Netherlands-based crypto trading app, Flits, describes its mission as providing a way for everyday people to use decentralised networks to buy, earn and sell alt coins on the Ethereum ecosystem.
Now the team is rolling out a walletconnect feature that allows users to link with DeFi applications, enabling them to buy, sell, borrow and lend their crypto coin. It’s the latest in a string of new upgrades to Flits, as the phone-based app moves into decentralised finance in a big way.
How walletconnect works
Walletconnect is an open-source protocol that lets users connect from decentralised applications (dapps) on mobile devices to QR codes on desktop computers. Because the walletconnect app is based on a protocol, it can be installed on both Android and iOS operating systems.
There are no fees associated with walletconnect—users can just download the protocol, link immediately with dapps, and start trading. It’s also more secure than desktop or browser extension wallets, with options for remote locking of devices and the implementation of additional 24-word passwords. Just don’t lose your phone!
Flits moves further into DeFi with release of walletconnect
Ethereum platform well-suited to DeFi
From straight up coin transactions, to betting on future events like elections, DeFi technology is already shaping the future of crypto markets worldwide. DeFi is founded on the Ethereum platform, which according to Coinbase, has far more scope for building complex dapps than Bitcoin. While Bitcoin is the world’s largest crypto currency, it is mostly limited to conducting simple transactions and storing wealth.
Essentially, the Eth DeFi mirrors traditional money markets, but removes most of the fees and costs associated with doing business. Traders are connected and communicate through online wallets, with smart contracts replacing intermediaries such as banks. They use cryptocurrency tied to a solid asset outside the DeFi network. These assets can be anything with liquidity, from USD to gold, BTC, ETH and even valuable artwork!
The advantage of walletconnect
Walletconnect instantly links users into DeFi networks. Flits offers customers a feature whereby they can swap or lend liquid currency like BTC (known as stablecoins and therefore trusted as a tradable asset) or USD and earn interest in Flit coin (FTC).
Although they remain a relatively small market player, the addition of walletconnect into the Flits ecosystem is likely to see the company expand well beyond the 30,000 user and 4,500 node mark.