Why is Utopia necessary?
Last updated
Last updated
DeFi is complex. Especially for new users entering the space. In order to do a simple process of providing liquidity to an AMM and then auto compounding it, one has to go through multiple websites and do multiple steps such as:
Swaps tokens to divide them in equal amounts for the LP Pool.
Sign transactions to approve both the contract to use both the tokens.
Add the tokens in the LP Pool and receive the LP tokens.
Navigate to the yield aggregator/yield optimizer website and select the proper yield farm and then sign a transaction to approve the contract to use the LP tokens.
Then another transaction to deposit your LP token to the auto compounding contract.
This process is overly complicated which involves too many steps and with each step it increases the time as well as the chances of error. Users can mess up the steps and find themselves stuck with their funds trapped in some contract that they don’t remember or realise.
In addition to that, jumping between different websites for swap, LP and aggregation carries a risk of itself if the user is not cautious and goes on to a malicious website. These are things that DeFi veterans might take for granted but are a serious hurdle towards the large-scale mass adoption of DeF. Utopia aims to solve this problem by its unique approach to a tokenized form of decentralised yield optimizer. Utopia perfectly combines the best of both worlds by offering the most straightforward and user-friendly user interface that makes using DeFi as seamless as possible while still maintaining the same strong DeFi core in the back end which is known for its resilience and transparency.
