DeFi is moving fast. Like crazy fast. 🏎
So fast, the user experience of DeFi apps has struggled to keep up, leaving a large barrier for new users.
There are already a number of projects that seek to improve this UX: Argent does this by storing funds in contract wallets, while InstaDapp similarly uses proxy contracts.
DeFi777 approaches this differently, by wrapping the tokens themselves into super-charged ERC-777 tokens!
Earlier this year, a prototype of DeFi777 was built for ETHGlobal’s HackMoney hackathon. This demo showed how ERC-777 wrapper tokens could provide a radically different user experience for DeFi.
Months later, it’s time to show off the v1 of DeFi777, which is cheaper, safer and much more powerful! 💥
New Interface 👨🎨
DeFi777 doesn’t require a user interface, or even a dapp browser like Metamask. Users can interact with DeFi protocols by simply sending ETH or DeFi777 tokens to ENS addresses.
However, interfaces are still helpful, especially when exploring new projects! DeFi777 now has a shiny new dapp at defi777.com for easily viewing DeFi777 assets and interacting with various DeFi adapters.
The DeFi777 dapp also allows anyone to generate a ERC-777 for any token, in the same style as generating new Uniswap pools. The site will soon provide the ability to generate new adapters as well (such as new Uniswap trades, Balancer pools, etc).
Want to try out DeFi777 for free? Switch your wallet to the Kovan testnet!
Swap, Pool & Lend 🔀
DeFi777 provides adapters that make it easy to use the most popular DeFi protocols.
Uniswap adapters allow easy trades between various assets. Sending ETH or any DeFi777 token to
dai.uniswap777.eth will swap that asset into Dai777.
Assets can also be leant out and earn interest using Compound (support for Aave coming soon). Simply send DeFi777 tokens to
compound777.eth and receive wrapped cTokens.
Users can also send tokens to
yearn777.eth, depositing the assets into yEarn vaults to maximize yield.
Assets can also be added to liquidity pools on various protocols, such as Uniswap, Balancer and Curve. For Uniswap pools, DeFi777 even allows swapping into pools from a third token, similar to “zapping in” on apps like Zapper or Zerion.
This means, for example, you can send Dai777 to
eth-wbtc.uniswap777.eth, and the Dai will be automatically be swapped and added liquidity to the ETH/WBTC Uniswap pair. This could take up to 4 transactions if done manually through the standard Uniswap interface.
Yield Farming 👨🌾 🚜
The most powerful feature of DeFi777 is the support for yield farming. Depositing funds into a Balancer or Curve pool will give a special “farmer” token, which represents both the underlying LP and any accrued yield (BAL or CRV).
Not only does this allow easy 1-transaction yield farming, but it effectively “tokenizes” yield farms. These yield farming tokens can be freely traded in AMMs or even on Layer 2s.
DeFi777 contracts have not been audited, unfortunately audits are still far too expensive for an independent, unfunded project like this.
Thankfully, this project’s attack surface is quite small: only one contract (Wrapped777) custodies funds, and it’s simply a modified version of OpenZeppelin’s ERC-777 contract.
Additionally, a bug bounty for DeFi777 is now available on Immunefi.
Still, this project should be treated as a beta project, and large amounts should not be wrapped until the app has been running for a significant period of time.
Support the project 💸
DeFi777 is 100% free and open source. If you’d like to support the project’s further development (and cover gas costs), please drop 1 or 2 Dai in DeFi777’s Gitcoin Grant page.
Want to follow the project? Join our Telegram group!