DeFi staking platform Giddy has announced the launch of Giddy Token as part of its mission to simplify DeFi investing. The launch, which will take place Thursday, April 7, 2022 at 10:30pmEDT/8:30pmMDT, on the Polygon network, is focused on solving three of DeFi’s most prevalent pain points: infinite approval vulnerabilities, standalone contract approvals and native token gas fees.
In developing Giddy Token, the team identified the most common challenges that are universally faced by mainstream DeFi users which cause the most harm to safety and profitability. It aligns with Giddy’s mission to make DeFi investing seamless, secure and simple to understand.
“Our mission since the beginning of this journey has been to equip everyone with the tools to participate in DeFi.” says Giddy CEO Eric Parker. “The Giddy token is first and foremost a utility, it’s a fundamental advancement of blockchain tech, that aims to remediate long standing contract approval vulnerabilities in DeFi, among other things. The Giddy Token is our first major step towards providing a safer, faster, better user experience to current and future DeFi users”
The newly-released Giddy Coin Litepaper provides an overview of the token launch and illustrates the arduous process that DeFi users must execute in order to participate in the market. The Giddy Token and accompanying standard for communication between smart contracts seeks to address them:
- Infinite approval vulnerability. The Giddy Token protocol will allow users to invest into a DeFi offering without having to complete a separate, infinite approval transaction. Instead, users will be able to stake directly into a Giddy-compatible DeFi protocol with a single transaction. Built into that transaction is an approval for the exact token amount, and that approval will expire after the next block completes.
- Standalone contract approval transactions. One of the reasons that various solutions to contract approval vulnerabilities have not been widely adopted is that they require too much attention from users and, at scale, become unmanageable. Giddy Token aims to not only address contract approval vulnerabilities but also reduce the number of steps required in order to help with mainstream adoption. Giddy Token removes contract approval weaknesses and also removes the standalone contract approval transaction in one step.
- Native token gas fees. Using the Giddy native mobile app will free DeFi users from having to pay for gas with only the network’s native token. With the Giddy app, users will be able to pay for gas fees with a variety of token options.
The Giddy Token’s contract approval technology will be utilized in single-asset Giddy Coin staking in the dApp, while other single-asset staking pools on the dApp do not use the new Giddy standard. Through the Giddy native mobile app even non-Giddy tokens will benefit from this approval technology.
DeFi users can access the token launch and Giddy dApp at: https://coinlaunch.giddy.co/
Giddy is the world’s first DeFi app to provide one-tap staking (interest-earning) to DeFi users. In a complex world of crypto and DeFi, users need to master a confusing array of tools and platforms to fully maximize their investments, Giddy has a mission to simplify the most sophisticated crypto strategies into one platform.
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