/1 DeFi has made incredible progress in the past few years, but it still faces many usability problems.
I'm excited to share my newest project: 🎰DeFi777🎰, which introduces a new pattern for interacting with DeFi protocols.
medium.com/@dmihal/introd…
I'm excited to share my newest project: 🎰DeFi777🎰, which introduces a new pattern for interacting with DeFi protocols.
medium.com/@dmihal/introd…
2/ I built this project for the @ETHGlobal #hackmoney hackathon.
Check out the submission videos Television I threw together:
3 minute version:
5 minute version:
Check out the submission videos Television I threw together:
3 minute version:
5 minute version:
3/ Dapps can be scary and confusing. Users need to install Metamask, navigate confusing popups, set gas parameters, etc.
Argent has done amazing work to simplify this experience, but they've had to build custom integrations for each DeFi protocol.
That's not open or scalable.
Argent has done amazing work to simplify this experience, but they've had to build custom integrations for each DeFi protocol.
That's not open or scalable.
4/ DeFi777 lets users interact with DeFi protocols from any Ethereum wallet.
It borrows the user experience of ICOs: send tokens to a special address, get a different kind of token back. No dapp browser required.
It borrows the user experience of ICOs: send tokens to a special address, get a different kind of token back. No dapp browser required.
5/ It uses @ensdomains as its "user interface".
Ex: dai.uniswap777.eth means "I want to swap into Dai using Uniswap".
ENS can be more than just "email addresses for Ethereum". I hope this can inspire other projects to find cool new ways to use ENS.
Ex: dai.uniswap777.eth means "I want to swap into Dai using Uniswap".
ENS can be more than just "email addresses for Ethereum". I hope this can inspire other projects to find cool new ways to use ENS.
6/ Why hasn't this been done before?
Contracts can't execute code when they receive ERC20 tokens (this is why most dapps do approve-then-execute)
But ERC777 tokens support this functionality! So I've created ERC777 wrappers for any ERC20 (Dai gets wrapped into Dai777, etc).
Contracts can't execute code when they receive ERC20 tokens (this is why most dapps do approve-then-execute)
But ERC777 tokens support this functionality! So I've created ERC777 wrappers for any ERC20 (Dai gets wrapped into Dai777, etc).
7/ ...that's right, the infamous ERC-777 standard. The one from the LendfMe hacks.
This idea actually came out of a Tweetstorm during that incident. I realized nobody was using ERC-777 to its full potential!
This idea actually came out of a Tweetstorm during that incident. I realized nobody was using ERC-777 to its full potential!
8/ DeFi777 currently supports these protocols:
▪️ @UniswapProtocol (uniswap777.eth)
▪️ @AaveAave (aave777.eth)
▪️ @BalancerLabs (balancer777.eth)
▪️ @tokensets* (set777.eth)
Hopefully we can support every major DeFi protocol in the future!
▪️ @UniswapProtocol (uniswap777.eth)
▪️ @AaveAave (aave777.eth)
▪️ @BalancerLabs (balancer777.eth)
▪️ @tokensets* (set777.eth)
Hopefully we can support every major DeFi protocol in the future!
9/ There's lots of other cool features built in, like infinite flashloans and metatransactions.
This can also be a great tool for developers, since it essentially simplifies the APIs for various protocols.
Check out the blog post or defi777.com for full details.
This can also be a great tool for developers, since it essentially simplifies the APIs for various protocols.
Check out the blog post or defi777.com for full details.
10/ I believe this can the killer tool for onboarding new users into DeFi!
Think of how many people are comfortable sending cryptocurrencies, but have never used a dapp.
DeFi777 cuts out the noise and gives users simple access to these powerful tools! 🎰🎰
Think of how many people are comfortable sending cryptocurrencies, but have never used a dapp.
DeFi777 cuts out the noise and gives users simple access to these powerful tools! 🎰🎰
