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Users of Fuse Cash can now interact directly with DeFi and other applications on Fuse, providing a much more seamless user experience. This important integration also means that other communities building on the network can now easily integrate and benefit from the same functionality.
From the launch of the first decentralized lending network on Fuse to increasing trading activity and multiple liquidity rewards programs on FuseSwap, the decentralized finance (DeFi) ecosystem on Fuse has shown some impressive growth recently.
However, until now, options for users wishing to interact with DeFi applications on Fuse have essentially been limited to the MetaMask browser extension on desktop. This meant that it was not possible for users to interact with DeFi apps using their mobile phones. Metamask also does not offer users any built-in fiat on-ramp options, which means that users first need to purchase crypto assets and then send them to their MetaMask wallet to interact with DeFi apps. This creates unnecessary friction.
To address these issues, the Fuse team has implemented the WalletConnect protocol into our wallet technology.
Connecting mobile wallets to decentralized applications
WalletConnect has emerged as the most popular solution in the crypto wallet industry for making it possible for users to access dApps via their favorite mobile wallets directly instead of having to turn to Metamask.
At bottom, WalletConnect is an open-source protocol for data exchange between wallets and dApps. The process takes place via a specialized server and the flow of data is encrypted in both directions.
From the user’s perspective, although the exact details may vary from wallet to wallet, there are two ways of using WalletConnect. In the mobile-to-mobile mode, the user opens the website of the dApp that they are interested in, clicks the “connect wallet” tab there and chooses their preferred wallet. The desktop-to-mobile approach involves using the Wallet Connect-enabled wallet on the mobile phone to scan the QR code of the dApp displayed in the desktop browser. After the session, the dApp may be disconnected, and users are even advised to disconnect dApps for security reasons.
How the WalletConnect integration will supercharge Fuse’s mobile technology
The first implementation of Fuse’s wallet technology to include the WalletConnect functionality is the consumer-facing Fuse Cash app. Fuse Cash users are now able to use Wallet Connect to interact with DeFi apps on Fuse.
For the time being, Fuse Cash users can deploy WalletConnect in the mobile-to-desktop mode. To do this, they need to open the dApp they would like to connect to on their computer, choose the WalletConnect option in the “Connect Wallet” pop-up and then scan it with their mobile phone using the Fuse Cash app. The Fuse team is also working on the implementation of the mobile-to-mobile mode of WalletConnect that will enable users to only use their mobile phone browsers and Fuse Cash to interact with dApps. Please consult our tutorial and video walkthrough for more details.
On the DeFi app side, the WalletConnect functionality has already been added to the Fuse-native DEX FuseSwap and the Fuse rewards platform. It will soon also be integrated into other products, including the lending network powered by Ola Finance. Ola’s core team member Oren De-Lange comments:
Fuse lending network has been growing steadily since launch in May. WalletConnect is another great way for users to interact with the lending protocol and bring more liquidity to the platform, and we hope to integrate with WC in the near future.
Use case example
An example of what users can already do with WalletConnect on Fuse is liquidity provision and depositing liquidity provider (LP) tokens to earn a high APY in rewards.
Consider the FUSE/fUSD liquidity rewards program on FuseSwap, for instance. With Fuse Cash, a user can tap into their bank account to deposit fUSD straight into their wallet and use the in-app DEX functionality to purchase FUSE with half of the fUSD they have just purchased. Then, they can provide liquidity to the FUSE-fUSD pool on the FuseSwap website and deposit the LP tokens they obtained on the Fuse Rewards platform. And all this via the same mobile app thanks to the fiat on-ramp and WalletConnect.
Bringing smooth access to DeFi to Fuse’s payment communities
The integration of WalletConnect in the Fuse wallet technology more generally will enable any Fuse ecosystem project, community or company to provide their users with smooth access to DeFi opportunities on Fuse.
This will, amongst others, pave the way for ecosystem project tokens such as Kolektivo’s CuraDAI to be used in financial applications like DEXes and decentralized lending, making them more attractive for wider adoption.
This is particularly important because ecosystem projects’ community members may often be even more averse to typical crypto user experience than the average user. They may also be more attached to their communities’ branded wallets and thus particularly reluctant to use alternatives like Metamask.
We are confident that the WalletConnect integration into the Fuse technology stack will bring Fuse closer to becoming the platform of choice for tens of millions of new DeFi users and for projects that will bring them into the space.
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