I remember one time in which I almost became bullish on fiat, my local bank offered the option to deposit some amount (admittedly high) in their app and you could lock that amount for 7, 15, 30, 90 or 180 days.
I used this feature once or twice, and it worked as intended, my money was put in an "unbreakable" safe space, away from myself.
I loved it.
If I didn't continue to use it is because fiat is just inferior money that goes down in price basically always, so, you know.
And that's basically it, that's the story, we need a decentralized dapp that would allow us to lock our funds for certain amount of times, that is to say, a dapp that makes us better investors. :)
With that in mind I started to look for dapps who would do that, and to my utter surprise I saw that it was not as easy as I thought, meaning, that it seemed as if almost no teams are working on this problem.
So far the only teams close to producing something similar are:
Trustswap: They are advertising a lot of different products, and one of those are token locks, but it is my understanding that this might only be available to founders of crypto projects, but perhaps I am wrong.
Binance: recently they made a "savings" option available in which you can also lock certain tokens for certain days, however, I don't trust centralized options a lot.
Crypto.com: Similar to Binance, but with different pros and cons, pros is that more tokens and coins are available to lock, the cons is that the amounts requested are fairly high (which doesn't seem to be the case with Binance) so is not really that useful for poor people like me who want a service like this to be able to gather some capital.
These options have their pros and cons, such as centralization in some cases (and you know the saying, "not your keys, not your crypto") and trustswap only locks Ethereum-based tokens (I believe), which means that you still would have to exercise your will on a daily basis in order to keep your bitcoin investment for instance.
And that's the problem, exercising brain power is tiring, and there are even scientific studies about the perils of decision fatigue:
Not to mention the problem of maintaining your investments, specially in highly emotional times of volatility (either up or down).
My Daydream
My killer DAPP for saving your crypto, would have to have the following characteristics:
Be decentralized
Built on Ethereum (for security)
Be able to accept other coins outside of ethereum (specially bitcoin)
That has locks based on time, with the options to lock funds for 1, 7, 15, 30, 90, or 180 days.
Also, that you can have the option to unlock the tokens also based on the price of the token/coin, for instance have the option to lock your Bitcoin for 180 days, but also be able to configure it as to be automatically unlocked IF the price reaches 30,000 USD, so that if the price of 30k is reached on day 45 of the saving period you can get your coin earlier if it benefits your pocket. :)
For this last feature a good price oracle is needed, which I am told is hard, but it would still be really useful.
I hope someone reading this article can direct me to such a DAPP (if it exists) or can build it for the crypto community.
Do you think this is a good idea? Let me know in the comments!!
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