Idle + Biconomy: frictionless deposits
Simplified accounting and frictionless deposits with Biconomy integration
The integration of Biconomy into the Idle website would allow Idle liquidity providers to get access to frictionless and gasless transactions on DAI and USDC Best-Yield pools.
New users that interact with the DeFi world for the first time have often issues understanding how the Ethereum network works, and they approach Idle protocol owning a single asset.
This misunderstanding generates frictions, with users spending extra gas in swapping part of the assets in ETH to pay the transaction fees.
With this new implementation, Idle proposes a seamless onboarding process. Users holding just the asset they wish to deposit can complete the fund deployment with no additional efforts.
N.B. Batch deposits do not support this feature. You have to execute a direct deposit to pay gas fees using Biconomy.
The user interface guides you in selecting the asset you are going to deposit into Idle instead of paying using ETH.
You will have to sign twice to enable the permissions, and a further signature will be required to execute the transaction.
Process completed! You have now successfully deposited your funds into Idle using Biconomy service.
Save ETH and pay transaction fees using stablecoin — a smart solution for ETH holders & institutionals
In an Ethereum-centric environment, ETH is used as the currency to fuel dApps. Crypto natives are usually reluctant to decrease their ETH reserves when interacting with those protocols, as they would like to hold that asset over time.
This improvement does not only solve pain points faced by the consumer market approaching the DeFi space, but also ETH holders that can now comfortably pay transaction fees using DAI or USDC.
Lastly, institutional investors would benefit too thanks to simplified management.
Holding more assets might be a barrier for compliant investors, as they have to custody the owned cryptos through professional platforms.
This service allows liquidity providers to manage only the stablecoin they are going to deposit, representing a leaner and straightforward solution.