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As per the announcement, the Etherspot, and LI.Fi teams are working together to introduce a game-changing cross-chain approach, a solution that allows everyone to perform several cross-chain transactions at once on the same dApp without RPC. The two companies seek to simply cross-chain investing by removing the current complexities. Through this partnership, the two have built a user journey that is simple, intuitive, and easy to interact with allowing all communities across all chains to interact seamlessly with any dApp starting with KlimaDAO.
In the current crypto market, many DeFi and Regenerative Finance (ReFi) investing strategies still have a lot of complexities and are limited by their specific chain. Particularly, it has become overwhelming and expensive for users to set up mechanisms for the actual investments, interact with multiple different dApps, and cross-chain.
Notably, the initial app supports cross-chain deposits into the Klima staking contract that allow up to 1000% APY. This will reportedly make staking KLIMA, the native token on KlimaDAO simpler. The solution will also pave the way for Klima staking to be offered across multiple chains while only having liquidity on their chosen blockchain. In the end, the solution will simplify DeFi investing for projects and users going onwards.
Before the new tool, staking KLIMA tokens entailed connecting the wallet to the Gnosis chain, Bridge WETH to Polygon, adding Polygon Mainnet to your wallet RPC networks, switching the wallet network from Gnosis to Polygon, and Connect wallet to DEX. Once this is completed, a user then proceeds to Buy MATIC, to cover Polygon tx fees, Swap WETH for USDC, Swap USDC for KLIMA, and connect to the KLIMA app, and finally, Stake KLIMA token for sKLIMA.
However with the Etherspot and LI.FI app the overall steps include approving your token if you haven’t yet, signing a transaction on Gnosis to bridge to Polygon, and signing a transaction on Polygon to swap and stake into Klima.
Commenting on the solution, Archimedes, Co-founder of KlimaDAO explained:
“You can take any EVM chain and stake Klima from it. It’s mind-blowing. I went from Ethereum all the way to staked Klima. It’s super cool. It’s one of those sophisticated pieces. This allows us to go cross-chain without having to go cross-chain. It allows us to remain on Polygon and people come to us for things.”
The new tool uses Etherspot’s SDK to sign cross-chain transactions from any network and does not require switching RPC while bunding or batching transactions in one powered by LI.FI’s cross-chain aggregation protocol. Reportedly, this allows any user to perform any action on any EVM compatible chain by just signing transactions on their wallet. Notably, this removes 100% of the complexity in staking KLIMA tokens with KlimaDAO.
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