Polygon (MATIC) now powers the RobinHood of Crypto
SmartDefi, which calls itself the RobinHood of crypto as it wants to truly democratize and bring in lots of users into the crypto trading market, has been built on the Polygon (MATIC) network and proposes to launch in Q2, 2021.
The platform is an easy-to-use mobile app which is non-custodial and it hopes to fulfill the needs of those investors who want to enter into the Defi market but do not know where to start and also are worried about losing their funds. It solves this problem by making DeFi investments very simple so that users can easily onboard on to the app without any major or complex procedures and can proceed to buy risk-adjusted DeFi products using their bank account, credit card, or Apple Pay accounts.
‘In 2017 users were called crazy for investing in crypto. Even 2 years ago, it was ‘crypto is a scam’. Then, the narrative shifted to ‘Ok. I want in. How do I passively invest 1-5% of my portfolio in DeFi?’. This shift is why we built SmartDeFi and the DETF products.’ – Kieran Daniels | Co-founder, CEO SmartDeFi.
This app is the first consumer app to be built on the Polygon network which has been growing strongly in recent times and has also exceeded Ethereum in the number of daily transactions in the network. This is indeed a significant achievement for the company as it continues to build on the network and works to reduce the gas fees and also make the network reliable so that it can continue to be the network of choice for the users and developers even after Ethereum releases its version 2.0.
The Smart Defi infra is powered by Idle Finance, Gnosis Wallet (which is a multisig wallet), Polygon Network (which is a Layer 2 solution), Wyre, and Torus Labs. A combination of all these Web3 products helps to create a smooth onboarding and purchase process for the users so that they can easily buy risk-adjusted DeFi assets. It remains to be seen whether this would help to boost the transaction levels and the number of users in the Polygon network and whether it can continue to challenge Ethereum in the long run. The network is seeing multi-platforms and Dapps getting built on it on almost a daily basis as the developers and users discover the ease of use and the low gas fees as something that is very tempting.