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DeFi777: A DEX that uses ERC-777 to improve trading experience｜Project Introduction

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Explain in detail how ERC-777 encapsulated tokens provide a completely different user experience for DeFi.

Original title: "New Defi Game 丨 3 minutes to understand the fool-style DeFi operation protocol DeFi777"

Original source: Babbitt

DeFi is growing astonishingly fast, but its user experience has struggled to keep up, creating a big barrier for new users.

There are already many projects trying to improve this user experience, such as Argent by storing funds in smart contract wallets To achieve this purpose, InstaDapp uses the proxy contract method.

In this article, we will introduce a different way, DeFi777 by encapsulating the ERC-20 token itself into ERC-777 tokens to improve user experience.

Earlier this year, developer David Mihal built a DeFi777 prototype for ETHGlobal’s HackMoney hackathon. This demo The application demonstrates how ERC-777 wrapped tokens can provide a radically different user experience for DeFi.

A few months later, DeFi777 v1 was born, which is cheaper, safer and has more functions.

New Interface

DeFi777 does not require a user interface or even a dapp browser like Metamask, users only need to send ETH or DeFi777 tokens to the ENS address to interact with the DeFi protocol.

Of course, the interface can still be useful, especially when exploring new projects. Currently DeFi777 has a new dapp that can be used to easily view DeFi777 assets and interact with various DeFi adapters.

The user interface looks familiar? In fact, DeFi777 borrowed Uniswap's interface

The DeFi777 dapp also allows anyone to generate a new Uniswap asset pool in the same way, for any Tokens generate ERC-777 assets. The site will also soon provide the ability to generate new Adapters (e.g. new Uniswap transactions, Balancer pools, etc.).

Want to try DeFi777? You can switch your wallet to the Kovan test network to experience it.

Swap, Pool and lending

The Adapter provided by DeFi777 allows users to easily use the most popular DeFi protocols.

The Uniswap adapter makes trading between various assets easy. Sending ETH or any DeFi777 token to dai.uniswap777.eth will swap that asset for Dai777.

You can also use Compound to lend assets and earn interest (Aave will be supported soon), you just need to Send DeFi777 tokens to compound777.eth and receive wrapped cToken.

Users can also send tokens to yearn777.eth, deposit assets Enter the yEarn Smart Pool to maximize your earnings.

Assets can also be added to liquidity pools via various protocols such as Uniswap, Balancer and Curve. For Uniswap pools, this means you can send Dai777 to eth-wbtc.uniswap777.eth and the Dai will be automatically swapped and add liquidity to the ETH/WBTC Uniswap asset pair. Whereas if done manually through the standard Uniswap interface, it could take up to 4 transactions.

Income Farming

DeFi777 The most powerful feature is the support for yield farming. Depositing funds into a Balancer or Curve pool results in a special "farmer" token, which represents both the underlying LP and any accrued earnings (BAL or CRV).

This not only allows easy one-click yield farming, but effectively tokenizes yield farming. These yield farming tokens can be traded freely on AMMs and even on Layer 2.

Users earn CRV tokens from the Curve y pool and from Balancer pool to earn BAL tokens

Security Concerns

It should be noted that the current DeFi777 contract has not been audited, and the developer claims that the audit fee is still too high for him, but he also said that the attack surface of the project is very small: only one contract (Wrapped777) is in Escrow funds, and it's just a modified version of OpenZeppelin's ERC-777 contract.

In general, currently DeFi777 is still a Beta project, users are advised not to easily use their real money To test this application, it is best to wait for an observation period.