Gluwa, a borderless and blockchain-powered financial transactions platform, is integrating with ConsenSys’ Infura Transactions (ITX) to optimize transactions and reduce gas on its platform. ITX is a transaction re-layer service with high throughput. It was developed to improve the Ethereum transaction settlement layer and will now do the same for Gluwa.
Specifically, ITX will reduce the number of stalled or dropped transactions. The relayer will also employ an incremental bidding process to cut down on gas fees by 10-15% for ETH transactions. Another benefit of the integration is the minimization of retry instances. Dropped transactions and retry events bring about expensive gas fees as transactions remain pending for lengthy amounts of time.
For a transaction to occur, ITX will first confirm that there is sufficient gas tank balance to pay for the transaction. It then locks part of the balance and relays the transaction to the Ethereum network. After the transaction is mined, transaction expenses are deducted from the gas tank.
“At Gluwa, it is our belief to constantly strive to improve the experience for our users. By integrating ITX, our users no longer need to worry about dropped transactions or retry functionality that causes higher gas fees when a transaction is pending for a long time,” said Gluwa Founder and CEO Tae Oh.
Importantly, ITX provides a solution to edge cases in Ethereum transactions thereby, ensuring simultaneous transaction delivery and secure mining of transactions. ITX also relieves developers to handle more complicated gas management operations.
Gluwa focuses on decentralizing financial infrastructure to ease access to global investment opportunities. It also offers a noncustodial crypto wallet and crypto exchange services. The San Francisco-based platform has some features that enable its clients all over the world to gain control of their finances. This is particularly significant to those living in unbanked or underbanked regions.
One of these features is Gluwa Invest which gives access to investment opportunities and optimized return rates in regions with poor or non-existent banking coverage. Another is Gluwa Wallet which not only supports stablecoins but also cost-efficient transfers. Gluwa Capital looks out for the borderless economy apart from promoting the growth of users’ loan books. Creditcoin facilitates linking loan portfolios to public blockchains in addition to using the related apps. Finally, Credal offers similar functionality to Infura-Ethereum for the Creditcoin blockchain.
Gluwa’s team consists of personnel in the US, Canada, and South Korea among other countries. The platform currently boasts over 2 million global users.