Demystifying DeFi: How Lympid bridges the gap between fiat and DeFi
Demystifying DeFi: How Lympid bridges the gap between fiat and DeFi
Based in Portugal, Lympid is an application for European consumers to put their Euros to work through decentralized protocols and/or access assets available on decentralized exchanges. It abstracts away the complexity of interacting with Web3 protocols through a simple user interface, to go straight from Euros to DeFi and back.
Based in Portugal, Lympid is an application for European consumers to put their Euros to work through decentralized protocols and/or access assets available on decentralized exchanges. It abstracts away the complexity of interacting with Web3 protocols through a simple user interface, to go straight from Euros to DeFi and back.
About Lympid
Located in Portugal, Lympid offers a platform for European users to maximize the use of their Euros via DeFi protocols or to access assets on decentralized exchanges. The platform simplifies the access of Web3 protocols, providing an intuitive user interface, allowing a transition from fiat to DeFi and vice versa.
Industry: DeFi - Web3
Location: Portugal
Demystifying DeFi: How Lympid simplifies access to decentralized finance for everyone - tech-savvy or not
Demystifying DeFi: How Lympid simplifies access to decentralized finance for everyone - tech-savvy or not
Based in Portugal, Lympid is an application for European consumers to put their Euros to work through decentralized protocols and/or access assets available on decentralized exchanges. João Lages, the co-founder of Lympid, and his team come from a background of blockchain consultancy, where they found a crucial pain point for day-to-day investors who do not necessarily have a technical background.
Traditional web3 apps today are primarily geared towards a particular audience that understand and participate in the risks that come with sending funds to smart contracts. This encompasses managing keys, auditing contracts, managing gas fees, potentially bridging between chains, and/or multiple layers of swapping between multiple assets to find the best price and interact with your protocol of choice.
João and his team saw an opportunity here to simplify access to DeFi, akin to buying stocks using the funds in your bank account.
Overcoming Obstacles: Challenges with bridging the gap
Overcoming Obstacles: Challenges with bridging the gap
In order to “Demystify” DeFi in the manner Lympid envisioned, with the current state of regulations, finding the right partner for each step of the flow, with the right licenses and orchestrating it all together under one umbrella was key. Unfortunately just before launching their MVP in 2022, their fiat licensed partner pulled the plug on the program.
In their search for a new partner, Lympid encountered numerous roadblocks. Current traditional on-ramp/off-ramp widgets only offer simple SDK solutions, which effectively is a jagged user experience with high fees (4%+), switching between different windows with different company logos, and a non-native experience.
What Lympid required was a more flexible and customizable flow that encompassed the journey of a user right from registration until funding, within a single set of APIs.
In this way, Lympid would be able to focus on building product, talking to users and iterating on product development as opposed to spending time on obtaining licenses, dealing with regulators and/or multiple partners with a jagged UX from day one.
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