Programmable bank account for DeFi

Transcript

okay okay yeah yeah all good okay well that's pretty loud I guess I'm a little bit of July I was making my slides last minute so didn't sense it in advance anyway uh hey everyone my name is Alex and I represent Syrian today and I'm going to talk about programmable bank accounts but first I just want to talk a tiny bit about defy that got lots of attention last year and as most of you are probably aware of it is inclusive efficient and composable and there were lots of great things and they're like also lots of protocols and different financial instruments that are available these days in the world of GFI and however they're like some points

that we would like to achieve and that's like something that he will expect from any app and you want it to be easy to use meaning that you don't have to be a developer to actually access that and you don't have to have any technical knowledge and you should have simple things like ability to recover your funds in case you lost your device or something like that and ideally you'd like to manage your plans across different devices and also you just want to see your portfolios your balances and just be able to track your performance like some simple things that you would expect from any but that says that is gonna allow you to do some investments and likely half of those things are already solved with a thing called Smart

contract based wallet and there are lots of different variations of that I personally preferred not a safe implementation but basically it solves the first four problems that I just mentioned which basically means that you can have meteor transactions which means that our users don't have to know anything about the underlying technology they don't have to have ether in their account and they can just like pay for transactions in any so they can easily deposit their let's say stable coins into any protocol without even the knowledge that they built on top of aetherium the same goes for a simple recovery since it's a multi signature wallet and you can just like surprise your private keys across

multiple devices and it's not a big deal if you lose one of them you can always recover that and also potentially it adds some additional security because for instance we can do things like we can allow our users to interact with certain things just using one confirmation while for more secure operations like let's say you want to Bistro lots of money from that card we called required for multi like basically two-factor authorization let's say if I'm using my meter mask on my laptop I also need to sign the same transaction using my phone to actually make sure that's actually me and no one stole my phone before that but those are the things that multi sequels solve but her still there are like lots of outstanding

issues outside of that and surprisingly enough there like so many protocols and everyone is talking about user experience UI how we can get proto adoption for defy but you're presently enough so far even such simple problems like even knowing how much money you have is not solved yet because even though all the defy protocols supposedly composable they built on top of each other however all of them follow different interfaces there is no single standard and in fact if you've heard about 75 protocol you need to go and find their website and then you will usually connect your meta mask so then you will

deposit some money into the balance of the protocol but then the only way for you to actually know that you have those money is to remember that you use that protocol which might not even be the case like in a year or so and you basically like every interaction requires like going to different websites and there is no way to see what your actual balance is or what your total portfolio etc unless you go to ten different places and it's kind of something that does not seem it and that's like one of the main issues that we are trying to solve is this area and in addition to that of course we can talk about more complicated things like tracking your performance tracking you like historical performance etc but the first thing that

is not solved yet is even at least showing the accurate balances that you have all across defy and that's why and obviously we are not the only ones who struggle with the same issues in fact there like some other products trying to solve the same problem trying to create some cross protocol integrations maybe some of you heard of divides up and what they basically do is that kind of optimize specific use cases but the problem with their approach that they need to customly interact with every contract they want to integrate into their system which means they need to have deep knowledge about every specific protocol they are working with and

another solution that was just announced the day before yesterday by in stood up they are trying to create so called defy smart accounts which basically means that they already have their smart country based wallet and now they can trying to add a middleware behind that so that they can easily let their users of their smart phones based wallets interact with multiple protocols in the unified way and what I'd like to talk to days of what what we call device decay and that's the thing that we've been working on recently inside and that a solution that we'd like to propose to the defi community as some middleware that would allow to unify interactions

with all the device product calls so the idea is pretty simple and actually if someone is following our progress you can see that we recently announced the support for yet another eight protocols and now we are able to display balances and prices of assets locked in most of them and that is got much simpler for us to add thanks to the usage of the device decay that we develop and what that means in a nutshell is that instead of interacting with every protocol to actually that where every protocol has its own interface and we need to figure out how exactly that protocol works we are writing smart contracts in between that we call adapters that basically

know the language of the specific protocol but from the outside perspective they just implement standard on its interface which allows us to add new protocols easily and fetch data from them also easily but what is cool it's not only he can be used not only for us but for the whole community so for example if some mobile wallets want to integrate that also instead of figuring out how every every single defined protocol works they can just use our adapters and ideally protocol should be interested in developing their own adapters to comply with the standard so as probably all of you know there's like you see 20 standard for tokens and that's why they have such proud adoption

among the community and all the wallet support them you can see all your tokens in a meta mask and that is only possible because there is a single standard me to Moscow any other app they know how to read the balance they know how to track the transfers they basically know the language of every token so even though they have no idea what that specific token means they can steal fetch the name they can steal fetch the balance so that they can actually display you the actual state of your wallet which is not the case unfortunately these different protocols and that's kind of the thing that feels is missing and that we want to feel so and another thing that even if you know the balance in every

protocol still lots of assets to know really make any sense as is you can think of let's say unit swap pool talk and basically any liquidity provider to unit swap they supply certain amount of ether they supply let's say some die and then they receive uni swap dipole tokens on exchange so now if we have an adapter that allows us to fish the balance all we know is that we have one unit or pool talking but it doesn't really mean anything to us unless we actually know the underlying structure of that and basically they're like lots of tokens like that and what we propose of that for every Sagittario 84 there's like a certain

underlying SS for every protocol as if we can actually figure out what exactly that means in terms of some base assets that we know price for so for example we can say that one unit of a bull talking is actually worth of 0.98 is and also 10,000 Sita while CDI itself has died as at underlying asset and we also know the exchange rate and this way we can actually figure out what exactly one unit swap dipole talking is worse in base assets which is eath and die in our example and then knowing the prices for the base assets we can actually figure out the price for the actual assets that allows us in addition to knowing the

balance locks and different protocols actually know the value of those assets which is also pretty important because if you just see the number we have 10,000 seed eyes still don't really make sense to me but if I know how much how many die it is then I can actually know how much like how much money I have and talking about protocol adapters if you think about any protocol out there most of them come down to you have some assets locked in a protocol so you'd like to know the balance of those assets but also in terms of actions it's usually either depositing more I will just withdrawn what you have and any protocol of there if it is make your compound unit swap can be simplified to

that interface and that is the interface of the protocol adapters that we are trying to implement and we've done that already for 10 major protocols including the ones that I already mentioned and including some of the new ones such as curve finance and some others which basically allows us to show more accurate portfolio and then in terms of interactions another cool thing that is enabled with such a project that we can create customizable chains of actions so if you want to do some cross protocol interactions we can use the same protocol of withdrawing and depositing and we can link as the adapter together that we need and

for example for an action when we want to withdraw like let's say we have some dye sitting in compound and earning interest so which basically means that we have CDI and let's say one day we decide that probably supply and liquidity to units or poles is going to be more profitable using the same adapters and actions such as withdrawals and deposits we can actually in a single transaction move our dies from compound to unit valve which is and also change part of dye into ether in between since you need to deposit two assets into units or pool which is pretty cool and like I think the coolest thing about that that the use case is programmable in a way that there is just like a set

of adapters and you know that every adapter has deposited visual function and you can combine it anyway without the need to deploy in you smart contracts for in you use cases so the contracts are there if the new protocol comes around they can just deploy any Hewett doctor for their protocol and then it can easily become the part of the chain and then you can just like mix and match it together and cover with every acts experience you want to provide in a single button in your interface which is not available at all right now and so basically just to sum up whatever I just said right now device decay simplifies and chain integrations because now from a perspective from mobile wallet if they want to get

exposed to defy instead of figuring out how to do 10,000 different calls to different contracts with different business logic they can just like to find the registry and they can just in a unified way you to interact with all the protocols which will allow them to display assets of users locked in different protocols and they don't even need to follow like all the protocols appearing because once it's added to the registry then it's automatically going to work with the same interface which makes it much easier for wallets and other dubs to actually integrate divided balances and another thing that I was just talking about its cross protocol interaction so in addition to just

reading of what you have there it also allows you to easily move between protocols and the last thing it doesn't have anything to do with custody which means it works with any wallet doesn't really matter if you have you assets in you externally owned account or if it's a instead of smart wallet oh it's like your ledger any other smart gonna go based wallet it's compatible with any of that and we are already alive and actually the video that I shot from our interface is using the zero point one version of device decay we just read on before now so basically half of the stuff I was talking about is already live and working but we do not

support actions such as deposits and withdrawals because it is planned for the next version that we're going to release sometime soon so feel free to drop us a message if you're a wallet of protocol and you're interested in taking part in device decay and the read-only adapters already available live on main net and we've worked with I believe ten major protocols out there I guess that's about it thank you and subscribe on our Twitter to be updated on our progress [Applause] does anyone have any questions I think one out there so when you mean that it

will be available to developers on March what do you mean like is it going to be open source or or what okay so yes we are planning to do that open source and we are planning to open serve the standards itself so that any develop what protocol developers can just create an adapter for their own protocol and we are going to have won custody part which is registry but that is literally a list of adapters available that we are going to use for our own interface to decide which adapters we actually display in our interface so if a protocol let's say wants to be displayed in our interface they will need to reach out to us that we add them to the whitelist

but if we are talking about some other integrations like all mobile apps let's say they are free to just deploy their own registries and to support whatever protocol they decide to and when should we expect it to be available well in March so as I said they're like two steps the first step we just only allow you to read balances we already developed it and it's already live on maenad so we just finalized in specifications and it shall be opened searched within the next few weeks at most while the second version of the protocol the second version of the SDK that would actually allow you not only read the balances but also interact with the protocols would be available I guess in a few months

anything else ok cool thank you so much than and I believe was it the last talk for this event ok awesome thank you Oh