Wido Docs
Search…
πŸ’³
Accept deposits
Protocols integrate Wido SDK into their web or mobile applications to accept direct deposits in any token from any chain. This leads to protocols growing their total addressable market and TVL.
Demo.
Why
Web3 protocols like Aave, Compound or Yearn rely on users' deposits and focus on TVL growth. They need to make deposits frictionless to attract as many users and their tokens as possible.
Smart contracts underpinning those protocols only support deposits in a specific token. But that means only users with that particular token (i.e. DAI) can deposit. Other users who might own similar tokens (i.e. USDC, FRAX or USDT) are at a disadvantage. Protocols do that because they only want to manage a pool of one token type, avoiding liquidity fragmentation.
Another friction comes from the multi-chain world of layer twos like rollups or alternative layer ones. Cross-chain deposits into protocols are unavailable, and users must use bridges and buy special gas tokens for the destination chain.
Protocols must accept deposits in any token and from any chain.
Solutions like zaps have been created, but they only solve the problem partially. First, Zaps do not work multi-chain; second, they only work with a handful of protocols as it is technically challenging to add Zap support for new tokens and protocols.
Despite their limitations, Zaps have proven quite successful. For the handful of protocols they were created for, Zaps contributed to 50%+ TVL as compared with direct deposits. That does not come as a surprise, as from web2, we know that reducing friction increases conversion. For that reason, we expect cross-chain Zaps to be even more powerful.
We need a solution that allows us to create zaps for all tokens and their combination at scale and make it work multi-chain. The users need the same seamless experience, regardless of whether the transaction is a single chain or multi-chain. That's what Wido brings.
Copy link