Understanding Meta Transactions on NEAR Protocol

Meta transactions, introduced via NEP-366 Dashboard to learn more, enable users to interact with the NEAR blockchain without holding NEAR tokens for gas fees. This lowers the entry barrier and enhances the user experience by delegating gas fee payment to third-party relayers.

What Are Meta Transactions?

Meta transactions allow users to perform blockchain actions without owning native tokens for gas. Instead, a relayer submits the transaction on their behalf, covering gas fees. This benefits:

• New Users: Those who don’t yet hold NEAR tokens.
• DApps: Applications aiming for frictionless user experiences by abstracting gas fees.

How Do Meta Transactions Work?

1. Transaction Creation (Off-Chain):

   • Users construct a DelegateAction, including a list of actions and the recipient.
   • The transaction is signed off-chain using the user’s private key.

2. Role of the Relayer:

   • Receives the signed DelegateAction.
   • Verifies the user’s signature and payment details.
   • Wraps the DelegateAction in a NEAR transaction and submits it on-chain.

3. On-Chain Execution:

   • The blockchain validates the DelegateAction and executes the specified actions if valid.

Paying Relayers with Any Token

Meta transactions allow users to compensate relayers using any fungible token, not just NEAR.

• For Users: Access NEAR’s network without holding NEAR tokens.
• For Relayers: Receive payment in tokens that can be converted or used within the ecosystem.

Key Takeaways

• Lower Barriers: Simplifies onboarding by removing the need for NEAR tokens.
• Enhanced UX: Abstracts blockchain complexity for seamless interaction.
• Relayer Trust: Relies on robust mechanisms to ensure fair compensation for relayers.

Meta transactions exemplify NEAR’s commitment to making blockchain accessible and user-friendly, paving the way for broader adoption of decentralized applications.