Create a simple process for non crypto people to invest in Enzyme funds (email log in, fiat on ramp & more)
in progress
thibault bonnivard
Build a seamless process for non crypto people to invest in Enzyme funds (Metamask is a lot of frictions, can be risky, hard to understand, and scary).
Solution: Email Login (using https://magic.link "no password" solution).
Automatically generate an ETH address / wallet for new accounts.
Fiat on ramp to buy USDC / ETH (https://ramp.network & others).
https://stakedao.org built all of that, it's looking really good.
Mona El Isa
in progress
P
Pierre-Hedzer Marchi
Mona El Isa: Would you have a rough ETA on this ?
J
John Dexfolio
I was thinking how interesting it would be if the community created a collective fund using Enzyme Finance. It's also possible with uni-swap portfolio tracking? Read here - https://www.dexfolio.org/blog-posts/uniswap-portfolio-tracker
DeepCryptoDive
Gorilla Funds started working on this: https://github.com/enzymefinance/ENZIP/issues/10
DeepCryptoDive
planned
J
Jelle Arts
In my opinion, the main added value that fund managers within the digital asset realm provide to "non crypto" prospects is guidance through the complex ecosystem of blockchain tech. By taking your prospects by the hand and helping them set up their accounts, wallets, etc, you install trust and create a personal relationship with them.
By lowering the bar for entry using the solutions mentioned by Thibault, you diminish the role of a fund manager significantly and you take away the opportunity for establishing a relationship.
In the end, investors who have significant funds don't entrust a fund manager with their money because they can login using e-mail, but because they trust the manager.
This reason alone would personally be a motivator for me to downvote this request.
With regards to implementing a simple wallet creation, I would argue that you are diminishing the value proposition of the entire Enzyme investment method.
My prospects are always delighted to find out that they have their personal Fort Knox available to them on a hardware wallet, once I explain blockchain security aspects to them.
By "downgrading" to a custodial wallet system, you are basically moving back towards becomming a traditional (centralized) finance platform.
On top of that, this also means that fund managers would then be competing directly with institutional investment firms that happen to operate in the digital asset realm (like Grayscale for example). In my opinion this is not the area you want to be operating in.
Long story short: I would plead to stay true to the fundamentals of decentralized finance. It enhances both the relevancy of fund managers and the Enzyme platform itself.
DeepCryptoDive
under review
Completely agree with all comments to simplify the user experience and fiat on-ramp options.
With the upcoming Sulu release fund shares (ENZF tokens) will become transferable, which should enable easier integration of fiat on-boarding. The team is looking into this.
Adrien Supizet
Indeed, it is the missing piece to onboard non-crypto people.
"Automatically generate an ETH address / wallet for new accounts."
Is there a way to do that without the fund manager or the protocol becoming custodian of the funds?
Florent Bartoli
Adrien Supizet: I believe you have solutions like fortis or fortmatic, sole kind of cloud wallet providers.
Florent Bartoli
If you implement that it is a GG.