What is PocketFi? Solutions for Cross-Chain Transaction Complexity

Bittime - What is PocketFi? The solution to the complexity of cross-chain transactions comes as a mini app on Telegram.

The mini app on Telegram is still developing. After the presence of various Telegram games, now there is a Telegram mini app platform which focuses on efforts to simplify the complexity of cross-chain crypto transactions.

Meet PocketFi, a solution that is said to be able to reduce the complexity of cross-chain transactions from Telegram.

However, what is PocketFi? What problems does PocketFi want to solve? Read the full review in the following article.

What is PocketFi? A Short Introduction

What is PocketFi? Quoted from the PocketFi whitepaper, PocketFi is a Telegram mini app that provides a solution for those of you who want to easily transfer cross-chain tokens.

PocketFi is specially designed to change the perspective of exploring the world of decentralized finance on Telegram through a Mini App. 

With this new approach, PocketFi combines multiple decentralized exchanges (DEXs), innovative bridges, and then all of them together in one easy-to-use bot thanks to new tools from the Telegram team. 

This technological synergy gives users complete control to initiate token exchanges, profit from sniping opportunities, and manage multiple wallets.

In short, PocketFi is a Telegram bot that provides easy transfers from token A on chain C to token B on chain D. 

What Problems Does PocketFi Solve?

So that you understand more about how PocketFi exists as a solution to reduce the complexity of cross-chain transactions, here is a list of problems in the web3 world that PocketFi can solve.

1. Simplify Complexity Cross Chain Transactions

Organizing token swaps between chains can be quite complicated. You have to deal with various decentralized exchanges (DEX) and bridges, which are often inefficient.

PocketFi simplifies this process by aggregating more DEXs, bridges, and chains than any other aggregator, giving you an all-in-one solution for your cross-chain needs.

2. Choose the Most Appropriate Route

PocketFi can find the best route for cross-chain exchanges. So it is easier for you to consider gas costs, protocol costs, and security.

PocketFi allows you to set the desired slippage percentage, so transparency is maintained and you can make more informed decisions.

3. Timely and Accurate Information

In the fast-paced world of crypto, outdated or inaccurate route information will result in huge losses.

Therefore, PocketFi offers itself as a platform that always updates the latest information from the crypto world at the chain and bridge level.

PocketFi takes the guesswork out of it by intelligently curating and displaying routes that suit preferences and needs.

4. Overall Efficiency

Managing multiple platforms, tracking transactions, and handling multiple protocols can be very time consuming.

Therefore, PocketFi accommodates various existing networks, then presents them in one concise display that is easy to understand.

PocketFi provides real-time data, ensuring you always have the latest information for your swaps, bridges, or even staking positions.

How PocketFi Works

Understanding what PocketFi is should also be supported by knowing how PocketFi works.

Here are some points regarding how PocketFi works.

1. WebApp in One Telegram Bot

The PocketFi bot acts as a tool for users to interact with the protocol.

From the PocketFi bot, users can access web applications, user wallets, make exchanges, and easily manage DeFi positions using Zaps.

2. PocketFi as an Aggregator, How Does PocketFi Work?

Implementing PocketFi as a seamless transaction route allows PocketFi to go beyond the basics.

In short, PocketFi is claimed to be reliable when transferring token A on chain C to token B on chain D

The aggregator in PocketFi can also attract more DEX, bridge, and chain compared to other projects on Telegram and web3.

PocketFi then acts to provide users with certainty regarding the most optimal route with maximum liquidity information to reduce losses due to differences and minimum fees from providers

4. Wallet Integration and Authentication Security Guarantee

Secure authentication and integration with a trusted wallet provider is essential. 

That's why PocketFI, from the start, generates HD (Hierarchical Deterministic Wallet) wallet keys using the userID in the bot and the selected wallet. 

This allows PocketFI to quickly and dynamically generate multiple wallets for each user. 

More importantly, each user can only access their own key sections. 

Through this approach, PocketFI does not store users' private keys in the database. In fact, PocketFI only stores minimal information about users.

PocketFi's $SWITCH Token

Not only does it act as a bot that can cut through the hassle of cross-chain transactions, PocketFi also provides a number of tokens to its users.

The token from PocketFi is called Switch with the ticker $SWITCH. When you enter the PocketFi bot, you will get a number of $SWITCH tokens every hour.

How many initial $SWITCH tokens you can get depends on the feasibility assessment that PocketFi carries out on your Telegram account.

Later, if you don't claim the $SWITCH token you get within six hours, the token will automatically be forfeited.

Final Note

So that's the discussion about what is PocketFi? A solution that could possibly untangle the complexity of cross-chain transactions.

Even though the PocketFi project is still relatively new, namely only being released around March 2024, in fact PocketFi can offer innovation in reducing inter-chain complexity.

For those of you who want to try PocketFi, make sure you have enough information about the team behind PocketFi, and what the track record of each PocketFi team member is. Hope it is useful.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.