There are many DeFi apps in the Ethersphere at this point, but Bankless offers quite a unique edge in several ways: Bankless shows all the available APYs in one simple screen and makes it super simple to receive 6% or higher yield on your stablecoins. In addition, Bankless makes it super-easy to transfer your stablecoin savings between lending protocols, without the need to visit web sites and transact with Metamask. As a matter of fact, Bankless does not rely on any other software. There is nothing else to install.
Removing all the middlemen and excess layers of supportive apps is huge, but the true brilliance of Bankless is that it does not introduce any smart contracts on the blockchain, and as such does not introduce extra smart contract risk. Everything is happening on your device. Your crypto keys aren’t stored anywhere, and they never leave your device - security is built-in.
“Bankless talks directly to the smart contracts (Compound, Fulcrum, Aave and dYdX) without introducing any other smart contracts. Without Bankless, stepping into a lending protocol would be much more complex, because you would need to install Metamask and visit at least two web sites.”
The genius of Bankless is performance and security. So, in addition to masterful conceptualization and coding on strong foundations, what powers this innovation? Stefan found that while Infura is an awesome gateway to Ethereum, when you have a high-traffic decentralized application then you will have a need for maximum performance, non-funnelled access to the blockchain. Then there’s the option of running your own Ethereum node, but setting up and managing a blockchain node is a difficult, time- and resource-consuming task. Not to mention that it is your responsibility to keep your node up to date with node and network upgrades.
Ultimately, the Bankless team found that QuickNode operated beyond all other blockchain infrastructure providers, offering a higher level of performance and non-funnelled access to the Ethereum blockchain that would give it the untethered edge it needed to rise above in their space.
Stefan weighs in:
“QuickNode is a so-called remote node service that gives you all the power of a full-node without running one yourself. They have a free plan for developers, and if your decentralized application is ready to scale up, they have membership plans for up to 10+ million requests/day. This can make a world of difference in the way your decentralized application feels for your users.”
QuickNode is building infrastructure to support the future of Web3. Since 2017, we’ve worked with hundreds of developers and companies, helping scale dApps and providing high-performance access to 16+ blockchains. Subscribe to our newsletter for more content like this and stay in the loop with what’s happening in Web3! 😃