So I’ve been thinking of this one phone application.
Simple people who have “no time” or interest in learning about investing.
Product for this market
A phone application with a deposit and withdraw button.
Logic behind buttons
Deposit - accepts fiat currency, transfer to stablecoin, deposit into yVault
Withdraw - withdraw from yVault, transfer stablecoin to fiat currency
I feel like a lot of people would use this app if they could get like <= 4% return per year just for pressing deposit.
Is this possible to create? What are your thoughts?
Thanks! You guys are amazing btw
This is actually a double idea :
- Provide a native iOS/Android application to be used purely as an interface with possibilities to interact with your wallet (probably through metamask or wallet connect).
This is in my opinion a good idea, although we would probably need to wait a tiny bit of time for the v2 interface to be fully up and that way start working on the latest version
- Provide a Traditional Financial infrastructure (or bridge) between Fiat and Crypto, using Yearn as a passive Yield generator and enabling users to onramp from fiat to Yearn back and forth directly from an app.
This, in my opinion, it is not Yearn’s core purpose as of today, and more than that, it’d require the Yearn DAO to start being a legal entity in a country, which is again, not Yearn’s purpose IMO.
So basically, as I am 100% for a Yearn phone app, that would allow simpler use of the yearn products accros more devices, I believe this should be an interface to the Yearn products and it’s partners products.
However, about the fiat-to-crypto bridge, I believe it should be done by integrating yearn into apps or services which business is based in being a bridge. This could be Zerion / Zapper (if they ever build a native app) and other DeFi analytic’s app such as DeBank.
This could also be true for brokers that offer interest services, such as SwissBord, that has a Yield Wallet feature for USDC that generates interests but which main business is trading cryptocurrencies.
Finally, the best idea IMO would be to integrate even further with Smart Wallet providers such as Argent or Dharma because they already started integrating with DeFi projects so their framework is done and adding or removing projects becomes frictionless for them and as a Social Recovery Wallet, they beat centralized brokers like SwissBorg in the sense that the user is still in control of their keys and they already have the financial infrastructure in place, or nearly in place, to enable a fiat-to-crypto bridge. (Vitalik made a blog post about it : here).
Basically this. Yearn isn’t working with fiat on/off ramps and banks, we specialize in defi lending/farming, but we could make a push for more integrations. Also everyone is encourage to contact your fav wallet/fiat to crypto on ramp and ask them to integrate with yearn vaults. I am under the impression that more than a few places are looking to integrate with yearn’s vaults, most I think are waiting for v2 to go live, though.
Rainbow wallet was interested in integrating Yearn Vaults: https://rainbow.me/
Some ideas that have been discussed in the past:
- Create an incentive contract that can be used for integrations (wallet integration charges a 0.1% Deposit Fee or similar)
- Implement a Wallet SDK that makes integrations simple (using the Registry and dynamically loading the latest Vaults, telling users about Vault upgrades, new tokens, etc.)
- Add YFI voting
Yearn specializes in being a DeFi bridge between consumer wallets and large-scale, strategy-based investments. Maintaining a custom wallet is a very big job, and it’s better to leave that to the pros. Even better, figure out a way wallet teams can make money from integrating with Yearn, and the problem will solve itself.
Those guys were faster than me.
But yes integration in existing wallets is the way to do. And it’s a nice way to increase TVL and make Yearn accessible to new users. Just write you can earn 20% with you USDC in one click and the job is done !
If we create our app, I’m not sure it will bring something. New users won’t probably DL an Yearn App anyway.
Argent already did it: https://twitter.com/argentHQ/status/1331591826269147136
Spot on. There are a lot of teams building these bridges all over the world and Yearn should stay focused. However, contacting exchanges/wallets and requesting features/access to YFI/yVaults is an easy thing everyone can and should do.
Also, having liquid and active YFI/USD, YFI/EUR, YFI/YEN pairs would be pretty cool. Just sayin.
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