Wyre SmartRamps Connect Trust Payments and Smart Contracts
Payment platform Web3 and developer Wyre took another step in providing the tools to facilitate mass adoption this week with the launch of SmartRamps. This means that dapp creators can connect their smart contracts to traditional payment methods, allowing end users to interact with Web3 with a simple transaction.
Recognizing that most Web3 developers don’t have the resources, experience, or licenses to simplify these steps for users, Wyre launched SmartRamps to remove hurdles and enable end users to access Web3 as easily as when shopping online.
SmartRamps enables builders to incorporate non-crypto natives into their dapps, create easy checkout flows for users, and innovate new smart contract use cases. These are the most critical elements needed to push blockchain and dapps further into mass adoption.
Introducing Smart Ramps
SmartRamps are, in the simplest terms, a direct path to a smart contract. That means builders can connect their smart contract to traditional payment methods, allowing end users to interact with Web3 with a simple transaction.
Smart contracts are widely used in DeFi dapps, blockchain games, DAOs, fashion, NFTs, creator economy, supply chain, and various other novel use cases. With SmartRamps, users can now harness the utility of those smart contracts without the deep technical knowledge they previously needed. Something that, without a doubt, is crucial for widespread adoption.
More importantly, there is a very misunderstood element at the heart of everything related to Web3 and decentralization: smart contracts. They are the building blocks needed to successfully build Web3, and most people don’t even know what they are.
It doesn’t matter, really, since all they are are digital intermediaries designed to execute specific rules. Like the way a vending machine works. You put your money in and press the button on the Mars bar. He gets the Mars bar because the contract was executed perfectly since the machine is programmed to run on command. Except when the item gets stuck in that windy circular thing, you have to hit the glass to free it. You could think of that as a failed transaction.
Additionally, dapps that allow users to transact with their credit or debit card have seen a lot of onboarding success. The current system does not make it easy for the average consumer to access the opportunity offered by Web3. They must use access ramps, exchanges, multiple wallets, bridges, etc. They must learn to navigate the flow of funds to make a purchase. While some take up the challenge, many are embarrassed and never take their first steps in Web3.
DappRadar uses Wyre
Wyre is already well integrated into several essential Web3 services, NFT markets, 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 more than 40 other crypto assets to their wallet.
Wyre has the potential to take crypto to the next level and is arguably already doing so. The release of SmartRamps will allow dapp developers to deploy the best iterations of their dapps with the smoothest fiat on-ramps available. Wyre is releasing the first SmartRamp with Sequence, but plans to eventually open source SmartRamps so the entire ecosystem can open its doors to the masses.
The possibilities are endless and the bear market provides the perfect conditions to build. It will be fascinating to monitor how the launch goes and which project will adopt SmartRamps.
The foregoing does not constitute investment advice. The information provided here is purely for informational purposes only. Please exercise due diligence and investigate. The writer holds positions in various cryptocurrencies including BTC, ETH, and RADAR.