The DeFi Killer Use Case is Getting Super-Charged
DexWallet develops more options for earning interest, Samsung launches Ethereum-based developer tool kit
Hello defiers! here’s what’s going on in decentralized finance:
- DexWallet’s dDai fine-tunes earning interest on Dai
- Samsung launches a developer tool-kit fueled by Ethereum
DeFi is Coming to the World’s Most Popular Smartphones
Samsung, the world’s largest smart phone producer, is launching tools to be make it easier for developers to integrate blockchain technology into mobile applications.
The Samsung Blockchain Platform SDK, which supports Ethereum, allows web-based blockchain applications to integrate into a mobile space so users won’t need access to a desktop or laptop to pay with crypto or use DApps, and makes it easier for legacy apps to integrate blockchain features, such as enabling payment with cryptocurrency. The developer kit also has an integration with Ledger, so users have more options for storing their private keys.
Samsung probably chose Ethereum as the blockchain for its first developer tool kit because it’s the chain with the biggest developer community and a thriving application ecosystem, with decentralized finance at its center. This will make it easier to put DeFi where a people are spending an increasing amount of time and choosing to go for the majority of their online interactions, and that’s their smartphones.
Earlier this year Samsung also launched the Samsung Blockchain Wallet App, for users to access DApps and transact in crypto, along with the Samsung Blockchain Keystore, for users to protect their private information and digital keys. The Keystore supports Bitcoin, Ethereum and select Ethereum tokens.
DexWallet Super-Charges Interest on DeFi
One of the best use-cases of decentralized finance has been to make earning interest easier. The DexWallet team is taking that a step further by adding more alternatives to the type of interest users can earn.
dDai, which is the result of a Kyber Network hackathon, enables users to deposit Dai and select how they want receive their interest. The 12 “recipes” for earning interest include ETH, sBTC (synthetic BTC), xXAU (synthetic gold), and other tokens. There are also more exotic options like going 4x long ETH for Ethereum bulls, shorting BTC and going long ETH for ETH maximalists, or the inverse for BTC maximalists, a mix of BTC and gold for a store of value recipe, and others.
Image source: DexWallet
What’s going on in the background is the perfect example of money legos. A dDai smart contract is lending out Dai on Fulcrum, Kyber Network is used as the exchange, and Synthetix is used to mint synthetic assets like tokens representing gold and Bitcoin.
An additional feature developed by the Dex Wallet team is the ability for users to further automate their finances; they’ll be able to decide what portion of their Dai deposits goes into short-term savings, which goes into long-term savings like a pension fund, and which gets invested using the recipes described above.
Applications like these, which give users the ability to execute complex financial transactions in a few steps, are fully automated, and leverage other apps across the ecosystem, show how decentralized finance can compete with traditional finance. It would be virtually impossible to do this in a traditional bank, for a few cents and in a couple of minutes.