Elysium Protocols
Last updated
Last updated
The Elysium blockchain offers a wide range of useful tools and protocols providing users with a seamless, easy to use process. We have three outstanding protocols allowing for flows to convert tokens used to $PYR, providing fee delegation – allowing the gas fee to be sponsored by anyone for anyone else and allowing users to make use of any token in their wallet as a gas fee:
The Elysium MAGMA protocol is mainly used to convert any tokens used on the Elysium Marketplace to $PYR and/or $LAVA. Buying any NFT with any token will output the fees involved in $PYR and or $LAVA using Elysium Swap, our decentralized exchange.
This streamlines the user experience by eliminating the need for manual conversions or the acquisition of specific tokens for transactions.
The Elysium G.I.F.T. protocol adds generalized native fee delegation to the Elysium blockchain. This innovative feature allows anyone to use a decentralized application regardless of their knowledge of blockchain technology by removing the toughest barriers for adoption.
In simple terms; the gas fee can be sponsored by anyone for anyone. By addressing the gas fee pain point through G.I.F.T, individuals can enjoy the benefits of blockchain applications without worrying about transaction costs. Users can have their gas fees sponsored by other participants on the network, making it easier for newcomers to adopt and engage with the Elysium blockchain ecosystem.
The Elysium SURGE protocol will allow users to choose any token stored inside their wallet to be used as a gas fee. Simple for the user, they would choose one of the tokens available, and
this token is then converted to LAVA on the back-end. Any token the user owns can be used as a gas fee, eliminating the need to hold a specific token purely for gas.
SURGE provides flexibility and convenience, allowing individuals and businesses to leverage their existing token holdings to cover transaction costs, enhancing overall usability and eliminating unnecessary friction.
Collectively, these protocols significantly enhance the ease of use for individuals and businesses on the Elysium blockchain. They simplify the token conversion process, remove barriers to adoption through fee delegation, and enable users to utilize any token in their wallet for gas feeS, promoting a user-friendly environment, making it more accessible for both newcomers and experienced participants to interact with Elysium’s gaming and metaverse ecosystem.