Wyre SmartRamps Connect Fiat Payments & Smart Contracts
Web3 payment platform and developer Wyre took another step towards providing the tools to facilitate mass adoption this week with the launch of SmartRamps. This means that dapp builders can connect their smart contracts to traditional payment methods allowing end-users to interact with Web3 with a straightforward transaction.
Recognizing that the bulk of Web3 developers does not have the resources, expertise, or licenses to make these steps more straightforward for users, Wyre has launched SmartRamps to remove hurdles and allow end-users to access Web3 as easily as when they shop online.
SmartRamps allow builders to onboard non-crypto natives to their dapps, build easy user purchasing flows, and innovate new smart contract use cases. These are the most critical elements needed to push blockchain and dapps further towards mass adoption.
Introducing SmartRamps
SmartRamps are, in the simplest terms, an onramp directly to a smart contract. That means that builders can connect their smart contract to traditional payment methods allowing end-users to interact with Web3 with a straightforward transaction.
Smart contracts are widely utilized in DeFi dapps, blockchain games, DAOs, fashion, NFTs, creator economy, supply chain, and several other novel use cases. With SmartRamps, users can now tap the utility of those smart contracts without the in-depth technical know-how that they previously needed. Something which is undoubtedly crucial for mainstream adoption.
More importantly, there is a very misunderstood element at the heart of everything about Web3 and decentralization – smart contracts. They are the building blocks required to build Web3 successfully, and most people dont even know what they are.
No matter, really, as all they are is digital go-betweens designed to execute on specific rules. Like the way a vending machine works. You put your money and press the Mars bar button. You get the Mars bar because the contract was executed perfectly as the machine is programmed to perform on command. Except when the item gets stuck in that circular windy thing, you have to bash the glass to release it. You could think of that as a failed transaction.
Moreover, dapps that let users make transactions using their credit or debit card have been very successful at onboarding. The current system does not make it simple for the average consumer to access the opportunity Web3 has to offer. They must use onramps, exchanges, multiple wallets, bridges, etc. They have to teach themselves to navigate the flow of funds to make a purchase. While some rise to the challenge, many shy away and never take those first steps into Web3.
DappRadar uses Wyre
Wyre is already well integrated across several essential Web3 services, NFT marketplaces, and exchanges, and DappRadar uses Wyre to allow site visitors to top up their crypto wallets. Once a user for example finds an NFT they like, they can simply click Buy Now and be redirected to the Wyre Widget, where they can use a credit card to add ETH and 40+ more crypto assets to their wallet.
Wyre has the potential to take crypto to the next level and is arguably already doing so. The launch of SmartRamps will empower dapp developers to roll out the best iterations of their dapps with the smoothest fiat onramps available. Wyre is launching the first-ever SmartRamp with Sequence but plans to eventually open-source the SmartRamps code so that the entire ecosystem can open its doors to the masses.
The possibilities are endless, and the bear market provides the perfect conditions for building. It will be fascinating to monitor how the launch goes and which project will adopt SmartRamps.
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The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.
