Crosschain optimized DeFi yield
What is Connext
Connext is a crosschain messaging protocol that enables secure communication between chains and rollups. It’s the only developer-focused solution that offers cost-effective interoperability without introducing new trust assumptions. Its network has successfully facilitated over $2 billion in transactions. There are already over 35 projects building on or contributing to Connext, and that number is growing rapidly.
Connext recently raised $7.5M at a $250M Valuation
Why OptyFi x Connext ??
Consider, for instance, a user seeking to maximize yield on a liquid staked Gnosis token (sGNO, offered by Stakewise).
The process is now rather convoluted: the user is required to transfer their funds to the Gnosis Chain using a bridge, then acquire gas tokens (GNO), followed by swapping their existing asset for mGNO. Following this step, they had to provide liquidity for mGNO/GNO on an Automated Market Maker (AMM), and with the obtained LP tokens, they could finally mint sGNO.
However, the integration with Connext has streamlined this complex process.
After the integration, it will be as simple as a one-click activity, where users pick the tokens they possess, irrespective of the chain they are on, to finance the OptyFi vault.
Connext and OptyFi hide the intricate process of bridging, swapping, and staking, delivering a user experience that is both seamless and devoid of friction — truly accessible to everyone.
The prospective enhancements include the upgrade of $OPTY, Optyfi’s forthcoming utility token, to a cross-chain token. This significant enhancement will facilitate the seamless movement of $OPTY across any chain with zero slippage.
We hopped on a Connext Twitter Space the other day. If you missed it, here’s the recording. There may be some alpha at the end of the call 😉
$OPTY drops on 23/6/23
UX
OptyFi already abstracted which pool is best away from the user. Connext takes care of another layer — which chain is best.
You deciding what token you believe in, what your risk profile is, and will be able to see how your balance is growing across every chain in a single place.
Links to learn more about Connext
Website | Twitter | Blog | Discord
Credits to Max Lomuscio for creating a large portion of this content
