Fiat Onramp with Stellar + TF Connect / Dashboard #137

New Issue

mik-tf · 2024-11-20T03:32:45Z

mik-tf commented

2024-11-20 03:32:45 +00:00

Situation

TF Dashboard and TF Connect App have now updates
- they are amazing, great UI/UX, full dao features on both
- we can import tfchain wallet to tf connect app
- we can import tf farm to tf connect app
- we can import farm to tf dashboard
- we can easily go from TF Chain to Stellar and back around with the bridge
Stellar is developing nicely and has always been good with onramp payments
BUT... there is (still) no direct way to buy TFT on TF Dashboard or TF Connect

Workaround

There is a kind of work around:

You set a TF Connect app wallet
You create a TF Dashboard account
You install lobstr and set the tf connect app wallet seed phrase as the main account on lobstr
you buy USDC on Lobstr, you swap for TFT, it goes directly on your TF Connect app wallet
You then use the bridge from stellar to tfchain using the dashboard and QR code

Conclusions

It IS doable, but it is not easily doable
The TFChain + Dashboard + App are mature now
We even have KYC on Dashboard
There are ways to do it simply with Stellar
- we can just simplify the lobstr route to start with, maybe with a QR code?

Requirements

Fiat a way to integrate onramp fiat
Can be done in steps
- first get a basic way to do the following to facilitate the use and reduce the learning curve
  - Link TF Connect app to Lobstr
  - Quickly go to TFChain via TF Connect
- second
  - find direct onramp from tf dashboard on tf connect

References

Ideas from interactions with TF community, e.g. Ahmed Hanafy here on TG
With Stripe, on your own app (tf connect), you can do fiat to XLM, USDC (Stellar), we would only need to do swap usdc to TFT on our end, then we would have it directly on TF Connect
For Stellar, we should checks their Ramps
Stellar Anchor platform for fiat crypto ramps
Using Moonpay might be the simplest: https://www.moonpay.com/en-gb
- More on moonpay, looks really easy to implement: https://www.moonpay.com/business/onramps
- Moonpay can also do the swap: https://www.moonpay.com/business/swaps?slug=onramps
- Perhaps we can even do credit card to TFT right away
For cash payment, we can have Moneygram, as suggested by @scott https://stellar.org/products-and-tools/moneygram

User UX

The ultimate UX for a user wanting to deploy on the grid (utilization/use case) is:

They create a TF Connect account
They go to dashboard, they have a QR code to link their tf connect app to dashboard
They go to deploy something, it says, you need TFT, scan qr code
- The user scans the qr code, it opens TF Connect and ask to pay with fiat to get TFT (in background we do stripe with usdc (stellar) and swap to TFT)
- the user receives the money, they deploy on the Dashboard

Parameters

Users can buy with TF Connect app
- They can decide to stay on tf connect app stellar, or send TFT to dashboard account (we can link the tf dashboard and the tf connect)

Basic UX

Go to TF Connect app
Click on buy tft
select: cash or credit card
- if cash: use moneygram
- if credit card: use moonpay
Once you have the USDC, you swap for TFT

Feedback

@sabrinasadik @thabeta wdyt? Feasible? The community would like that I think.

Structure

cash to TFT
- moneygram: cash to USDC on tf connect app stellar
- then we swap using stellar dex api from usdc to tft on stellar
credit card to TFT
- moonpay: credit card to USDC to TFT (onramp + swap) on tf connect app

USDC and XLM Availabilities

USDC and XLM are not available everywhere with Moonpay for legal reasons
XLM is more or less available everywhere, except New York in USA
USDC is not available in Canada but XLM is

In brief, if we can't do fiat to USDC to TFT, we can more or less always do fiat to XLM to TFT

Expanding Coins - Part 1

We can even set that TF Connect can have the following tokens on TF Connect
- USDC
- XLM
- TFT

Expanding Coins - Part 2

Moonpay have swap for a lot of tokens, we can even go further than just having USDC, XLM, TFT, but we can take on other coins, e.g. ETH and BTC, so people can come from anywhere (fiat credit card, fiat cash, XLM, USDC, ETH, BTC, ...) and go to TFChain and deploy.

Onramp, Not Offramp

It can swap USDC or XLM to TFT, not the other way around. And it cannot sell TFT to moneygram or moonpay, it can just buy TFT.

## Situation - TF Dashboard and TF Connect App have now updates - they are amazing, great UI/UX, full dao features on both - we can import tfchain wallet to tf connect app - we can import tf farm to tf connect app - we can import farm to tf dashboard - we can easily go from TF Chain to Stellar and back around with the bridge - Stellar is developing nicely and has always been good with onramp payments - BUT... there is (still) no direct way to buy TFT on TF Dashboard or TF Connect ## Workaround There is a kind of work around: - You set a TF Connect app wallet - You create a TF Dashboard account - You install lobstr and set the tf connect app wallet seed phrase as the main account on lobstr - you buy USDC on Lobstr, you swap for TFT, it goes directly on your TF Connect app wallet - You then use the bridge from stellar to tfchain using the dashboard and QR code ## Conclusions - It IS doable, but it is not easily doable - The TFChain + Dashboard + App are mature now - We even have KYC on Dashboard - There are ways to do it simply with Stellar - we can just simplify the lobstr route to start with, maybe with a QR code? ## Requirements - Fiat a way to integrate onramp fiat - Can be done in steps - first get a basic way to do the following to facilitate the use and reduce the learning curve - Link TF Connect app to Lobstr - Quickly go to TFChain via TF Connect - second - find direct onramp from tf dashboard on tf connect ## References - Ideas from interactions with TF community, e.g. Ahmed Hanafy [here on TG](https://t.me/c/1222925426/1/10409) - With [Stripe](https://docs.stripe.com/crypto/onramp), on your own app (tf connect), you can do fiat to XLM, USDC (Stellar), we would only need to do swap usdc to TFT on our end, then we would have it directly on TF Connect - For Stellar, we should checks their [Ramps](https://stellar.org/use-cases/ramps) - Stellar [Anchor platform for fiat crypto ramps](https://developers.stellar.org/platforms/anchor-platform) - Using Moonpay might be the simplest: https://www.moonpay.com/en-gb - More on moonpay, looks really easy to implement: https://www.moonpay.com/business/onramps - Moonpay can also do the swap: https://www.moonpay.com/business/swaps?slug=onramps - Perhaps we can even do credit card to TFT right away ![image](/attachments/0ccf45cb-466f-445c-af15-15a1973d3501) - For cash payment, we can have Moneygram, as suggested by @scott https://stellar.org/products-and-tools/moneygram ## User UX The ultimate UX for a user wanting to deploy on the grid (utilization/use case) is: - They create a TF Connect account - They go to dashboard, they have a QR code to link their tf connect app to dashboard - They go to deploy something, it says, you need TFT, scan qr code - The user scans the qr code, it opens TF Connect and ask to pay with fiat to get TFT (in background we do stripe with usdc (stellar) and swap to TFT) - the user receives the money, they deploy on the Dashboard ### Parameters - Users can buy with TF Connect app - They can decide to stay on tf connect app stellar, or send TFT to dashboard account (we can link the tf dashboard and the tf connect) ### Basic UX - Go to TF Connect app - Click on buy tft - select: cash or credit card - if cash: use moneygram - if credit card: use moonpay - Once you have the USDC, you swap for TFT ## Feedback @sabrinasadik @thabeta wdyt? Feasible? The community would like that I think. ## Structure - cash to TFT - moneygram: cash to USDC on tf connect app stellar - then we swap using stellar dex api from usdc to tft on stellar - credit card to TFT - moonpay: credit card to USDC to TFT (onramp + swap) on tf connect app ## USDC and XLM Availabilities - USDC and XLM are not available everywhere with Moonpay for legal reasons - XLM is more or less available everywhere, except New York in USA - USDC is not available in Canada but XLM is In brief, if we can't do fiat to USDC to TFT, we can more or less always do fiat to XLM to TFT ## Expanding Coins - Part 1 - We can even set that TF Connect can have the following tokens on TF Connect - USDC - XLM - TFT ## Expanding Coins - Part 2 - Moonpay have swap for a lot of tokens, we can even go further than just having USDC, XLM, TFT, but we can take on other coins, e.g. ETH and BTC, so people can come from anywhere (fiat credit card, fiat cash, XLM, USDC, ETH, BTC, ...) and go to TFChain and deploy. ## Onramp, Not Offramp It can swap USDC or XLM to TFT, not the other way around. And it cannot sell TFT to moneygram or moonpay, it can just buy TFT.

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label 2024-11-20 03:32:45 +00:00

mik-tf commented

2024-11-22 21:51:47 +00:00

@despiegk @delandtj @lee

Let's see if we can get this for 3.16. Please give feedback here or next meeting. I ping so everyone can see before next meeting.

With the current Stellar run, it would be great IMO.

@despiegk @delandtj @lee Let's see if we can get this for 3.16. Please give feedback here or next meeting. I ping so everyone can see before next meeting. With the current Stellar run, it would be great IMO.

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