Idle Finance integrates Biconomy to offer seamless deposits
Idle Finance users can now enjoy paying gas in the asset they want to deposit instead of ETH
Idle Finance is one of the leading yield aggregators in the DeFi space. Their decentralized rebalancing protocol allows users to automatically and algorithmically manage their digital asset allocation among different third-party DeFi protocols. Targeted to crypto natives, DeFi newbies, as well as institutional investors, the Idle team has always focussed on offering a seamless user experience.
Thus, to further improve the user experience they have integrated Biconomy!
New DeFi investors may want to use Idle’s yield pools but may not hold ETH. They may want to gain yields on DAI and USDC, and hold only that asset in their wallets. The process of making them buy ETH then come back to use the protocol is frustrating. Similarly, Institutional investors might prefer to not hold more assets due to compliance reasons. On the other hand, DeFi natives may hold ETH but wouldn’t want to deplete their ETH holdings on gas.
Biconomy Forward solves these issues of necessity to hold & spend ETH
By integrating Biconomy, Idle now offers their users frictionless and gasless transactions on DAI and USDC Best-Yield pools. Users can choose to pay gas fees in the asset they are depositing such as DAI or USDC. They just need to choose the asset they are depositing, select whether they want to pay gas in that asset or ETH, and then sign the transactions!
This process, powered by Biconomy Forward, offers a more simplified experience for DeFi newbies to interact with the protocol. ETH holders can also save their ETH & pay their transaction fee in stablecoins. Moreover, Institutional investors enjoy simpler fund management & accounting as they don’t need to go through the hassle of holding more assets than the stablecoins they manage.
Check the docs to start integrating Biconomy Forward & offer a seamless experience on your DApp!
About Biconomy
Biconomy is the multi-chain transaction infrastructure for the next-generation Web 3.0 applications. Through Biconomy’s powerful and easy to use APIs, developers can enable a simple and customized user journey so that their end users don’t get frustrated by blockchain complexities. By solving key pain points at the crypto transactional layer, Biconomy is on a mission to bring the familiarity of web 2.0 to simplify Web 3.0 experiences that will drive mass adoption.
About Idle Finance
Idle is a decentralized and permissionless protocol that aggregates yield generation from different lending sources and optimizes returns with automated and dynamic allocations.
The Best-Yield strategy maximizes yield and the Risk-Adjusted one performs rebalances taking also into account underlying protocols’ security via risk scores.
With support for many stablecoins and crypto-assets like WBTC and WETH, the infrastructure supports seamless liquidity deployment and enables easy and secure protocol integration.
Audits, security frameworks, a Governance system, and coverage protection help the protocol serve DeFi natives as well as risk-averse users and institutions.
