No wonder $LAYER has been rising recently, it turns out the #Payfi product has come out!
The Emerald Card produced by @solayer_labs is actually a rather ambitious product. It is not just a crypto bank card for "swiping consumption", but a combination of a cross-chain identity system (SolanaID) + DeFi yield account + on-chain reputation platform.
From my perspective as a financial veteran and seasoned crypto investor, it represents a closed loop of on-chain identity binding, off-chain consumption scenario implementation, and DeFi yield integration. Let me break it down and discuss it.
First, let's talk about the core advantages of this card:
1️⃣ Globally applicable + mainstream payment integration
• Supports usage in over 100 countries;
• Integrate Apple Pay & Google Pay, usable at most NFC-supported terminals worldwide;
• Can withdraw cash from ATMs, effectively entering offline payment scenarios;
• For users, using on-chain assets for payment = no boundaries, assets flow anytime.
2️⃣ On-chain assets → real dollar consumption
• Cardholders only need to top up USDC, and the system will complete USDC-USD Visa settlement;
• Similar to using stablecoins in a DeFi wallet to swipe a credit card in the real world;
• No need to manually transfer funds via OTC or CEX, significantly reducing the difficulty of fund inflows and outflows.
3️⃣ Option to access treasury-like yield products (sUSD)
• Deposit USDC, with the option to participate in 4% sUSD treasury bond yield products;
• Your assets in the card can not only be spent but also appreciate steadily;
• Equivalent to a bank card that can "earn interest."
4️⃣ Bind Solana ID — establish an on-chain reputation system
• Bind different on-chain addresses through SolanaID to establish a "unified identity";
• The system tracks your on-chain transaction behavior and assigns a reputation level;
• The higher the reputation, the more rights, airdrops, privileges, and benefits one may receive;
• Essentially, it is building an "on-chain credit system" for Web3.
5️⃣ The upcoming crypto rewards system
• Earn crypto rewards through consumption (e.g., $LAYER rebates, NFTs, project airdrops, etc.);
• Upgrade the credit card points system to an on-chain incentive ecosystem;
• Unlike traditional bank points, these rewards are tradable/participate in governance/and have appreciation potential.
Have you noticed that recently major projects and exchanges are focusing on the #Payfi track? Why is everyone so eager to actively participate in #Payfi now?
Because now #Web3 lacks a "global on-chain credit system", the rapid development and prosperity of modern finance essentially stem from the prosperity of the credit market. #Web3 urgently needs to fill this gap.
By building the #Payfi system, realize the #Web3 version of credit scoring, achieving your credit rating through on-chain "reputation" + "participation history". In the future, more Web3 financial innovations can be developed, such as lending credit, cross-chain whitelists, on-chain employment proof, and so on, with obvious opportunities. And as the current largest public chain in the U.S., #SOL brings the greatest opportunities and future benefits, which are worth looking forward to!
