Today, Wyre is excited to announce the launch of our new product, SmartRamps. This is a huge day for Wyre, and for the entire Web3 community.
It’s no secret that we believe that Web3 is the future.
The decentralized web is ushering in a new digital reality and at the center of it all lie the core building blocks: smart contracts.
If you’re unfamiliar, the simplest metaphor for a smart contract is a vending machine. Decide what you want and insert money into the machine. The machine, recognizing that you entered the correct amount for that item, is programmed to automatically release it to you. More here.
Smart contracts allow us to buy NFTs, access DeFi, play P2E games and make up the underlying structure of Web3. But right now, smart contract access is gated behind complicated multi-step processes, riddled with confusing technical jargon. The current system does not make it simple for the average consumer to access the opportunity Web3 has to offer. They must use onramps, exchanges, multiple wallets, bridges, etc. They essentially have to teach themselves to navigate the flow of funds to make a purchase.
Think about the current financial systems that we use on a daily basis. When consumers purchase a product, they have no visibility to the acquirer banks, issuers banks, card processors, payment facilitators and so on that work behind the scenes — nor do they need it.
Most Web3 builders don’t have the resources, expertise, or licenses to smooth these steps for end users. So how do we, as Web3 pioneers, remove these hurdles to allow end users to access the value of Web3 with the same ease that they experience when they shop online?
Enter SmartRamps.
SmartRamps are, in the simplest terms, an onramp directly to a smart contract. That means that builders can connect their smart contract to traditional payment methods allowing end users to interact with Web3 with one simple transaction. This is big.
Of course we brag about a product we made, but think about the broader implications. Smart contracts can tie into DeFi protocols, blockchain games, DAOs, fashion, NFTs, creator economy, supply chain, healthcare, real estate or any novel use case that the builders can think up.
And users can now tap the utility of those smart contracts without the in-depth technical know-how that they previously needed. This is crucial for mainstream adoption. SmartRamps allow builders to onboard non-crypto natives to their dapps, ease user purchasing flows, and innovate new smart contract use cases.
Wyre has always been a company that provides people with the tools to create innovative products, and this is just the next step.
But this isn’t tech we want to keep to ourselves. We’re launching the first ever SmartRamp with our fellow Web3 trailblazers, Sequence (go check them out). But eventually, we will be open-sourcing the SmartRamps code so that the entire ecosystem can open its doors to the masses.
The possibilities are endless and this is the perfect time to be building. Let’s continue to bring Web3 to the people that want and need it. Let’s continue to shape the future. wagmi.
For information on how to integrate SmartRamps, visit our website and API documentation.
If you are interested in collaborating with Wyre to create a new SmartRamp, please reach out here.
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For more information about Wyre and how to integrate with our APIs, please visit our Website and Developer Documentation.
Connect with our community & dev team on Discord to get answers to all of your integration questions.
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