Cheap, Easy On/Off Ramp

Community Brainstorming
1

Hey folks, how do you typically go from:

  1. Fiat to Crypto: (before bridging to Harmony)
  2. Crypto to Fiat: (e.g. to take profits to pay the bills, etc)

When I first came across DfK the walkthrough suggested USD->ETH, which is just crazy $$ given the gas fees, not to mention volatile. After I’d been playing a while I started ramping USD > UST but we all know how that’s ended!

We could ramp with another stablecoin like USDC but there’s two issues I see:

  1. It’s cumbersome to purchase via an exchange when all you want to do is just quickly ramp to/from stablecoin over & over
  2. It’s expensive to use ramps like Moonpay- 5% is just NUTS!!

I’m wondering if it would be helpful for DfK players and employees to have a cheap on/off ramp from Fiat to USDC and vice versa.

What are your thoughts?

2

Can Bridge from USD to One in Serendale Via The Docks Ramp Platform.

Dev’s said an off-ramp was coming soon as well.

3

Ah yes, I had tried that too. The cost of Ramp.network is 2.8% via bank card while with bank transfer and Binance it’s only 1%. I contend we could get it to 0.5%!!

4

maybe when crypto finds some stability

5

Interesting- can you say more?

6

Market Volatility helps dictate fees for transfers.

Same as inflation does to Interest rates.

7

Gotcha, so for a fiat-crypto ramp USD to USDC of $1000, the different types of fees are as follows:

  1. Bank Transfer or Card Fee. This is as low as $0.50 for Bank Transfer to Binance and as high as $43 with Moonpay. Ramp.network is $28.12.
  2. Network Fee. For Binance it’s a flat $10 sending USDC on Ethereum and a dynamic gas fee with the likes of Moonpay, in the order of $3.14. Ramp.network is $1.96. On Harmony this is tiny all around.
  3. Conversion / Spread. Then there’s the PRICE that might come from the exchange charging a spread or market volatility. For stablecoins though, e.g. USDC on Binance, this is as low as $0.08 and as high as $5.72 with Moonpay. Ramp.network is $0.81.

The biggest of these is by far the Card fee and the one I think we should replace instead of Ramp.network. Thoughts?

8

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