What is Transak One?

Transak One lets our Partner apps enable their users to on-ramp directly from fiat into an on-chain protocol in just one step.

This means users don't need to do multiple separate transactions or worry about the underlying blockchain complexity to use a dApp.

Integrating Transak One makes it even easier for DeFi, crypto games or any dApp using on-chain protocols to be accessible to mainstream users.

If your app could benefit from users directly on-ramping to a protocol and want to integrate Transak One please contact us at [email protected].

Problem & Solution

User flow before Transak One

1. Purchase the specific token required for the dApp with either fiat or another cryptocurrency
2. Purchase the native cryptocurrency with fiat to pay transaction (gas) fees
3. Send both cryptocurrencies to their personal wallet (if bought from a centralized exchange, or both tokens are present in different wallets)
4. Trigger an approval transaction to give the dApp permission to use their tokens
5. Then, finally, interact with the dApp protocol using their wallet

Each of these steps require technical understanding, time to execute different transactions, and charge transaction (gas) fees which might not be similar to the cryptocurrency accepted by the smart contract, resulting in more transactions for the user. This complexity unfortunately makes a lot of dApps unfriendly to the end user.

User flow after Transak One

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💡 FYI:

With Transak One integrated with your Web3 app, a user just needs to make one transaction, instead of 5 earlier!

User Flow for Transak One would be as shown below:

• First time users need to go through our simple one-time KYC
• Post this user can simply complete the fiat payment through their preferred mode of payment, every time they want to on ramp to a supported dapp. That’t it!
• Behind the scenes we combine and perform all of the required transactions i.e. transferring the crypto as well as initiating and interacting with the dApp protocol smart contract on behalf of the user.

After a successful transaction, the user can interact with the dApp via their wallet as normal, as if they had interacted with the smart contract themselves.

Use cases

Transak One direct to protocol on-ramp can improve the user experience of any dApp that requires users to deposit crypto with its protocol. It’s particularly helpful for dApps that are targeting mainstream users.

Some example use cases:

• DeFi apps, for example where the user gets a return for providing liquidity or staking.
• Crypto games, for example where the user needs to first purchase and then send the in-game currency to a smart contract.
• NFT dApps, for example, a protocol that mints an NFT when you send it sufficient funds.
• DEXes, for example where the user can buy an NFT by paying the current price to the DEX.
• Protocols that convert or modify tokens, for example, to add additional functionality on top of common tokens.
• Almost anything you can think of!
  
  

Supporting Blockchains & Cryptocurrencies

Blockchain support: Transak One is available for Polygon. But Transak can easily add support for any EVM blockchain like Ethereum, Arbitrum, Optimism, and Avalanche.

Supporting cryptocurrencies: The protocol transaction must use one of our Supporting Crypto Currencies. If another cryptocurrency is required you can Request for us to add coverage of a cryptocurrency.

Partner Integration Flow

1. Partner provides details of the smart contract: To get started with the integration, partners need to provide the following to the Transak team via email/telegram group chat:
   a. Blockchain network name e.g. Polygon / Ethereum Mainnet
   b. Token symbol e.g CUSDC
   c. Token Name e.g. wrapped ETH
   d. Token Image URL e.g. https://transak.com/logo_large.png
   e. Token Address e.g. 2i049dnfnerr039403nved45988999s
   f. Source Token e.g. USDC
   g. Default Gas Limit e.g. 554,508
   h. Smart contract address e.g. 0x3b2b4b547daeebf3a703288cb43650f0f287b9ff
   i. Smart contract function/method name e.g. depositTo(address,address,uint256) i.e. depositTo(userWalletAddress, tokenAmount, tokenAddress)
   j. Smart contract ABI e.g. function depositTo(address,address,uint256) public
   k. The audit report of the smart contract

2. Compliance & tech team review: Once the above required details are furnished, then our compliance & tech team review the audit report and smart contract details. This process takes up to 2-3 days.

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💡 Note:

It is quicker to integrate a dApp if its smart contract protocol directly accepts deposits on behalf of another wallet address. To be precise, when the smart contract has a function that takes the user’s wallet address, token amount, and (if required) the ERC-20 contract address, e.g. depositTo(userWalletAddress, tokenAmount, tokenAddress). If this is the case we just need the smart contract address and deposit method name to perform the integration.

3. Testnet configuration: Transak configures & stores the testnet smart contract details with the partner API Key in the database and enables Transak One in staging environment. Then, the partner tests their integration.
4. Mainnet configuration: After the partner successfully integrates Transak One in the testnet and does one successful order, then Transak configures & stores the mainnet smart contract details with the partner API Key in the database and enables Transak One in the production environment.
5. Integration Review: Once, the partner successfully integrates Transak One on production, Transak team reviews the whole integration and provides feedback (if any).
6. Go live 🚀

If you would like us to integrate a protocol please reach out to our team at [email protected].

The flow of funds with Transak One

1. The User does the fiat payment
2. After the fiat payment is received & reconciled by Transak the Transak backend fetches the stored smart contract details from the database using the partner API Key
3. Transak Hot Wallet does an allowance transaction of the ERC-20 coin by calling the function of the partner's smart contract. We do this to avoid any issues like overspending or any kind of risk
4. Once the allowance transaction is completed. Transak Hot wallet calls the function of the partner's smart contract with the method/function name configured with us previously. In the same transaction Transak does the following:
   a. It sends the data like the user's wallet address, amount etc.
   b. It also sends the crypto to the smart contract
5. Partner's smart contract sends the end cryptocurrency / NFT to the user’s wallet address
   
   

Transak One demo in a Web3 app

Comparison of Transak One vs. other competitors

Transak One is a unique product offering that we are providing to Games & DApps, and apart from one other player in the market, we are not seeing any other competitors building something like Transak One.