Idle & CryptoLocally
In Idle we believe that services like wallets and portfolio managers will play a vital role in reducing the entry barriers to new crypto holders, providing a wide range of services with easy-to-use interfaces.
It is for this reason that we are glad to announce our partnership with CryptoLocally, a P2P trading platform that is improving the access to decentralized finance for the masses.
The Finance Wallet is their DeFi-focused service and they recently added the feature to earn staking rewards on ETH, DAI, USDC, USDT, UNI, and GIV.
The power of yield aggregator’s integration
Instead of using a single yield provider, relying on its performances and security, CryptoLocally is integrating Idle’s Best-Yield strategy in order to provide a multi-protocol approach.
Users benefit from multiple yield farming opportunities, exploited by an automated system that performs optimization strategies through yield rebalance in the selected protocols.
This feature reduces time and costs, and also risks are mitigated thanks to the implementation of DeFiScore’s risk rates in this strategy.
CryptoLocally’s users can also receive their equivalent share of governance tokens that the protocol is farming on other protocols, as a consequence of its liquidity allocation.
Idle designed a developer-ready smart contract architecture to make the integration of its yield aggregator more accessible.
It enables crypto providers like wallets, exchanges, portfolio dashboards, and custodial services to improve the opportunity-cost ratio and overcome hurdles related to individual protocols’ integrations, such as a detailed due diligence process or the allocation of resources to perform bug fix and technical updates, limiting the risks to be stuck on the performances of just a few protocols.
Idle is working on many integration partnerships and this partnership is the most meaningful use case to show how wallets can provide an optimized yield using this protocol.
What is CryptoLocally
CryptoLocally is a non-custodial P2P cryptocurrency trading platform with a smart contract escrow that provides additional security to users. Their smart contract escrow eliminates third party involvement in trades, providing a truly decentralized trading experience. For each trade completed on the platform, users earn GIV, their native token.
As the first P2P exchange to integrate a DeFi feature, they are leading efforts to create a decentralized financial future that is inclusive and easily accessible to anyone. The partnership with Idle Finance is designed to maximize those efforts.
Wrap Up and Next Steps
What is happening under the hood?
- Idle received the initial audit report from Quantstamp about the issuing and management of the upcoming governance token;
- The engagement program related to Idle governance is being developed;
- Other partnerships and integrations are under the radar.
Stay in the loop
We’re building Idle for the Ethereum ecosystem and its great community. We’d love for you to be part of our development process.
Here you can find our documentation: developers.idle.finance