Giddy App Review [2024] | Buy Crypto & Earn Interest

In this review, we are looking at the Giddy mobile app, a non-custodial decentralized finance (DeFi) platform designed for the masses. Specifically, we will discuss what the app is, how it works, its key features, and what it costs to use. Additionally, we have provided a simple tutorial on how to get started with Giddy and have your crypto work for you.

About Giddy App

The platform aims to solve some of the biggest challenges faced by crypto investors in the DeFi space. Among the leading problems are that investors have to deal with often clunky decentralized apps (dApps) with user-unfriendly interfaces and a lot of technical hindrances that deter beginners from onboarding.

The Giddy App is designed with a focus on simplicity to enable two things – non-custodial crypto storage and staking. To invest in DeFi, users just need to download one native mobile app (available on both the Apple App store and Google Play) to do everything from buying to storage to sending, receiving, and staking crypto intuitively.

Recommended video: Giddy App introduction

How the Giddy DeFi Platform works

The Giddy DeFi platform currently exists exclusively as a mobile app on the Android and iOS ecosystems. You can download the app by following the link on the homepage and choosing the appropriate app for your phone.

In a later section, we will delve deeper into how to get started, but for now, let’s understand the idea behind Giddy and what makes it appealing to crypto investors.

The DeFi Challenge

By definition, DeFi is an alternative financial ecosystem based on the blockchain that manages to circumvent the need for costly intermediaries crucial within the traditional ecosystem, such as banks. With DeFi, users can access loans, make savings, and earn interest on savings, among several similar innovations, without relying on a trusted third party.

The biggest obstacle DeFi currently faces is that it is technically demanding for the average investor to access. Most of those taking advantage of it are technologically savvy and know how blockchain systems work.

For instance, currently, the following steps define how a typical investor manages to participate in some of the popular DeFi protocols;

• Step 1 – find a way to acquire crypto;
• Step 2  – move the crypto to a secure non-custodial wallet such as MetaMask;
• Step 3 – scout for a DeFi protocol with a decent return on investment where you can park your assets for an extended period. Other considerations in this step include the security and safety of assets;
• Step 4 – use a bridge to convert between assets to access those the investor needs to stake, lend or save. Depending on the protocol, this step could be optional, but more often than not, it is necessary;
• Step 5 – know how to stake in each protocol, each having proprietary rules and unique interfaces that further complicate the process;
• Step 6 – Manage your portfolio between multiple protocols (for those involved in multiple DeFi platforms, which is a necessity for most investors seeking to maximize their investments while mitigating risks);
• Step 7 – Finding ways to deal with inherent risks involved in staking and yield farming, such as impermanent loss, rug pulls, system insecurities, and opportunity losses, among others;
• Step 8 – redeeming rewards, cashing out safely, and using an offramp to access fiat cash.

We have described a typical investment journey for a DeFi investor. The steps might vary slightly from one platform to the next, with some having more or less stages, but the general process is similar. One thing that is evident is that investing in DeFi is not easy, and neither is the process intuitive, especially for a majority of would-be stakers.

Giddy’s Solution to DeFi Challenges

Giddy aims to solve DeFi’s challenges by using a single, easy-to-use mobile application that combines several DeFi elements into a single interface. The platform has designed a user experience that will reduce this process to as little as a single click (one tap through the ‘EasyStake’ feature.)

The solution is presented in a two-pronged approach which is:

• A self-custodial cryptocurrency wallet;
• A yield farming platform that is intuitive to use even for novices.

The cryptocurrency wallet targets to get rid of the onboarding process and the initial stages of engaging with most DeFi protocols. By offering a safe and secure solution to buying and holding digital assets, Giddy is reducing the steps to onboarding new users.

Giddy offers a DeFi platform that allows users to swap, bridge, connect to dApps, and stake into liquidity pools, among other DeFi-related activities, all with a few intuitive taps. The most effort a typical user is expected to make is identifying a pool to invest in. Once they do, they hit a couple of clicks, and they are done.

Additionally, once an investor has staked their assets, they can easily manage their portfolio on a single mobile app. With one click, you can see how your different investments are performing, and which assets you’ve invested in.

Giddy Token (GDDY)

Giddy’s native token, dubbed Giddy Token (GDDY), is built on the Polygon ecosystem, an EVM (Ethereum Virtual Machine)-compatible layer 2 scalability blockchain. It is crucial to understand that GDDY is not available on the Ethereum Mainnet but only on Polygon at the moment.

Token Utility

GDDY was launched in April 2022, and according to the press release, it was designed to solve three DeFi pain points: infinite approval vulnerabilities, standalone contract approvals, and native token gas fees.

• Infinite approval vulnerability is a security risk inherent whenever dApp users attempt to connect to a Web3 application through a web browser-supported wallet. To avoid constant requests for permission to access your wallet, a dApp would execute a single transaction with infinite permission, which you only have to authorize once, and interact with the app indefinitely.
  • This is a security risk because nefarious dApps could exploit the permission to make attack requests that do not require the users’ input.
  • Giddy aims to use the token to perform a single authorization transaction that negates the need for multiple user input requests. Thus an investor only has to approve a single transaction onto which is built a request for the exact token amount to be transacted. This approval expires after the next immediate block completes.

• Standalone contract approval is a problem in which smart contracts make regular approval requests to the user(s). If an investor is involved in multiple DeFi protocols, such requests can easily overwhelm them and lead to negative user experiences, reducing user engagement.
  • The Giddy token has been designed to reduce these contract approvals and aid in achieving better onboarding experiences;
• Native gas token fee is a convenience feature whereby Giddy users can use GDDY as their preferred token to pay for gas fees. This eliminates the need to swap between tokens to pay for fees or hold a certain asset in waiting to pay for expected future fees. Users will be able to pay gas fees using any token they hold in their wallet.

Tokenomics

• Total token supply – 1,000,000,000 GDDY;
• Current circulating supply: 485,456,590 GDDY;
• Blockchain – Polygon (MATIC);
• DEX: Uniswap, SushiSwap, and QuickSwap, on Polygon network;

Distribution:

• Market allocation – 60%
• Giddy Adoption – 20%
• Giddy allocations (team, dev wallet, airdrops, etc.) – 20%

Giddy opted to avoid the controversial ICO (initial cryptocurrency offering) token launch model, instead opting to stream the tokens to individuals participating in staking on the platform. Giddy allows a 12-month period in which these tokens, 570,000,000 (57% of total supply), will be given freely to stakers in liquidity pools involving high liquidity assets such as MATIC, wETH, and wBTC.

This token launch model will ensure that initial holders of GDDY will be platform users and not just speculators looking to acquire large sums of the token and dump it at a profit.

Giddy DeFi fees

Regarding charging users, Giddy has maintained a minimum cost structure across all services while charging zero fees for others. For instance, it costs nothing to download the Giddy mobile app from any of the two supported platforms (Android and iOS).

Also, it is free to pay for gas fees using the GDDY token. The Giddy app enables users to pay gas fees on third-party networks using GDDY, unlike most DeFi protocols that demand the usage of native tokens to pay these fees.

Another free service is peer-to-peer token transfers within the Giddy app and withdrawing from a staking pool. Ordinarily, these are activities that attract fees on competing platforms.

For the rest of the activities that are currently available on Giddy, here’s a brief table representation of how much you can expect to pay:

It is worth paying attention to the unknown costs charged by the on and off-ramp partners. Using some payment methods, such as credit and debit cards, could prove costly compared to depositing and withdrawing crypto assets. Similarly, depending on which blockchain network you are using to make token transfers, you may end up paying more or less than other options.

Astute investors will be keen to make comparisons in advance before committing to anyone on or offramp payment method.

How to get started with Giddy DeFi

Now that you have an idea of what Giddy has to offer, here’s a brief tutorial on how to get started with the mobile app and begin your DeFi investment journey.

Step 1 – Install the Giddy mobile app.

Visit the Giddy.co website to get the correct links to download the Giddy mobile app.

Click on the large [Get the App] button on the top right side of the page, as shown here. Alternatively, you can use the direct links provided in the middle of the page.

Once you click on the appropriate download link, you will be redirected to the respective app store, where you can download it to your mobile device and install it. Ideally, you would be using your mobile device to follow along with these instructions; however, if you started with your computer, you can still learn and then execute on your phone or tablet.

A quick alternative to this process is to head straight to Apple’s App or Google’s Play Store and search for the Giddy app. Click on the one developed by DefiQ, as shown above.

Step 2 – Create a self-custody Giddy wallet

After installing the Giddy app, launch it, and click on the [Sign Up] button.

In the next screen, you can opt to sign in using your Google account credentials or using alternative email providers.

Verify your email address by clicking on a link that will be sent to your email inbox. You will be redirected to the app log-in screen once you click on the link.

Re-enter your email address, then hit the [Submit] button to sign in.

Next, you will be prompted to create an account access password and a second-factor authentication (2FA) method.

Choose your preferred 2FA method between using an authenticator app or using SMS. The former is more secure and, therefore, the recommended safety mechanism to use to safeguard your account.

Two of the leading authenticator apps are Google Authenticator and Authy by Twilio.

Next, create a password for your wallet.

Confirm the password, then click on the [Continue] button to access your wallet account.

Step 3 – Access your Giddy Wallet

At this point, you have successfully created your Giddy wallet and are now ready to start using it. If you have already created your wallet, go ahead and sign in.

You will notice that Giddy’s user interface is clean and intuitive.

At the top is a temporary banner reminding you to deposit crypto. If you do not have crypto to transfer from an external source, you can take the second option of buying some from Giddy and paying using fiat. It is a fiat onramp made available thanks to third-party payment providers.

Next is the [Funds] tab, which lists all the assets in your wallet. It offers a quick overview of your portfolio, and you can click on any of the assets to get detailed information.

At the bottom are three tabs [Wallet], [Earn], and [Rewards]. The wallet tab is the default tab and shows your portfolio of assets, while ‘Earn’ lists investment opportunities. This is the tab you will use to scan for staking and liquidity pools you want to contribute.

Finally, the ‘rewards’ tab shows you the returns you earned from Giddy, which ones you have redeemed, and how much. Here you can also see the assets you are yet to redeem and their market value.

Step 4 – Fund your wallet.

As mentioned earlier, there are two options in this stage, you can either opt to buy crypto using fiat currency or deposit crypto from an external source such as a cryptocurrency exchange or self-custody wallet. To start, hit the [Add Funds] button on the ‘Wallet’ screen.

Next, click on the [Get Started] button at the bottom of the screen.

Next, choose the appropriate option that suits your preference.

Choose a payment method in the next screen amongst payment cards, bank transfers, or Google Pay.

Next, you’ll be prompted to choose a payment processor of your choice.

In the next screen, you will input the amount to spend or purchase.

From this point onward, you will be redirected to the payment processor’s platform, where you will complete your order. Purchased tokens will be deposited into your Giddy wallet automatically when the funds are received by the processor.

If you opt to deposit crypto, you will be provided with a cryptocurrency wallet of your choice that you will use to withdraw funds from an exchange wallet or send assets from your external wallet. Pay attention to the blockchain network you are using to avoid sending funds to the wrong network.

Is Giddy DeFi safe?

The team behind Giddy has taken several measures to ensure that it protects its systems and, by extension, the safety and security of its customers’ assets. Some of the measures taken include:

• Compliance with regulations – Giddy is a US-based company with its headquarters in Draper, Utah. It is registered and regulated as a Money Services Business (MSB) with the US FinCEN agency. Of note is that Giddy is not FDIC insured, and therefore, any funds held within the Giddy wallet are not insured against any losses;
• Self custody – private keys to a user’s Giddy account are represented by an algorithm. It never crosses the internet, is never stored in a database, and is never accessible by anybody but the user. The private key uses several recovery factors, one of which is on the device and protected by biometrics;
• Security tools – Giddy requires that while you create an account, you have to enable 2-factor authentication, set up a strong password and enable device biometrics. The platform uses a key management feature that enables users to recover their private keys in the event they no longer have access to devices in which they have installed the Giddy wallet;
• Known team – knowing who is behind a particular team is very important from a risk mitigation perspective since it is easy to research their background and also contact them in case of an incident. The team is headed by co-founders Eric and Ethan as CEO and CFO, respectively. Other team members include David Lemke (CFO), David Hurst (CTO), Travis Tidball (CMO), and David Bland (VP of Engineering);
• Backing from notable investors – getting the backing of some of the leading venture capitalists adds an air of legitimacy to any upstart since VCs typically engage in due diligence before committing their funds. In January 2022, Giddy raised as much as $8 million in its seed funding round led by Pelion Ventures with participation from Galileo CEO Derek White, Traeger CEO Jeremy Andrus, angel investor Scott Paul, Brand Whisperer Shaun Neff, and real estate mogul Brandon Fugal.

Giddy Pros & Cons

Pros

• The Giddy platform is easily accessible to crypto investors worldwide;
• Beginners and non-technical investors will appreciate Giddy’s intuitive and simple user interface;
• Giddy is compliant with rules, and regulations set out by the FinCEN, enabling it to operate as a money services business in the US;
• There are ample tools for investors to safeguard their investments held within the Giddy wallet with multi-factor authentication through email, SMS, and authenticator apps;
• Giddy offers several free services, most of which attract charges on competing platforms;
• Investors on the Giddy platform will benefit from the convenience of investing in DeFi protocols in as few as two clicks, cost-effectively.

Cons

• Giddy is only available on mobile;
• Assets held within the Giddy platform are not FDIC insured;
• The Giddy platform is relatively new and therefore lacks a track record for service delivery;
• So far, Giddy supports limited staking, and yield farming opportunities.

Giddy Community Support Channels

You can get further information on Giddy through the following links:

Website  |  Telegram  | Reddit  |  Discord  |   Tiktok  |  LinkedIn  |  IG  |  Twitter  |  Facebook | Contact Email

For further support, check out Giddy’s support portal, where you get access to the extensive knowledge base and a chance to raise a ticket in the event that you need personalized help.

Final thoughts

Decentralized finance is one of the most popular applications of blockchain technology, but it has proven challenging for the average investor to take advantage of. As highlighted in this guide, there are many steps involved in correctly and safely participating in DeFi.

Giddy takes the entire process and strips it down to easy-to-follow steps offering users an intuitive interface. The app makes it easy to create a wallet, fund it and start investing.

As DeFi gains more popularity, it will be interesting to see how innovative apps such as Giddy evolve to accommodate the projected user base. So far, Giddy may have managed to solve the most pressing DeFi issues, but as the space constantly changes, the team will need to offer a more flexible solution that will, hopefully, retain the original vision.

Risk Disclosure and Disclaimer: The information provided in this review should not be regarded as investment advice. Cryptocurrency assets experience high market volatility, and therefore buying, selling, and trading them exposes you to significant financial risks.

FAQs about Giddy DeFi