At Wido, we believe that everyone should benefit from DeFi. Smart brains behind yearn.finance and other protocols built vaults offering exceptional APYs in a set and forget manner. Whales poured millions of dollars into these vaults to make their crypto productive. But for many those meaty APYs are economically infeasible due to very high transaction costs. Not anymore — meet Wido Together.
With Wido Together, you can deposit in or withdraw from vaults on Ethereum L1 and save 80% in gas fees. And you will not spend any ETH.
And yes it is non custodial. You have control over your funds all the time.
You only need to follow 3 steps:
1. Find your vault
Go to https://app.joinwido.com and search for the vault you are interested in. Navigate to the vault detail and click Gasless Deposit or Gasless Withdrawal.
2. Approve your USDC
This is a cheap transaction and you need to pay for it in ETH. It cannot be avoided. It's the same transaction you pay for when using official yearn.finance website. Compared to the actual deposit or withdrawal transaction this one is negligible.
3. Sign the amount
That's it! Now wait for others to join the batch. Wido Bot will tweet when the batch executes.
Invite others to save more. More people = more savings.
Short answer is by batching expensive transactions together for multiple users and splitting gas fees. For curious, let's go down the rabbit hole. 🐰 We will explain it on depositing USDC. It works analogously for other tokens as well as gasless withdrawals.
Let's first explore how a regular deposit into a vault like yearn.finance works.
Following is an illustration of a regular deposit into a yearn vault, without using Wido Together.
The illustration above shows a user depositing USDC into a yearn vault. 2 transactions need to be submitted by the user.
1: approve. This transaction is relatively cheap. USDC token will not be deposited during this transaction.
2: deposit (zap). This is when USDC gets into the vault. This is a HIGH GAS transaction, especially for Zaps where the gas can easily skyrocket to hundreds of dollars.
Finally the user gets yTokens in return (visualised as step 3).
In this case, only 1 transaction needs to be submitted. And it’s the cheap one of course – approve. Wido together will take care of the more expensive transaction – deposit. Let's see how.
1st: approve. This is the same transaction as if depositing outside of Wido Together. It’s a cheap transaction and nothing can be done to avoid it at this moment.
2nd: sign. User signs a message that contains relevant information about their transfer – mainly the amount they intend to deposit and the vault they want to deposit into. This is a free, gasless step. Also notice that your USDC will not be withdrawn during this step, it will stay in your wallet.
That's all you need to do. Approve is the only transaction you pay for (and it's the cheap one). And you only approve once. So in case you come again in the future, you won't need to approve anymore. It will all be free. No ETH needed, 100% gasless.
Now there is a waiting period for more people to approve + sign. And then the magic happens during step 3.
3rd: batch deposit. This whole step happens within a single transaction. For clarity, we will break it down into 4 steps. This step is done automatically by Wido.
3.1. pull funds. Wido smart contract will pull USDC from every person who signed their message during step 2.
3.2. deposit all funds as a single transaction. Only one deposit transaction needs to be executed for all USDC in the batch. This is by far the most expensive operation, so splitting it across multiple users results in significant gas savings for everyone involved.
3.3. yTokens returned. Yearn vault will return ytokens to Wido contract
3.4. return ytokens. Wido contract will return ytokens to each user pro rata to their deposit amount.
Note: transaction fee for steps 3.1–3.4 will be covered by ytokens returned from the vault step (step 3.3). This is how it’s split across all users. Wido does not charge any extra fees.
With more people in the batch, everyone's savings increase.
To make it even better, we are adding a $50 referral bonus. After you join a batch, you will get a referral link. You can share it with your community and friends and invite them to deposit as well. For each person who deposits, Wido gives you $50.
Step by step: How to earn $50 using Wido Deposit Together
For every person who joins Wido Deposit Together using your referral link, Wido will give you $50 in USDC. Watch out for a DM from @joinwido on Twitter.
Best thing: the referrals work for any subsequent batch. You can invite multiple people for your referral link and earn $50 for each.
We are budgeting $8000 for referral fees. Hurry up to get a share before it dries out!
Note: Yearn.Finance contributed $4000 to the referral budget. Thanks yearn!
It's been live on mainnet since 2020. Recent batches are available on the Wido Together page.
Our smart contracts have not been audited so use at your own risk. The code is publicly available on GitHub.
For more insights into the security model of Wido Together, there is an article on our conversation with Facu from yearn.finance.
It's all available as Wido Together.
Reach out to Telegram to learn more about the launch date.
Wido Bot tweets automatically whenever a batch is executed.