BasedApp Review (2023)

Getting Started: The Waiting List and Easy Registration

I recently began exploring Basedapp, starting with their debit card. The initial step required getting on a waiting list to receive an invitation, a minor step in the process. Once invited, the registration was incredibly straightforward, thanks to MyInfo.

Basedapp offers multiple sign-up options: Google SSO, email or phone, or connecting via an existing wallet.

My Choice: Google SSO and the Magic Link Wallet

I opted for Google SSO, which led to the creation of a blockchain wallet by Magic Link. However, I noticed the absence of an option to retrieve the wallet’s seed phrase.

After reaching out to Basedapp’s support, they clarified that exporting the seed phrase for Google accounts isn’t available yet but is planned for the next quarter.

Understanding Magic Link: A Simplified Blockchain Wallet

In summary, Magic Link offers a web-based wallet simplifying interactions with blockchain technologies. It allows the creation of blockchain wallets using social logins like Google.

This wallet, fortified with advanced encryption, supports various cryptocurrencies and blockchains, enabling transactions like buying or transferring crypto. While ensuring user privacy and security, Magic Link makes blockchain applications more accessible.

For more details on how authentication works, visit this page on Magic Link’s official site.

Using the Debit Card: My Experience with USDC on Polygon

My journey continued with transferring USDC via the Polygon network, which led to a moment of confusion. I discovered two types of USDC on Polygon: USDC.e (a bridged version) and the native USDC supported by Circle. More information on this can be found in Circle’s informative blog post.

After bridging USDC from Arbitrum to Polygon using Stargate Finance (USDC.e), and transferring USDC from Binance (native USDC) to my Polygon wallet, I was relieved to find that the wallet supported both types.

Converting Currency: The Swap Function

For converting USDC to XSGD, I utilized Basedapp’s swap function. The rates were impressively competitive, even when compared to Google rates.

Earning Interest with Basedapp’s Debit Card

One key feature of Basedapp’s debit card is the 1.5% Annual Percentage Rate (APR) earned on the card’s balance. This is beneficial as it offers the simple use of a debit card while also allowing the balance to earn interest, combining everyday convenience with financial returns.

Additional Features: Withdrawals, Recurring Swaps, and Savings Vault

With Basedapp, withdrawing funds from your debit card to your blockchain wallet is possible, though it requires a 3-day waiting period.

The platform also offers the option to set up recurring swaps for WETH and WBTC – daily, weekly, or monthly, akin to Dollar Cost Averaging.

Lastly, Basedapp introduces a saving vault feature. This allows for straightforward investments in the Compound DeFi app without the need to navigate complex transaction jargon – just click on Invest, enter the amount, and you’re set.

(As always, with any defi app, there is always a risk of losing your investments.)