Proposal: Community to consider building a retail/mobile app for the average household (or partner with a L2 smart contract wallet) that turns wages into assets and people into banks. Consider product development of this Alchemix application specifically for non-crypto natives (e.g., direct L2 smart contract wallet integration or in-house L2 mobile app).
This community has strong decentralized/ETH values and cares about democratizing wealth. Let’s fund/build a retail product that can unlock wealth building for the working and middle class too.
Please take a look at the below link for a mock-UI.
https://drive.google.com/file/d/1KWjI-CG_-1phJEvIwQDePGGLdKamtCd-/view?usp=sharing
“Problem” Alchemix Retail App Solves: Alchemix’s UI and protocol is revolutionary/slick but defi is too complex for a non-crypto/finance native and gas is also too high to use for daily purchases.
Product Requirements:
• Intuitive app interface usable by anyone familiar with smartphones (no crypto or finance knowledge needed)
• Seamless fiat-to-crypto and crypto-to-fiat experience, dashboard, few buttons
• Gas efficient enough to fund ad-hoc daily expenses (e.g., groceries, coffee, etc.)
• Bonus: In-house development would remove a 3rd party app that has to monetize somehow, likely in increased transaction fees.
If there was secure app like this on the market, I’d personally use it for 100% of my savings and daily purchases (e.g.,
groceries, coffee, car maintenance, etc.).
Benefits to Protocol: Alchemix can be THE preferred turnkey solution to self-bank for retail (in the same way Coinbase is synonymous with crypto to retail, an Alchemix powered app can be synonymous with self-banking). This app would eat banks - protocol revenues and TVL would increase dramatically overtime.
Benefits to Society/Users: Over the span of decades the working and middle class (i.e., small wallets) continue facing ongoing poverty taxes in the form of rising prices and declining purchasing power. Alchemix can eat banks and democratize wealth, providing the 99% the ability to: i) spend 50% of and save 100% of the same dollar; ii) turn their wages into assets by self-banking instead of giving banks a claim to their future wages and collateral via loans; and iii) create “passive” income streams in the form of accessing collateral after loans are repaid.
Background
I often try to show how Alchemix can change the wealth trajectory for my friends and family. I have the conversation so often I wrote a blog on it as a resource for F&F to onboard (https://medium.com/@defiforeveryone/democratizing-wealth-how-the-99-can-use-interest-to-pay-for-living-expenses-2f1721619a05).
They’re usually non-crypto natives with limited understanding (and interest) in crypto and/or finance. Some get very excited at the big picture idea of being able to pay for a car for free. But, don’t understand how they can practically use Alchemix in their daily lives to purchase goods and services IRL. 100% of them care about their quality of life and want to increase their wealth.
Paired with a seamless/simple UI and cheap transaction fees, Alchemix’ vault architecture can be solution.
Imagine an app (or direct smart contract wallet integration) where you could deposit a % of your fiat paycheck with a dashboard that would show:
• Total collateral, displayed as “total savings”
o You could click this balance and show total vested “savings” versus total locked “savings”. The ratio would change as debt is paid down
• Total debt, displayed as “total available spending balance”
• A “deposit savings” button that allows you to deposit fiat, swap to crypto, and borrow al-assets simultaneously while with the balances mentioned above update seamlessly
• A “withdraw savings” button that allowed you to liquidate with the above balances updating seamlessly
The app would be paired with a payment vehicle (e.g., a crypto or fiat debit card) that would allow a user to spend money on daily items.
Or, if that piece is not feasible for now, the app would allow users to withdraw fiat assets into their bank account for use.
Voila, that app turns wages into asset and people into banks! Anyone interested in building this with me?