Expanding PoolTogether’s Cross-Chain Functionality Via LI.FI
We propose that PoolTogether integrates LIFI’s SDK to enable users to deposit any token they want, from any network, onto PoolTogether.
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 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.
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.