Wallet Service Giddy Stays Strong Despite the Near Death of Defi

Despite lessening activity in the arena of decentralized finance (defi), some companies – like Giddy – are remaining afloat and establishing solid records for themselves.

How Giddy is Holding Its Ground

Giddy is described as a self-custody smart wallet. Run by its CEO and co-founder Eric Parker, the company seeks to make wallet experiences easy for everyone following a very bearish year in 2022. In a recent interview, Parker – when asked how Giddy makes money – answered:

Same way MetaMask, Coinbase, Beefy, Uniswap, and Infura do. Fiat ramps, defi transactions, gas payments, and crypto trading, except we’ve built solutions to these tech stacks ourselves which means we can charge the customer less per service, saving our users time and money all while making crypto and defi much easier.

Over the past 1.5 years, the total value locked in defi has fallen to about $47 billion from $165 billion. Discussing how he continues to attract customers, Parker said:

It’s important to note that unsustainable defi yields have fallen, while the fundamentally sound projects remain strong. One million percent annual yield was never sustainable, which is why the smartest defi users today are seeking real yield. In other words, sustainable business models built on the blockchain. Users can still earn incredible yields on the blockchain while maintaining exposure to the best assets such as USDC, Ethereum, Matic, and bitcoin.

He was also asked why he thinks so many people have had serious wallet issues and what he’s doing to make their experiences easier. He said:

We’re still so, so early. It’s like having to program your own modem to connect to the internet in the early 80’s, then moving to services like AOL, then Netscape, and so on. I think today in the crypto space, we’re just starting to move into more user-friendly technology abstractions, and it’s only going to get better from here. Giddy was created specifically to tackle this issue, and we’ve developed new technology to do so. We already hinted at our private key tech, which is fundamentally a better experience for users, but there’s also our one-tap staking into defi earning protocols, plus the ability to pay for gas with USDC or our Giddy token. Quality of life improvements such as these mean people don’t have to worry about losing their seed phrase, don’t have to worry about running out of gas, and don’t have to worry about signing a malicious smart contract or leaving infinite approvals open on the blockchain, and that’s just the start.

A Few Tricks Up Its Sleeve?

Regarding how Giddy makes a name for itself when there are so many competitors, Parker said:

It’s a noisy space, but we’ve got some unique advantages… Nobody else is integrating directly with defi protocols, making defi yield as easy as a single tap.