permit
function, allowing end users of the protocol to lock funds in escrow without paying gas fees.
The permit
functionality leverages EIP-2612, a standard for users to grant permission to others to spend their tokens in a single transaction, simplifying the process of approving token transfers.
When a user is selling crypto, the user signs a gasless approval message, which authorizes the protocol initiator
to pay gas on the user’s behalf for that transaction.
For ERC-20
tokens that don’t support the native permit
function, Onboard integrates Uniswap’s Permit2
.
Using Permit2
, customers must make an initial approval transaction with gas fees, after which the Permit2
contract handles subsequent transactions without further gas costs.