Thinking of changing the default collect currency to USDC in @buttrfly.lens with Lens v2.
WMATIC is a terrible choice for new users, it’s easily confused with native MATIC, and it’s value is not easily understood at a glance.
USDC value is easier to parse and understand, is a much more common currency users use to onramp and offramp to crypto, and is not tied to one chain.
I encourage other app devs to do the same, because it would better if all apps agreed on a default currency.
Thoughts?
A robust smart wallet should eliminate this debate. Regardless of the assets and networks involved, a one-click autoswap feature should seamlessly handle collections.
USDC and DAI is what I'm using. Unrelated question: If I no longer wanted a post to be collected do I have to buy it back? Or is there a way to cancel it?
Letting users have the choice of currency is in the spirit of decentralization. I should, ideally be able to buy in any currency of my choice with a single click conversion being carried out at the backend.
To simplify UI, this could be done with 2 steps:
Step 1: In my Profile Settings, I could shortlist 5-10 currencies (ETH, WETH, MATIC, WMATIC, USDC, AAVE, LINK etc) - Here, you can show the most commonly used currencies first Step 2: At PoS, it should show me the chosen currencies in a drop down
For the seller:
Step 1: Shortlist the currencies I wish to accept in my Profile Settings Step2: Set the value in those terms & receive the currency of my choice.
Pegged Value should be independent of choice of Currency. All Swaps should be under the hood
The choice of cryptocurrency depends on what best suits your needs, doesnt it? For me that I was a new user and also coming from the web2 it did not cost me too much the adaptation of these two for example, but I understand that other people can be a mess, it depends on there are several people who will be advantageous and others who prefer to meet new ones, it all depends on you🤔
agreed 100%, still don't like using any of the wrapped currencies unless it's required, super confusing to new folks too
Totally agree. The way WMATIC became the de facto currency of Lens is quite a strange coincidence. However, most current users have WMATIC already approved for spending. Switching to USDC is creates friction and could temporarily hurt collect revenues (not necessarily and not clear to what extent, but easy to test). When we are past that, everybody will be much happier with USDC.
🥲 and that must mean that I completely fumbled the bag on my first official collectible post here on Lens… 🫠
Holding USDC in my wallet to collect is a little bit easier to think on than wrapped MATIC
I remember being surprised when I saw that most Lens collects use WMATIC, because of the usability nightmare of wrapping/unwrapping. As a crypto romantic, it saddens me that we need to resort to US-pegged currency, but perhaps it makes sense as the default, especially with native USDC on Polygon and exchanges like Coinbase and Binance supporting it.
I support the switch in Focalize for Lens V2.
I agree, we use USDC as the default payment token and soon rewards. It’s just easier to comprehend the value being exchanged
WMATIC is not a problem for me. USDC is more universal, of course.
but keep in mind that there are two types of USDC on Polygon already, with two different contracts.
www.circle.com/blog/native-usdc-now-available-on-polygon-pos
imho, you would have to support both versions and don't make any difference on the frontend. otherwise it will become rather confusing not only to newbies.
Stables just keep us back at cash honestly. Undermine the entire point... but hey 🤷🏾♂️
I would rather use USDC (and GHO when available) for collects, I do also like the idea of giving the choice to the user unless it complicates things
100% agreed with this. I suspect some users might struggle with the chain they have usdc on, but hey - time to learn
+1 for it. Currently, the sole reason I keep wMATIC is because of the collect economy on Lens. If the default changes to USDC and I'll just swap WMATIC to USDC, which I agree is more usable and more importantly more KNOWN outside the Lens/Polygon ecosystem.
In @chromadin.lens you can choose the currency with you want to collect the piece, I think is pretty efficient
Go for it. I think it has merit…and if it’s a huge flop you can always roll it back. I’d rather have a stable collect tbh.
I think users should have the choice. Can you add a drop down? Or is it only possible for one single token to be the currency for collecting?
Good idea.
Facilitate users, especially thinking already ahead about onboarding new ones.
Trusted decision 💪🏼
In my opinion is a great idea! From centralized exchanges you can send it to your wallet without convert it to matic and there is more liquidity into decentralized exchanges . Good for me !