Tonic is a decentralised bank account. It offers fast payments, savings and investments. The account is denominated in dollars and completely hides ethereum to the user. The UX is designed to be like that of a web 2 challenger bank. To be clear, there is not a single interaction of the user with the blockchain, as a matter of fact the user does not own any ether as everything is paid in USDC.

To achieve a seamless experience we have used all tools at our disposal. Thanks to Portis users can revert to a well known credentials flow, using email and password.

We use USDC as base currency thanks to its support for native meta-transactions and ease of on/off ramp. Each layer 1 interaction is intermediated by the Biconomy relayer network. For faster transfer we opted for zkSync as it seems the best suited for simple money transfers. Unfortunately zkSync does not support metadata for transactions/recipients so here it comes Textile with ThreadDB where we store metadata on behalf of the user, we also implemented decentralised notifications for incoming transactions using the mailbox API.

For the saving accounts we use a centralised vault which lends funds on the Aave money market.

For the investment part, the first product is a bitcoin dollar cost averaging where the user can choose how much to invest every month (or week). These funds come out of the collective vault and purchase tokenised bitcoin using 1Inch for best execution.