Implementing LI.FI’s SDK into PoolTogether to facilitate cross-chain deposits

Expanding PoolTogether’s Cross-Chain Functionality Via LI.FI

Summary

We propose that PoolTogether integrates LIFI’s SDK to enable users to deposit any token they want, from any network, onto PoolTogether.

Problem:

PoolTogether is an OG DeFi platform. However, as it currently stands, PoolTogether only allows users to deposit tokens from Ethereum, Polygon, and Avalanche.

Most crypto users have funds spread across many chains. Restricting users to depositing certain tokens on a limited set of networks requires a very annoying set of activities, including (but not limited to):

  • bridging from source chain to destination chain

  • swapping their bridged token to the native deposit token

  • transferring a bridged token to PoolTogether to deposit

This process usually takes at least three user decisions and roughly 12-15 clicks.

This is a lot to ask, and could potentially turn away users who would have participated in a PoolTogether lottery campaign if other tokens were accepted.

We believe that LIFI could create a 10x better user experience for PoolTogether.

LIFI’s Solution

LIFI is a Cross-Chain Bridge and DEX aggregator. Implementing our SDK will enable PoolTogether’s users to complete cross-chain, any-2-any swaps - in just a couple of clicks - all inside the PoolTogether dApp. They will never have to leave the app to use bridges or DEXs. In essence, LIFI is a single interface for bridging and swapping.

  • LIFI facilitates transactions across Ethereum, Optimism, BNB Chain, Gnosis, Polygon, Fantom, Moonriver, Arbitrum, and Avalanche.

  • We have integrated some of the biggest names in the bridging space, including Connext, Hop, cBridge, Multichain, Biconomy, Optimism bridge, and Polygon bridge.

  • Furthermore, our smart contracts feature DEX integrations with 1inch, Uniswap, SushiSwap, ParaSwap, OpenOcean, DODO, 0x, HoneySwap, PancakeSwap, SpookySwap, and ViperSwap.

With the LIFI SDK, PoolTogether would be able to accept any token from any chain on its front-end and complete a swap to any token on the backend in just one-click from a user. And, once our SDK is integrated, PoolTogether would never have to worry about adding more bridges or DEXs – LIFI devs will handle that.

Here’s the TL;DR → PoolTogether is currently a multi-chain protocol. With LIFI, it becomes natively cross chain.

Proposal

We propose that PoolTogether integrates LIFI any-2-any swaps to enable users to deposit any token they want, from any network, onto PoolTogether.

This will help unlock the full potential of PoolTogether for two reasons:

  • more token deposit choices could lead to more deposits from users
  • having LIFI already integrated will make future cross-chain plans easier to implement

For PoolTogether users, this proposal is helpful because:

  • users will be able to deposit any token from any chain into PoolTogether
  • users will not have to leave PoolTogether to find bridging or swapping solutions

LIFI is committed to helping PoolTogether integrate our SDK with the least amount of developer burden possible. LIFI will help make this integration happen at no cost to the PoolTogether community.

We believe this is a win-win. LIFI gets to partner with the premier web3 fundraising dApp, while PoolTogether’s cross-chain potential is unlocked.

For more information on LIFI, please read our documentation.

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Thank you for the detailed post @kram - LIFI looks like a very interesting tool.

What do you think about a stand-alone UI that brings together the LIFI and PoolTogether protocols? PoolTogether Inc is working on a new tokenomics proposal that helps unlock more assets for the protocol.

However, until then it would be great to somehow incorporate the LIFI protocol.

A new PoolTogether Bounties Program will be launched soon. If LIFI is interested in funding a bounty to build a unique UI/UX experience then that could be a great opportunity for a collaboration. We would help write a specification and product outline. Then we can open the process for contributors to build the prototype connecting PoolTogether and LIFI.

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When you say “standalone” UI, do you mean something hosted outside of PT?

No, the application can be hosted inside PoolTogether ecosystem.

What I am saying is the current PoolTogether V4 application has a very specific User Experience that we want to keep as simple and streamlined as possible. Limiting the number of choices a User has to make to deposit.

Adding LIFI would increase the complexity.

What I am proposing is a single page application combining LiFi and PT into a specific User Experience. The User Experience will target more advanced Users for have assets across different EVM chains and also want to create PoolTogether Savings account.

Proposed Partnership

  • Application (lead by PoolTogether Community via bounties)
  • Marketing (lead by LiFi)

The application can possibly live (not up to me) at a subdomain (proejct.pooltogether.com) and be available for people who have these specific needs.

Hey Kames,

is there a way to see what’s coming? We have a really capable designer (was Paypal’s highest lead designer) and we would like to get back to you with a very clear, visual suggestion.

The “number of choices” of what to deposit slightly increases the complexity, whereby a whole new product within the ecosystem or sending people elsewhere to bridge and swap would definitely reduce the conversion rate way more.

We truly believe that there must be a visually simple solution and we’d love to give it a try in Figma first and work hands-on with you, even providing a pull request, to make that happen and keep as much work off your shoulders as possible.

Is there a way to share more and discuss this with you “in person”?

  1. What would you like to see coming exactly?

  2. The flow could break user assumptions about no loss if we’re facilitating assets swaps in/out that are relative to USDC i.e. the primary PrizePool. The base principle is not promised to be returned in that PoolTogether experience. Introducing multiple mechanics to solve this problem is not an ideal solution long-term.
    However, if there is demand for a product where Users want to come from other L2/sidehcains into Polygon (at the moment) then we can test and optimize for that. Otherwise the experience would become difficult to manage and bolting on additional flows into the PoolTogether application as we try to expand the reach of the core protocol generally is probably not something that would be pursued.

  3. Hence why I am recommending an alternative path where an application can be built and tested independently. Sure it’s an alliterative site but that is how User Journeys and traditional marketing flows are constructed. Optimizing for a specific User with a very narrow set of requirements.
    This sounds like an interesting opportunity but just trying to be realistic about what can and would be done.

“What I am proposing is a single page application combining LiFi and PT into a specific User Experience. The User Experience will target more advanced Users for have assets across different EVM chains and also want to create PoolTogether Savings account.”

This sounds interesting. LIFI just partnered w/ Etherspot to build a page showcasing a really awesome UX for cross-chain swaps and staking.

You can check it out here: transferto.xyz

The only difference for PT would be changing the flow to cross-chain swaps and deposits.

What are your thoughts? And what are next steps to get the ball rolling here?

Kram - that is a good example of what I imagining!

I think it would absolutely be worth exploring what a partner integration could look like that leverages both protocols. A very unique design could be implemented that allows anyone to quickly swap into PoolTogether using LiFi.

Is Li.Fi still able to complete mockups of a potential application?

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Currently consulting with the team on dev bandwidth atm. Will get back to this as soon as I have the necessary info :slight_smile:

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Hey Kames,

What do you think of this:

Screenshot_2022-05-16_at_10.31.07_PM

We could keep the flow of deposits essentially the same, but our SDK would allow users to deposit from more than three chains.

1 Like