The Future of Per-Payment Loans, connecting Lending Pools Directly to DApps
Our Vision
Swip3 is a lending protocol that allows users to take out lines of credit and pay with leverage directly on DApps.
As we embark toward a decentralized future, e-commerce microtransactions of goods and services are moving onto web3. The value transfer subsequent unbundling of markets add significant promise for efficient peer-to-peer commerce.
Many functions of web2 finance are replicated to keep up with this demand. Recently, we have seen immense TVL in DeFi pools like AAVE and Compound. It is clear that people want to leverage their assets alongside more venues to use them for payments.
At the intersection of growing lending and payment services is Swip3. We are your web3 credit card, providing per-payment loans in the palm of your hands. With our extension and developer API, users can easily leverage crypto and pay directly on DApps with their Swip3 cards.
The Current State of Crypto Payments and Lending
DeFi and payments are fragmented. Buyers pay for everything out of pocket by connecting their wallets directly to DApps, essentially paying for everything using your Web3 debit card. This leaves payments vulnerable to security risks and limits ability for per-payment leverage.
High volume DeFi lending from protocols like AAVE and Maker allow for chunk sum loans. When using this for payments, it is largely inaccessible for those with little capital or want to lend as they spend. Moreover, the process is multistep and multi-platform.
Security, leverage, and convenience can lower the activation energy for crypto payment transactions, ushering in greater adoption in the DeFi space.
A New Lending Layer
Never connect your wallet to DApp again:
We abstract DeFi lending and break it down to use for payments. Based on collateral, we provide a credit limit contract. This allows users to:
- Leverage payments and keep exposure to assets
- Harness security for flagged sites and scams
- Get cash back for payments using yield farming
- Use DApp native execution
- Build a web3 credit score
How We Lend
Currently, Swip3 operates on our own lending pools following a similar overcollateralized model as to AAVE, Compound, and Maker. Our initial model is built on a rudimentary ethereum pool, that we will be soon expanding to allow multicoin collateral.
As we grow, we are building out our lending pool SDK, aiming at establishing infrastructure to port into existing lending protocols and allow them to benefit from a new credit stream. This means that rather than having our own creditors, we will be an infrastructure layer on top of pools like AAVE, Compound, Maker, etc.
User Flow
Easy to use, secure, and decentralized.
Security is our main priority, and we have taken great preventative steps to minimize interaction with unauthorized users and allow reentry attacks on our contracts. Furthermore, we build at scale, using sand-boxed contracts and dynamic load balancing.
Our Suite of Products
Swip3 Extension — users can create line of credit contract and access their Swip3 card directly on DApps with our extension.
Developer API — calling just a single function, developers can integrate our API to allow credit payments on their DApps.
Lending Pool SDK — lending pools can use Swip3 infrastructure to port new credit flows from per-payment loans from their lending pools with our SDK.
Where We See Ourselves
Swip3 covers all faucets of the payment network of as the processor, network and gateway— connecting issuers (lending pools) to merchants. Essentially, we operate as the Bank of America, Visa & Square of Web3.
Our Roadmap
Swip3 is extending access to per-payment leverage as the credit standard for users, DApps, and lending pools alike. By extending our developer API and partnering with existing pools on SDK integrations, we hope to build the infrastructure for a novel payment network.
Into the future, we are iterating quickly to include greater KYC, collateral yields, lending assets, and credit scoring — ultimately hoping to shift toward a lower friction uncollateralized model. Moreover, we are focusing especially on user-end security — providing greater fraud protection mechanisms and payment analytics.
We are blazing the trail for web3 credit and expanding adoption from our initial goal of 1000+ DApps to 1B+ users. DeFi is here to stay, Swip3 is bringing it to the masses.
Come join us! We are looking for community builders, hackers, engineers, DeFi and crypto enthusiasts to build this future for all of us. Reach out to matt_tengtrakool@college.harvard.edu if you’d like to chat.
Otherwise, you can keep up with our updates (beta launch coming soon) and get on our waitlist at our site here: swip3.xyz.
