Message From Our CTO: Why we are building our own Bridge and Relayer
An Article looking into our CTO’s motivation and reasoning behind building our own Bridge and Relayer.
Decentralized Finance (DeFi) projects often use third-party relayers and bridges for a variety of reasons, mostly having to do with the ease of going to market but this comes at a cost. Third-party services such as cookie-cutter platforms, 3rd party relayer services, and bridges are expensive and those costs by necessity need to be absorbed by the users.
At Liberty Finance, we’re building our own suite of solutions for various reasons, including tailoring user accessibility and reducing fees. Here’s a deeper look at why these aspects are important:
1. Tailoring User Accessibility:
User accessibility is critical for us as it influences the number of users who can engage with the platform. Having a custom relayer and bridge allows Liberty Finance to tailor the user experience to its unique needs and target audience. Let’s face it, we’re all used to “bridging” and other crypto/web3 terminology but to most people outside of this space, it’s completely alien. Moreover, the abstraction of what exactly happens at each step is lost on even many hardened DeFi adepts. There is a way to make abstraction digestible for just about anyone, not just software engineers…
User Experience: A relayer and bridge built specifically by us can be customized to provide a more seamless and intuitive user experience. This can help attract and retain users and will be a competitive advantage.
Feature Integration: A custom relayer and bridge allows us to seamlessly integrate unique features, further enhancing its value proposition to users. This could include specific types of transactions, unique tokenomics, or integrated services.
Interoperability: With our own bridge, we can ensure optimal interoperability with other protocols or networks, enabling our users to interact with a wider crypto ecosystem. It makes it easier to build partnerships with other platforms, as we can customize the bridging processes to align with the requirements of those platforms.
2. Reducing Fees:
High transaction costs can be a major barrier for many users in the DeFi space, particularly for those making smaller transactions. By creating our own relayer and bridge, we can work to minimize these costs.
Optimized Gas Fees: Running a dedicated relayer can enable us to optimize transaction batching, timing, and other factors to reduce gas fees. To add to this, the platform runs on the Gather network which already has ridiculously low fees, further reducing the overall end cost to our users.
Fee Structures: Having our own bridge allows us to establish our own fee structures. We have the flexibility to absorb some costs, subsidize certain transactions, or offer lower fees for our token holders, all of which can help attract and retain users.
The TL;DR is that having a custom relayer and bridge offers us more control over our platform. This will lead to a better user experience, reduced fees, and ultimately, a more successful project.
Will it be easy? Lol, no. Is it necessary? In our opinion, yes, it really is.
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