Enabling DeFi Users to Interact with the Traditional World

Transcript

ladies and gentlemen uh the final speaker of the day to talk about enabling defi users to interact with the traditional world uh please make them feel very very welcome put your hands together for Anton thank you sir yay um so guys I know it's the end of the day everybody's tired so we're going to do some really complicated stuff here wait how do I click do this no first issue right away which direction do I oh there you

go right so this is not that type of the speech where we're going to go into really detailed stuff or complicated things so guys chill um what we are going to talk here today and I'm going to start with a very hot take I think that we still live in a sandbox over the past years we as crypto industry we've um enabled and we've built amazing Primitives we recreated traditional Finance Primitives and we're starting to build the new ones that don't even exist but have you ever thought about how cool things we can do but they're really silent does your um well Lending primitive that you can go and take a loan somewhere in Ava

in 10 seconds collateralize still have an exposure in an asset does that make sense to an outside world can you really utilize that can you pay with that for your rent um can you pay for that in a coffee shop no and that's the problem and the problem is with on and off ramps um I mean why do we even we still have to talk about on ramping and off- ramping in 2023 why do we still have to think think about okay this Merchant does support crypto this Merchant doesn't support this one does support that this one doesn't oh this one is only BTC that's that's pretty nuts right and that's 2023 let's take a look at the simple on ramping solution right and that's

basically what what we think is a norm so first well you have a bank account or you have a debit card or credit card that's already existing right how do you onramp to crypto what do you do you go to an crypto Exchange then what do you do well crypto exchange gives you a list of assets that are available to you to buy so you have to buy that how do you enable or how do you get to this next stage of you know this our little send box of Defi and Primitives and all these amazing cool things that everybody you know all your friends are talking about well you buy that asset but then don't forget if you want to interact in defi protocols you also have to have gas so okay let's say you've bought some I don't know usdc now you also need some

eth if it's um let's say eth main net or you know some l2s or maybe you need some madic if it's on polygon so don't forget to buy that all right what do you do next then you found you Googled what's the best wallet out there you saw a bunch of metamask scam replies on Twitter you thought well that's a good option you downloaded metamask um then what do you do you have to transfer your change to that wallet well you already got charged all right what do you do well then with that that wallet you have to then actually go to the dab that you want to use you connect and then you can interact with the contract and that was just a very simple experience from how you can get from your money that you have in your bank

account you know that's how you get paid or Etc to that cool crypto stuff oh yeah don't forget about executing the transaction when we're talking about off- ramping it's also same stuff right you um you go to some protocol you execute the trade you get into the Vault um you collect the yield From the Vault you do whatever you wanted to do and then you have to follow all that way through back to the money so that you don't need to check the maps where I can spend my crypto so that you don't need to Google the thing beforehand and be like okay is it going to be accepted or not what if there was a way to cut that what if there was a way I have my wallet the wallet of my

choice if I like this brand if I like if I trust this wallet if I like it the cold storage wallet the hot one if it's a multiparty computation wallet if it's a account obstruction wallet Zoo wallet whatever it is you name it you just have that wallet that you trust and that wallet is the connection to your offchain finances is it even possible is it even possible it's just like let's just imagine let's just imagine for a second that it is possible what could you do then you could well you could enable really cool things so things that we and Industry have been fighting for you could have have uh self- repaying loans with protocols you could have um basically your true defi savings account

that actually pays to your iban and that you know you can spend that yield and pay for your rent or I don't know just send it to your mom you could have zero interest loans against the collateral that you would like to carry the point is is that if that thing would have been possible you could enable all of the other cool things like for example buy now or pay later on the c um but that's not even that the world is even larger than that every logic or almost every logic that um other people other teams have built on chain is something to do with money or form of money or somehow links to money and what it means is that

that can be enabled so let's just imagine for a second if there was a world and you could have all of those amazing opportunities with you on the card today well you could ask me Anon all right that was very intriguing 6:00 p.m. I want to go and have some tapas and you know just drink like let's get over with this I'm done um how would that work right so how how's it even possible is it even a thing is it one of those speeches um I'm you know all for all the good stuff I'm all again the bad stuff the point is is that that's something that um you know I use today that's something that we've built that's something that already works you can try it and here's how it works very simple

we have two worlds we have the onchain world and we have the offchain world the moment we try to bring the onchain world to and and force it to the offchain world it resists if you guys remember back in the days we were very very excited about hey this Merchant now supports and has this special terminal that the merchant has to buy and pay monthly fees just to accept Bitcoin or other stuff is it really adoption again when can we get to the part where every shop that I go to in here in Europe support Visa Mastercard you don't think about it it just works it's there why do you even have to worry or care if your crypto accepted why the merchant has to

even worry about your crypto they don't want to so the moment we try to connect those two worlds and enforce our world into their world it fails so what if we integrate our world into their world and here's how and very simple thing again if I can say it that we just have the relayer in between two things and a separate isolated infrastructure in different networks because different networks also don't talk to each other and we're going to talk about in a second at this part because it's 6 p.m. I would just say that's it we're done uh that's the answer you know thank you very much um let's have just you know take a closer look into this thing basically what we've created we've created a basic um call it toolkit or a

toolbox so that any other protocol can build with us or on top of us and execute their logic to make sure that their customers can have that logic and that it it's in buil and it's enabled so I just give you like four different use cases there lending yield LSD fi but you could put any cool things just imagine you hold some nft in your wallet because whatever but that nft affect on what kind of cash back you're getting in the real world when you're just spending with your card and the card just works with every Merchant because it's the same debit card as you know it would have been with any other bank is it even possible well that's basically all you need we're not going to talk today about

much what is it that we do how and what and everything what I wanted you guys to put the seed to start thinking and start thinging that well look off ramping is bad that needs to be changed there's a lot projects that a lot more to come that are working in this direction and we have to unite our forces and we have to work together because that's the only way to push this forward but what I wanted to put into your head is that there is a better path there is a better way there's a better way to use your money and that can be done today not tomorrow you know not sometime down the road but today so at that point I wanted to give you guys something if you scan this QR code

um if you don't have our card yet you can actually scan you can apply for it and if you have the nft so e Barcelona nft in your wallet and again um the nft is on what ethereum optimism um where else polygon right so three networks it's automatically detected and the discount is going to be applied when you order your card so that's the card that works today just like any other debit card you can pay with it in store you can have Apple pay Google pay you can have your personal iban and even send sepa and all of that you do from your wallet so we are not a wallet ourselves but we enforce this open ecosystem where wallets can connect

protocols can connect um we would work with um many different networks so right now we support six we can go into many more with this model it's replicatable and it's easy to um new create new logic and that's what I want I want to have the world where somebody on the other side of the world from the basement can create a primitive that is going to make me use my money better and more efficient and I want to have an option to use that so try this today see if it changes your life um if it doesn't um tell us in the chat you know that that we suck but if it does change your life let's build together thank

you we have a few minutes um I'm pretty sure there's going to be no more questions if any if you guys have questions happy to answer that if not um let's get the party started right the question loading yay no nothing good what is it loading or is it not I'm just if you guys oh okay yeah thanks thanks for the presentation for first of all um I'm curious to to know if you're covering only Europe or

do you have plans to to apply to other markets like Latin America uh I would say as every and I think Mel was here before right he talked about this jurisdictional so I think every project every company wants to be accessible everywhere right because you know who wants to self-limit to um you know provide the solution to customers but this is where it takes time it's more expensive and this why we need to collaborate and work together so that's why there's a company there's a project that holds a license in this region can you work with them right there's a company project that holds a license to necessary to provide these kind of services in some other region you work together and this is this is probably the only path to have the global

coverage because right now there is no working product that works across the globe that where you can spend you know your money as easy you know Crypt as possible so that's the stage to get um we definitely want to be globally accessible um and probably you know I saw a very common question why Europe why is this available in Europe and not elsewhere um and also for everybody to understand this is not that because for some reason you know teams love Europe and hate everything else um it's because it's purely pragmatic reasons right you get one license and you're available in more countries you know than one right there's the entire European Union uh there's a cost to it there's a a regulatory um clearance uh but then if you go outside it's per country and then

that's where people start thinking okay how much money is it going to cost us do we have that budget is it may make sense so the only way for smaller projects larger projects to do that is to work together and do you can can you explain a bit more the business model behind the the product um I think when it comes to off- ramping on ramping everything is pretty much the same right typically products um charge you for that operation so if you want to get from your crypto to your Fiat that's where they charge you the fee uh same thing for us but I believe that that can be changed and that can be changed to uh working with these Primitives so imagine this you build um a protocol that allows

you to earn yield on the T bills tokenized T bills so you earn interest so what happens is that you can build the logic saying you know what every time I earn $20 I'll frm it automatically so you don't need to do anything it's just there right it it comes to your um you know balance you just you know open it up it's there what if you could charge um you know a small percentage fee or like that markup right on that operation so then it becomes a more interesting model where you only pay for what you're actually looking for what you need but typically yes uh same for us it is the percentage on the ramping Which percentage 75 bips so it's 0.75 okay

thanks amazing guys thank you very much it was amazing um I wish everyone a very good evening and uh let's let's go get the party started or too early too early okay all right okay thank you much everybody