There were so many good opening lines but I couldn't help myself and for those youngins out there or those not familiar it is a popular song by an English band called Smokie which you can listen to here.
If you think Crypto is on its way out well think again as each day arrives so to does crypto's move to mainstream adoption and the recent game changer is Alice. An online payment and savings account with it's own debit card and yield earning potential.
Let's take a look at the project in a little more detail.
Tell me more about Alice
Alice built on the Terra (Luna) Network developed as a phone application provides access to Anchor protocol without the need for tall the intricate web3 set ups.
With a focus on the American market this decentralised application (dApp) will be available on both Apple and Samsung application stores and will enable users to send fiat currency to the dapp. Each transaction automatically changes the fiat to UST and deposits it into Anchor protocol earning the high yields offered on Anchor.
Alice goes beyond just being a savings protocol and enables quick and easy sending and receiving of funds between friends, families or others who are also signed up to the dApp.
Alice also states that there are no transaction fees or taxes in the sending and receiving of funds and users of their dApp receive the funds almost instantly.
With Anchor yields and the ability to send UST to friends and others the protocol is set to make an impact once it is fully launched and if you're waiting for the But wait there's more! well you're in luck because their is more!
It's not just great to be earning 20% APY if there is no real ability to spend it or use it in real life on the things that matter most and Alice has developed their very own debit card.
Alice claims that users can take complete financial control utilising their debit card which will provide users with the ability to make everyday purchases by transferring UST back to Fiat at the checkout.
The total package will provide a UST onramp, debit card and P2P payments system inclusive of high yields.
Alice recently raised $US2 Million is seed funding which was driven by Arrington Capital, Co-Founder and CEO of Terraform Labs Do Kwon, Mechanism Capital, and Accomplice Blockchain to develop widespread adoption of UST.
If Alice is successful in adopting mass consumers the protocol would have the potential to increase the utilisation of UST which would have a significant price impact on Terra's native token Luna.
In Singapore there are already a number of payment dApps on the market and over 2 million users currently spending UST on day to day costs with great success. IF the model can be replicated in America and then in other nations we can expect to see Luna having a strong support base and being around for quite some time.
What are your thoughts on Alice? Are you American and will you be registering for the application?
Image sources provided supplemented by Canva Pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services