“This is either madness or brilliance. It’s remarkable how often those two traits coincide.”
TL;DR
- Galleon DAO has partnered with LI.FI, a bridge and DEX aggregator specialising in routing any asset on any chain to a User’s desired chain.
- The LI.FI widget will be available on the Galleon app from the 19th of December.
- Galleon will work with LI.FI to help grow the Optimism Network, deploying new and exciting Galleon products on the chain.
The Future is Multi-chain
A Core ethos for Galleon — We’re very vocal about our ETH-only strategic shift; incredibly excited for Layer 2 networks that inherit Ethereum’s security — and have positioned our products, The ETH Max Yield Index $ETHMAXY (now deployed) on Arbitrum and our Basis Yield ETH Index ($BYE) on Optimism.
As our products deploy on new and existing chains — and with new Galleon products on the horizon — we needed a bridging and DEX solution that could help us cater to all user’s needs within our app.
Introducing LI.FI
Galleon has been looking for a bridging partner, and like us, LI.FI, truly believes that the future of blockchain is multi-chain. After speaking at length with the team about Galleon’s goals, and what we’re trying to achieve and hearing how they could complement our strategy, we knew it was a perfect fit.
Our existing products are multi-chain and we’re planning to launch additional ETH-based products early next year — seeing our internal data showing: wallet connections, product selection and navigation across our site — we knew a solution was required to simplify the process of bridging between chains while simultaneously keeping our users and interested parties engaged on our app. Having to navigate away from Galleon to bridge and then come back to swap into a product, isn’t a suitable UX design for our Users.
Therefore following the implementation of LI.FI, below we’ve outlined two examples of how Users can bridge, swap, mint, and redeem Galleon products within the Galleon app, by utilising the LI.FI widget:
Example 1
User (A) sees The Basis Yield ETH Index yield ($BYE) is currently sitting at a 20% weekly avg APY and decides they want to get exposure. User (A) can bridge and mint $BYE:
- Bridge their USDC from Ethereum mainnet to Optimism via the LI.FI widget on Galleon’s app
- Once bridging has been completed, User (A) can flash mint $BYE in the Galleon app.
Example 2
User (B) decides they want to take on a little more price risk and no longer want to remain delta neutral; they want exposure to Ethereum’s price upside and earn yield.
- User (B) flash redeems $BYE back to USDC, and bridges back to Ethereum Mainnet.
- Once back on Ethereum, they swap USDC to ETH via LI.FI and then flash mint The ETH Max Yield Index ($ETHMAXY) in the Galleon app.
How LI.FI works
LI.FI has built a middle layer between DeFi infrastructure and the dApp layer. Aggregating the cornerstones of DeFi allows developers to focus on their own value proposition. The ultimate gateway to any swapping and bridging available today.
LI.FI is like the ultimate cross-chain money lego for dApps
LI.FI removes the below constraints from protocols (whilst remaining neutral):
- Integration of multiple fall-back bridges + DEXs.
- Maintenance of those same bridges + DEXs.
- Choosing the best bridges which require significant internal research.
Security
The LI.FI team have implemented several security measures, including an API and Smart contract level kill switch that can be utilised in a black swan event to protect users. Additionally, the protocol has been rigorously audited by Code4rena — on March 22, Quantstamp — on April 22 and most recently Spearbit — on October 22.
For more information on their security you can review their documentation here:
That’s all for now, but we’re excited about the next steps with LI.FI and are aiming to provide some usage statistics in the coming months.
Keep an eye out on our Twitter and Discord announcements for our upcoming newest product: The ETH Dynamic Leverage Index dropping in Q1 2023.
Where can I learn more?
That’s all for now; I hope the guide covered everything, but if not, the Galleon crew are always here to answer your product and support queries, join us on Discord and pledge 100 years before the mast.
Discord: https://discord.gg/galleondao
Follow us
Twitter: https://twitter.com/galleondao
Explore the websites
Galleon: https://galleon.community
Dapp: https://app.galleon.community
Cursed Pirates: https://cursedpirates.xyz
