage, required profit distribution, and treasury balance, the protocol triggers the Supplier Contract to complete daily functions. The supplier in turn executes a range of functions including, buy and burn, profit delivery, or token minting to balance supply and demand.
By using Gelato Relay, KEI aims to offer a smoother user experience with gasless transactions, eliminating the hassle of managing native tokens for transaction fees.
By integrating Gelato Relay, we can completely abstract the users' need to connect with any particular wallet whilst also maintaining a strong amount of decentralization.
This flow can be achieved by allowing a user to interact with the protocol through either an account abstracted wallet, or their wallet directly. Leaving the level of decentralization completely up to the user.
Unlock Your Portfolio Value for Real-World Payments
At the heart of this integration lies the KEI finance payment solution, the world's first non-custodial debit card designed to be supported by Gelato Relay!
Users can bid farewell to intermediaries and embrace direct spending from their portfolio position or wallet at any location. By automatically deducting funds from the designated portfolio or wallet on purchase, users can embark on a seamless spending journey, marking a pivotal moment in the evolution of financial transactions.
Account Abstraction & Gelato Relay
Through the power of Account Abstraction, users experience a frictionless journey, featuring easy login options via email or Google accounts, and 1-click transactions.
The integration of the Safe Core AA SDK Relay Kit, backed by Gelato Relay, stands as a testament to KEI finance's commitment to simplifying blockchain interactions and fostering widespread crypto adoption.
The Card Payment Flow
Stepping into the future of payments, the KEI finance Card Payment Flow redefines the traditional journey. Here's a simplified breakdown of how it works:
User: Initiates a purchase using their non-custodial card at a merchant.
Merchant: Sends the payment request to the provider.
Provider: Forwards the transaction details to KEI finance.
KEI finance: Validates the transaction by checking the user's wallet or portfolio position value and spending allowance.
Gelato Relay: Interacts with KEI finance smart contracts to convert their assets into stables to be used for real-time transaction purchasing.
Transaction Approval: Once funds are converted, KEI finance approves the transaction.
Provider: Completes the transaction.
This integration symbolizes a leap into a future where crypto spending and traditional finance harmoniously coexist.
By eliminating the complexities of blockchain transactions and offering a smooth, gasless payment experience, this collaboration paves the way for mainstream cryptocurrency adoption and democratizes decentralized finance.
About Kei Finance
Kei Finance stands at the vanguard of the DeFi industry, embodying a transformative force dedicated to driving significant advancements within the sector.
Kei Finance's vision is to go beyond the conventional DeFi experience by offering a complete, rewarding, and seamless journey through the world of decentralized finance. Kei positions itself as the primary choice for users seeking a comprehensive DeFi protocol.
Gelato is web3’s decentralized backend empowering builders to create augmented smart contracts that are automated, gasless & off-chain aware on all major EVM-compatible blockchains including Ethereum, Arbitrum, Polygon, Optimism, zkSync, and many more. Over 400+ web3 projects have relied on Gelato for years to power the execution of millions of transactions across DeFi, NFT, and Gaming.
Gelato currently offers four services:
Web3 Functions: Connect your smart contracts to off-chain data & computation by running decentralized cloud functions.
Automate: Automate your smart contracts by executing transactions automatically in a reliable, developer-friendly & decentralized manner
Relay: Give your users access to reliable, robust, and scalable gasless transactions via a simple-to-use API
Account Abstraction SDK: Gelato has partnered with Safe, to build a fully-fledged Account Abstraction SDK, combining Gelato's industry best gasless transaction capabilities, with the industry's most secure smart contract wallet
If you are interested in being part of the Gelato team and building the future of the internet browse the open positions and apply here.