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Ultimate guide to ENS Shortcuts ⚡️
😡 Current web3 UX problems
Web3 involves complex concepts and technical jargon that can be confusing for the average user and most applications often lack intuitive onboarding processes making it challenging for new users to get started.
Most people are here for financial opportunity and cultural impact. Learning the ins and outs of web3 can be an uphill battle. The protocols and their UIs are complicated, and there are risks of human error and scams such as phishing.
As builders in this space onthis.xyz wants to enhance the user experience and reduce the barrier to entry and growth in Web3.
User experience should always be seamless.
Decentralized Finance (DeFi) is an ecosystem of protocols that provide financial opportunities for anyone with a computer and an internet connection. The problem however, is that often times people are reluctant to engage in these opportunities due to the complexity of the actions required in order to execute even the most basic strategies.
To execute a strategy you must visit a combination of protocols which exposes you to the risk of getting phished. A common occurrence where scammers create fake websites that look like the real website where users get their wallet drained upon interaction.
This happens more often than you think and even the most experienced users have been victims at some point.
In addition to all this, loading webpages often times can be data intensive. If you have slow internet, the entire process becomes even more challenging and puts you at a disadvantage to others.
To summarize the 3 main problems are
🚨 Executing DeFi opportunities requires time & undivided attention.
🎣 Users are constantly exposed to phishing risk.
📉 Weak internet delays execution, putting users at a disadvantage to those with faster internet.
The solution to all this is something we call ENS Shortcuts.
📚 Intro to ENS domains
The Ethereum Name Service is like an internet directory for the Ethereum blockchain. It helps people find other people by "labeling" their web3 wallet addresses with easy-to-read names.
Let's think of your wallet address as your web3 username.
When you create a fresh wallet, your "username" will look like this: 0x0c24f8af31b9b552923ba36b29f484eabb7fa0d2
With ENS domains you essentially "rename your username" into something that's actually readable by other people.
Your "username" can be something like eldari.eth
This way if Vitalik Buterin wanted to send me some ETH he would simply type in my easy to remember "username".
⚙️ How ENS Shortcuts work
OnThis is building ENS shortcuts which simply connect existing protocol functions together.
Shortcuts do not add on any extra smart contract risks in addition to current financial protocols that are built on top of Ethereum. End-user like you are literally doing the same thing you would be doing on your own when interacting with these protocols.
There is a default fallback function called receive() which starts the chain of function calls.
One of the biggest advantages of using shortcuts is that you're not waiting for one transaction to settle in order to move on to the next one.
OnThis does not charge any fees, all shortcuts are free to use and we do not control or hold any users funds.
💡 Shortcut Examples
Let's say you want to sell some ETH.
You can do that by sending the ETH you want to sell to the domain ethToUsdc.eth
Now let's look at another example of a domain that represents a more complex action than just selling a token.
Let's say you have some ETH sitting in your wallet and you want to put it to work to earn more ETH.
This particular strategy earns users 6-7% on their ETH and requires interaction with 2 protocols: Lido Finance & Curve Finance.
How to execute the strategy:
Visit Lido Finance protocol.
Approve contracts for use.
Deposit your ETH. You will receive stETH tokens representing your deposit.
Visit Curve FInance.
Search & find the stETH/ETH pool.
Approve contracts for use.
You can use an ENS Shortcut for this and turn 7 steps into 1:
Send ETH to stake.onlido.eth 🤷♂️
This is done directly from your wallet meaning you won't need to wait for any websites or transactions to load.
Shortcuts revolutionize user experience. They empower users by allowing them to seize opportunities with minimal effort while simultaneously protecting them from scams.
1 action to do what you intend - swap, earn, mint, bridge and etc.
Shortcuts amplify growth for protocols. Something like onboarding liquidity or minting NFTs becomes a 1 step action for end users.
Shortcuts remove complexity and make it easier for protocols to boost users, value, and activity.
If you have a shortcut idea for you or a protocol you can start the building process here. http://coda.io/form/Create-Your-Shortcut_dOFvrtN5QAV…
Shortcuts can be build to perform a combination of the following actions:
- Minting NFTs
- Staking (LPing)
- Opening/Closing leverage positions
- Buying/Selling socialFi shares
To get some inspiration for your ideas, you can refer to our current directory of shortcuts by visiting:
If you'd like to connect with anyone from the OnThis.xyz team please reach out our DMs are open! You can also join our discord community by visiting this invite link : http://discord.gg/onthis