Giddy launches Giddy Token to accelerate mainstream DeFi adoption

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DRAPER, Utah, April 7, 2022 /PRNewswire/ — DeFi Staking Platform Dizzy announced the launch of Giddy Token as part of its mission to simplify DeFi investing. The launch, which will take place Thursday, April 7, 2022 at 11:30 p.m. EDT/9:30 p.m. MDTon the Polygon network, focuses on addressing three of DeFi’s most common issues: infinite approval vulnerabilities, standalone contract approvals, and native token gas fees.

While developing Giddy Token, the team identified the most common challenges faced by mainstream DeFi users universally and that impact security and profitability the most. It aligns with Giddy’s mission to make DeFi investing transparent, secure, and easy to understand.

“Our mission from the beginning of this journey has been to equip everyone with the tools necessary to participate in DeFi.” says the CEO of Giddy Eric Parker. “The Giddy token is primarily a utility, it is a fundamental advancement in blockchain technology, which aims to address long-standing contract endorsement vulnerabilities in DeFi, among other things. The Giddy token is our first major step towards providing a safer, faster, better user experience for current and future DeFi users”

The new release Lightweight Giddy Coin Paper provides an overview of the token’s launch and illustrates the arduous process that DeFi users must go through to participate in the market. The Giddy Token and accompanying standard for communication between smart contracts aim to address this:

  1. Infinite Trust Vulnerability. The Giddy Token protocol will allow users to invest in a DeFi offering without having to complete a separate, infinite endorsement transaction. Instead, users will be able to stake directly on a Giddy-compatible DeFi protocol in a single transaction. An approval of the exact token amount is built into this transaction, and this approval will expire once the next block is completed.
  2. Standalone contract approval transactions. One of the reasons that various solutions to contract approval vulnerabilities have not been widely adopted is that they require too much attention from users and, at scale, become unmanageable. Giddy Token aims to not only address contract approval vulnerabilities, but also reduce the number of steps needed to facilitate widespread adoption. Giddy Token removes weaknesses in contract approval and also removes standalone contract approval transaction in one step.
  3. Native token gas charge. Using the native Giddy mobile app will save DeFi users from having to pay for gas with just the network’s native token. With the Giddy app, users will be able to pay gas fees with a variety of token options.

Giddy Token’s contract endorsement technology will be used in single-asset Giddy Coin staking in the dApp, while other single-asset staking pools on the dApp do not use the new Giddy standard. With the native Giddy mobile app, even non-Giddy tokens will benefit from this endorsement technology.

DeFi users can access the token launch and Giddy dApp at: https://coinlaunch.giddy.co/

Giddy is the world’s first DeFi app to provide one-click (interest generating) staking to DeFi users. In a complex world of crypto and DeFi, users must master a bewildering array of tools and platforms to fully maximize their investments, Giddy is on a mission to simplify the most sophisticated crypto strategies into a single platform .

Users can download the Giddy mobile app for early access to the platform’s waiting list at: https://giddy.co

About Gidy

Giddy was founded in 2021 by entrepreneurs Eric and Ethan Parker. Their non-custodial DeFi platform offers simplified access to DeFi crypto investing and staking. The Giddy Wallet allows for faster and more secure transactions with ease of withdrawal. The company has raised more than $8 million in investor funding and recently announced the pre-release of its mobile app. Learn more about https://giddy.co/

SOURCE Vertigo

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