The proliferation of cheaper L2s means users now have assets across many chains and networks. For any multichain DeFi app, it’s crucial to quickly show users what assets they have across all chains. ShapeShift DAO, the original multichain exchange, used Zerion API to gather all assets in one place and improve usability and retention.
What is ShapeShift DAO?
ShapeShift DAO is a lean yet mighty global network of contributors that have aligned around creating the most comprehensive platform for trading across multiple chains, viewing your portfolio, and managing your assets noncustodially.
From THORChain to CoWSwap and 0x, ShapeShift一the original multichain exchange一has maintained its prowess as the best-in-class noncustodial and private multichain experience.
Users want to see all their assets when they first connect their wallets to ShapeShift一or any Dapp. This helps them build confidence in the platform before taking any onchain action.
The Problem
ShapeShift wanted to show all token positions a user has across thirteen supported blockchains and L2s.
Fetching the data should be as fast as possible, covering all tokens and DeFi positions. This data is used to show the user’s tokens available for swapping, deposits, loans, and pools. ShapeShift then recommends various opportunities, such as liquidity pools, for the user’s tokens.
ShapeShift wanted a single endpoint with an adequate rate limit to fetch data for its wide range of use cases.
“The lack of a standard query made it challenging to display data intuitively to users. It had been a constant struggle for months before we implemented Zerion.”— Tim Black, Product Team Lead at ShapeShift
The Solution
In an increasingly multichain world, Zerion API empowered ShapeShift users to always be aware and up-to-date on their assets, enabling them to make better and smarter decisions.
One of the engineers suggested using Zerion API’s /fungibles endpoint to get data for all ERC-20 and BEP-20 tokens to display related data across all chains.
This implementation became the inspiration for rolling out Zerion API to other parts of ShapeShift’s product.
Key Results
After adding Zerion API, ShapeShit improved the overall usability of its platform, leading to:
- Increased revenue from affiliate fees thanks to a better swapping experience that encouraged more swaps
- Reduced churn by showing all available opportunities
“Zerion has simplified the information users need to gain a holistic view of their portfolios and make the best decisions about them.
Instead of hand-rolling solutions and crippling loading times in our lightweight client, Zerion reduced the amount of time on debugging and handling user errors. This enabled ShapeShift to be one of not only the most decentralized apps but also one of the most responsive.
Lastly, Additionally, the Zerion team is forward-thinking and are proactive communicators, which has made fetching multichain data infinitely easier as we continue to apply user feedback and improve the app.” — Tim Black, Product Team Lead at ShapeShift
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About ShapeShift
ShapeShift is a trailblazer in the realm of self-custody for digital asset trading, with a legacy dating back to 2014. Today, ShapeShift DAO represents a vibrant community of visionaries dedicated to pushing the boundaries of crypto trading, earning, and access to open, decentralized, noncustodial financial systems. Through our cutting-edge web and mobile platforms, users are empowered to securely buy, hold, track, trade, and earn from a diverse range of over 10,000 native digital assets, including Bitcoin, Ethereum, and Cosmos, spanning 13 chains. ShapeShift is committed to revolutionizing how individuals interact with and harness the potential of the ever-evolving digital asset landscape.
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