Outlet is way for non crypto people to use a crypto product. Outlet works like a traditional bank account. Use Outlet to store and save your USD within a mobile app.
There are plenty of crypto products for crypto people. There are a large number of people and USD value using products that allow you to stake or earn interest on your existing crypto. However, these products are only for crypto people.
The interest you would earn using one of these products would be impossible for traditional banks to match, meanwhile lending protocols are doing this in a decentralized way and all you need to do is lend them your cryptocurrency.
The hard truth is that most people do not have crypto and are known as non-coiners. These non-coiners have a common interest in America. They use the United States Dollar, and everyone could use more.
Stable coins are essentially United States Dollars on a blockchain. In the current landscape of cryptocurrency most people use these stable coins to maintain a stable amount in their accounts in the volatile world cryptocurrency.
Stable coins such as Dai and USDC have interest rates far beyond what people receive on their United States Dollars. The average bank account interest rate is 0.09% meanwhile the current average rate of these DeFi protocols is around 14%
Non-coiners are people without crypto, and most likely do not care enough about cryptocurrency to become a cryptocurrency owner. However, the underlying technology of these lending protocols are useful to anyone looking to get a return on their USD.
Outlet is a better bank account built on top of Ethereum. The interest rate we give customers is derived from lending protocols such as Compound.finance.
Users of the mobile app itself will not necessarily know that on the backend the application is a DeFi product unless they look further into the product itself. The app will look, feel, and act like a traditional bank account.
When someone first starts their Outlet account they will be requested to give identity verifying documents like a traditional bank account and be asked to hook up an existing bank account to transfer funds. When someone uploads their funds to Outlet those funds will get turned into Dai and will be supplied to a lending protocols smart contract.