One of the biggest challenges in decentralized finance (DeFi) is how complicated it can be to use.
There are many wallets, exchanges, and disconnected blockchains that make the process taxing and time consuming even for the most experienced users. For example, users attempting to use Uniswap will have to navigate linking their bank account to an exchange that allows them to purchase Ethereum, withdraw that Ethereum to an ERC-20 compliant wallet, connect that wallet to Uniswap, and then finally purchase their tokens.
GeroWallet takes advantage of a Cardano-native DEX called CardSwap to greatly simplify this process. With this, and the integration of fiat on- and off-ramps, users can use fiat currency to directly purchase tokens of their choice within GeroWallet through CardSwap or future integrations and use their purchased tokens to participate in further trades and staking opportunities.
Other prominent DeFi services will be integrated within GeroWallet’s user interface. Through each integration, GeroWallet will make multiple DeFi applications easier to access with fewer steps. Chaining these applications on the back end will essentially create new services from fragmented existing ones. Currently, for example, this process will involve navigating three different UIs:
- Buying ADA with fiat currency
- Using an exchange to swap ADA for a stablecoin
- Participating in yield farming
GeroWallet will unify the necessary steps for such applications in a single interface.
Staking is the process of receiving rewards passively by “parking” tokens inside a wallet. For example, by staking our native token $GERO on the GeroWallet platform, users can passively earn rewards, fee rebates on a variety of services, and access to premium features. Development of these features will be guided by $GERO holders and governance voting
GeroWallet will utilize the third generation blockchain Cardano due to its ability to support efficient transaction speed coupled with cheaper fees when compared to Ethereum. This is due to its proof-of-stake model, which contrasts with Ethereum’s mining and proof-of-work system (for those interested, one can read more here). In September 2021, Cardano is set to launch its mainnet, which enables the use of smart contracts and decentralized applications (a familiar example of a dApp is Uniswap on Ethereum). GeroWallet plans to be the utility that allows users to access these exciting new features.
Our users are our motivation. We are committed to building a dynamic environment for the advancement of blockchain by designing innovative, user friendly tools for the DeFi community. Our promise is to continuously strive for excellent customer support and incorporating user experiences and feedback into every iteration.