Use cases
Explore some interesting cross-L2 use cases that Socket enables
In-app Bridging
Current Scenario: For a cross-chain visiting a protocol website on Chain X but not having enough funds on that chain, the user first leaves the app, finds a bridge provider to move funds, swap tokens on the chain and then finally interacts with the protocol
With Socket: Our in-app bridge enables protocol to accept user funds from any chain and bridge it under the hood to tokens on desired chain. This means for a user, they can interact directly with the protocol from across any supported chains without worrying about bridging.
Deposits from anywhere!
Current Scenario: A Polygon user who wants to deposit into a vault on Arbitrum needs to leave the app β†’ find the best bridge β†’ bridge over funds to Arbitrum β†’ come to the app again and deposit
With Socket: Clearly the ideal process is for users to never have to bridge their funds. They should be able to simply provide funds to the app on Polygon or from any other chain. Using Socket, the app can then bridge & deposit funds into the vault for the user, all abstracted away from the user.
Multi Chain Yield Farming
Current Scenario: Currently, yield aggregators deploy strategies for their vaults on a single chain and limits the funds from tapping to higher yields on other chains
With Socket: Vault contracts can programmatically scan for the best yields across chains, deposit into the best yield generating protocols & earn the highest possible yield
Supercharged Money Markets
Current Scenario: A user who wants to borrow on chain A but has no funds there, is forced to move funds to collateralize on chain A and then borrow.
With Socket: App instances across chains can share state, allowing users to collateralize funds on Chain A, borrow on Chain B & repay the loan on Chain C.
Position Migration
Current Scenario: If you are providing liquidity on Uniswap or have deposit/borrow positions on Aave in Ethereum and want to move to your positions to the Polygon instances of the app, you need to manually unwind each position, bridge your funds and recreate the position on Polygon
With Socket: With our liquidity and data layers, your Aave receipt tokens and Uniswap LP positions can be migrated across from Ethereum to Polygon seamlessly without any additional effort
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