Onboarding users and liquidity from outside BNB Chain

Proposals
1

Socket x Venus Collaboration 30/8/22

BSC, although amazing for gas fees and building, has an overall TVL share of just 9.03%.

As we progress further into the web3 future, DeFi and Crypto will only continue to spread out across multiple blockchains with a never ending supply of newer and better blockchains. Sooner rather than later, all projects must answer the multichain question. To solve you can;

  1. Fragment across chains - one of the largest undertakings a project can do with massive downsides (loss of economies of scale, no consistency in product across chains and huge amounts of work in execution/maintenance).

OR

  1. Make it easy for users to onboard from different chains (which is in turn really easy with Socket).

For us, the choice is obvious. A few things;

  1. Why is it difficult for users to onboard from different chains - Users have to do an unreasonable amount of DYOR and steps to be operational on a new chain. They have to find a dex, swap, research multiple bridges, bridge, survive and repeat the whole process just for gas tokens. This highly unpleasant process is accepted as the norm in the industry. For new users faced with all these tasks, most won’t go through with it.

  2. If the process was streamlined to;

  3. TL;DR (instead of DYOR)

  4. Very few clicks

  5. Increased security

Users will be happy to make the jump to your dapp, wherever it may be.

We make this whole process seamless and can provide it within your app.

Bungee Bridge routes ETH to BUSD
Bungee Bridge routes ETH to BUSD1413×609 68.7 KB

Please note - beginning and ending tokens (swap), different bridging routes (ranked by efficiency), TL;DR of all you need to know about any bridge route (near zero DYOR + max peace of mind during bridging). Additionally, gas tokens are covered with our Refuel function.

Giving your users access to this functionality will give your dapp;

  • Access to users and liquidity across all chains with subsequent increases in both areas.
  • The freedom to not have to fragment across multiple chains.
  • Better user bridging security - we vet each bridge route in REAL TIME before we present them to the user quotation. Insufficient liquidity? Strange behaviour? Those routes won’t be presented.
  • An amazing user onboarding experience which they will equate with your product.

You can also choose the level of integration that you would like.

  • A Bungee (pictured above) link with custom params (eg. destination token and chain automatically set to BSC and XVS/BUSD/USDT) is available in a few seconds and is completely DIY Link Bungee - Socket
  • Or build our Plugin directly into your app with a 20 minute integration (customised parameters included and users will never have to leave the app!)

Widget 2
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Check out the video here: https://twitter.com/SocketDotTech/status/1557407939920826369?s=20&t=a3PnZAbBEgePFuE3CYnaDw

Check out this short explainer here:

It is our belief that this low effort, high impact build will be the lever that shoots projects into the multi chain future, just ask 30+ apps like Zapper, Zerion, Synthetix, Polynomial & Brahma Finance.

*Some of our partners have gone even further than just our bridge and dex aggregation solution and are building next gen cross chain capability… ask us about this!

https://twitter.com/SocketDotTechVenus’ product has a really good user value proposition.