Welcome to the fifth issue of the HAL newsletter!
This week marks a radical turning point in our efforts to pursue our Gluing Manifesto vision: now HAL enables its first on-chain action, thanks to the collaboration with the incredible Gelato team.
Don’t forget to join us on Telegram, Twitter, and Discord.
On-Chain Trustless Actions:
The Gas Token Accumulation Plan
This is the first step of a journey that will bring HAL enabling any kind of “lego” connecting any event, transaction or workflow, both on-chain and off-chain, in both directions.
Before getting in the clue of the recipe, a few lines to give more context: Gas Price is getting higher and higher. This is a good signal because it means Ethereum is more and more used. But this also means higher costs to transfer assets and interact with DeFi protocols. It has a bad impact, especially for non-professional users.
Today, the “Standard” is above 270 Gwei, more than 50x of a few months ago!
A solution is to use CHI Gas Tokens to lower transaction costs.
The principle is simple and it’s based on the possibility in Ethereum to get a refund when space is freed. So you mint when gas price is low and burn them in your transaction. During the mint, you occupy space (i.e. you store the gas) and when you burn them you free it getting the refund.
But as a user you have the following challenges:
1. How to mint them?
2. What’s the best moment to do that?
3. How to use them?
Starting from the latter, they are usable only by smart contracts and you had to find supported platforms. There are only a few around right now: 1inch.exchange, for instance, let you trade tokens saving gas aggregating all the current markets in DeFi.
Anyway, last week a couple of new tools to use them and save costs have been released: a library for smart contracts, a module for Gnosis Safe user wallets and a tool for deploying smart contracts.
HAL’s mission is to simplify interactions with the blockchain: that’s why we worked hard with the Gelato team on the first two challenges to let you save gas costs by building a Gas Token Accumulation Plan In a few steps, you can set up to mint CHI tokens at a specific gas price and get them directly in your wallet without bothering on all the underlying complexities… and in a complete trustless way (i.e. it’s safe and audited!).
The solution leverages the best technologies in the market:
1. Gnosis Safe, for the temporary custody of the funds
2. Gelato, for the decentralized execution of the orders
3. Chainlink, for the gas price feed
HAL with this release becomes effectively the Gluer described in the Gluing Manifesto!
You can try the recipe at https://9000.staging.hal.xyz/recipes/1inch-buy-chi-token and read the dedicated Medium article here.
Loopring Grant, 8’888 LRC 🐉
It tweets whenever a user interacts with Loopring. It tracks new users, deposits, and withdrawals on Layer 2.
After a while, we also developed a dedicated recipe to let users receive an e-mail or any kind of supported message (e.g Telegram, Discord) when their withdrawal is available on Layer 1, i.e. Ethereum.
Soon, we will work to integrate this feature in Rails, the first wallet on layer 2 based on Loopring managed by DXdao.
Last week, we were awarded by the Loopring team with 8’888 LRC, an important number in the Chinese culture! Thank you, Matthew and all the team 😎
Track your Maker Vault C-Ratio
After our recipes marathon involving PoolTogether, Aave, Compound, Loopring, Chainlink, and Synthetix… we released a recipe to track your collateralization ratio on Maker: Track your c-ratio in two taps! Safeguard your Vaults and stay away from liquidations. You can start from here.
Get on board… join the HAL team!
The project is growing and we want to expand the team to give a boost. We will spend our next months building major improvements to our product and developing new collaborations with the Ethereum community.
We’re looking for two profiles:
Full-stack developer - A person passionate about Ethereum with strong frontend (React.JS) and Web 3.0 development skills (web3.js). Infrastructure/dev-ops skills would be welcome, too.
Business developer - A person passionate about Ethereum with a very strong network in the community, a good tech background to understand how Ethereum works, and a strong business background to identify and pursue collaborations or business opportunities.
We’re interested both in full-time or part-time collaborations: we want to find super-talented people and so we don’t want time availability to limit our chances ;)