Expanding Ooki's Cross-Chain Reach via LI.FI

Goal:

Implement LI.FI’s SDK into Ooki to facilitate cross-chain deposits.

Abstract:

Ooki is an OG lending and margin trading DeFi primitive. However, as it currently stands, Ooki only allows users to deposit, borrow, and lend tokens from Ethereum, BNB Chain, Polygon, and Arbitrum.

However, many crypto users have funds spread across other chains as well. Restricting users to depositing certain tokens on a limited set of networks requires a very annoying set of activities, including (but not limited to):

  • bridging from source chain to destination chain
  • swapping their bridged token to the native deposit token
  • transferring a bridged token to Ooki to deposit

This process usually takes at least three user decisions and roughly 12-15 clicks.

This is a lot to ask, and could potentially turn away users who would have participated in a Ooki lottery campaign if other tokens were accepted.

We believe that LIFI could create a 10x better user experience for Ooki.

LIFI Pitch:

LIFI is a bridge and DEX aggregator. Implementing our SDK will enable Ooki’s users to complete cross-chain, any-2-any swaps in just one click – all inside the Ooki dApp. Users will never have to leave the app to use bridges or DEXs. In essence, LIFI is a single interface for bridging and swapping which we believe should be available on every single dApp, including Ooki.

  • LIFI facilitates transactions across Ethereum, Optimism, BNB Chain, Gnosis, Polygon, Fantom, Moonriver, Arbitrum, and Avalanche.
  • We have integrated some of the biggest names in the bridging space, including Connext, Hop, cBridge, Multichain, Biconomy, Optimism bridge, and Polygon bridge.
  • Furthermore, our smart contracts feature DEX integrations with 1inch, Uniswap, SushiSwap, ParaSwap, OpenOcean, DODO, 0x, HoneySwap, PancakeSwap, SpookySwap, and ViperSwap.

Once our SDK is integrated, Ooki would never have to worry about adding more bridges or DEXs – LIFI devs will handle that.

Here’s the TL;DR → Ooki is currently a multi-chain protocol. With LIFI, it becomes natively cross-chain.

Proposal:

We propose that Ooki integrates LIFI any-2-any swaps to enable users to deposit any token they want, from any network, onto Ooki.

This will help unlock the full potential of Ooki for two reasons:

  • more token deposit choices could lead to more deposits from users
  • having LIFI already integrated will make future cross-chain plans easier to implement

For Ooki users, this proposal is helpful because:

  • users will be able to deposit any token from any chain into Ooki
  • users will not have to leave Ooki to find bridging or swapping solutions

LIFI is committed to helping Ooki integrate our SDK with the least amount of developer burden possible. LIFI will help make this integration happen at no cost to the Ooki community.

It is a win-win. LIFI gets to partner with the premier web3 fundraising dApp, while Ooki’s cross-chain potential is unlocked.

For more information on LIFI, read our documentation.

Author:

LIFI, the ultimate cross-chain bridge and DEX aggregator

(Point of Contact: Mark Murdock, BD at LIFI, @markmurdock3 on Telegram)

Proposal date:

April 21, 2022