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Chain-Agnostic DeFi Aggregation - FRONTIER
Hey DEFI TIMES community,
DeFi is already becoming a threat to the traditional banking system. We have better interest rates (more than zero percent), faster transactions (layer two), less regulation, and so on. We are growing at lightning speed. The DeFi space is entirely different than the way it was in DeFi summer.
Before DeFi can replace traditional finance, we need to solve some problems first. If you want to use DeFo services today, you must search for the service you wish to use manually. For example, if you're going to exchange tokens, visit the Uniswap interface to do so. Few products on the market enable users to manage their entire DeFi portfolio from one app.
Today we would like to introduce a project that aims to solve the fragmentation problem of the DeFi industry: Frontier.
Let's dive straight into it.
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How does Frontier work?
Frontier is an all-in-one DeFi application allowing you to access any protocol on any blockchain you want to use. You can download the app in the Google or Apple App store today. When you download the app, you can choose a variety of DeFi protocols for your finances. Currently, Frontier supports MakerDAO, Compound Finance, Uniswap, Set Protocol, dYdX, and Nuo Network, and many more.
When you decide to use a DeFi application through Frontier, you will receive Rich DeFi Notifications. The Frontier App will send you notifications when significant events happen in your DeFi wallet. For example:
- CDP liquidation threat
- Set rebalancing
- Incoming & outgoing Transactions
Currently, Frontier does not charge any fees as the company wants to make the DeFi experience for anyone as easy as possible. That's also why you can download the app from anywhere in the world (except North Korea, maybe). You only need an Ethereum wallet, and you are good to go.
Let's take a look at one of my wallets. As you can see, I have several ERC-20 tokens in there. Frontier shows me exactly how much my tokens are worth. I don't even need to manually add any token (as you have to when using Metamask).
Let's click on the Positions tab. Now the app shows me the pools I have supplied liquidity. Currently, I have some tokens in the KNC - wETH pool, which is worth approx. $54. Frontier knows my positions better than I do.
If you click on NFTs, you can see all the Non-Fungible-Tokens located in your wallet. Currently, I have two .eth domains in there.
When you click on the bottom right, you see all the tokens you can trade in the Frontier wallet using several exchanges.
If you click on the "Apps" tab, you see all the Apps you can currently use. I can choose between Aave, Compound, and Yearn Finance. Inside the Frontier App, you can do anything you want in the DeFi space.
The coolest thing: many more blockchain will be available soon. Frontier is adding support for Polkadot through the Stafi network soon.
Blockchain developers have difficulties building mobile dApps. There are two core reasons for this:
1. Developers have to work on key wallet creation before users can interact with the dApp.
2. Users have to either create their own wallet or import an existing wallet before using the dApp → serious UX issues
That’s why developers typically choose to build web dApps instead of mobile dApps. Frontier solves this problem with a feature called “wallet composability”.
Frontier aggregates multiple wallets like Metamask, Trust Wallet, or Coinbase wallet, all available for mobile. You can connect your wallets and aggregate them on the Frontier dApp. That’s how you can use multiple wallets to access your favorite DeFi protocols. There’s no need to create another wallet on Frontier. You can use all the existing infrastructure available today.
Why should you use Frontier?
Today, DeFi users face fragmentation problems because they often have to use multiple wallets across different protocols and chains to do their finances. Frontier solves this problem with a single App and one of the best user experiences in the crypto space.
You can use the Frontier token ($FRONT) in many different ways. We have listed the six most important ones below.
1. Staking on Frontier Chain
The Frontier Chain is a decentralized Key management Chain. You can use FRONT for staking to secure the chain. You can either delegate your FRONT to validators or run a node yourself.
2. Gasless transactions
Locking $FRONT in Frontier Vault will create eligibility for access to free and near-free transactions.
3. Liquidity Provision
You can use your FRONT tokens to provide liquidity to many different protocols like Uniswap. You will then be able to earn a yield on your supplied FRONT.
gFRONT will be used as a governance token on the Frontier Chain. Users will be able to vote on crucial protocol parameters with a voting power proportional to their FRONT holdings.
"Frontier will develop a referral system that incentivizes users to bring their friends into DeFi. Community campaigns will also involve distributing $FRONT to members who have demonstrated a strong desire to help improve our ecosystem." - citation in Substack
6. Deflation via integration
A portion of fee-based B2B integrations will be collected in FRONT. The more integrations, the more buying pressure for FRONT.
Target users and adoption
Frontier is for anyone who has trouble keeping an overview of their finances while using DeFi protocols. The Frontier App knows more about your DeFi positions and holdings than you do. Have you ever found yourself creating a google spreadsheet to track your DeFi savings accounts? Frontier is the answer.
You can download the Frontier App today, either in Apple App Store or in the Google Play Store. The product has gained a lot of traction during the last couple of weeks since FRONT's launch (September 2020).
Frontier is an easy way to manage your entire DeFi portfolio inside of one single app. When you download Frontier, you will never have to search for a specific DeFi interface again manually. If you want to lend your tokens, you can use Frontier to interact with Aave. It's never been easier to use DeFi services.
Frontier is like an all-in-one bank account where you can save, lend, and swap your tokens from anywhere in the world without facing annoying regulations like KYC/AML.
You can use the FRONT token in several different ways, including staking, referrals, governance, and gasless transactions. The value of the FRONT tokens is highly tight to the usage of the Frontier platform. The more users, the higher the price. Of course, you should always do your own research before investing in any token.
All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.
Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.