Introducing Sonar Switch
Your personal Crypto On/Off Ramp Aggregator
Continuing on our path to make DeFi easy
What are the most essential steps that a user needs to undertake to interact with DeFi? One needs to BUY crypto, SWAP or bridge, check PRICES or charts, and needs a WALLET to manage assets.
Whilst there are many other tools that help with security, speed, efficacy and efficiency of trading, a seamless transition through these 4 steps are crucial for making Defi easy.
With the integration of Sonar Switch, we reach a key milestone for Sonar Studio. In the past weeks we have refined our charting tool, integrated the Swap, Bridge, and Gas Station as well as the implementation of the contract scanner.
Sonar Studio provides you with all the tools you need to get from cash in your bank account to tokens in your wallet.
Why is it so difficult to on/off ramp?
Navigating the fiat on-ramp and off-ramp processes in the world of cryptocurrency can be an intricate and cumbersome task. The transition between traditional currency and digital assets involves various intermediaries, extensive documentation, and often lengthy verification procedures.
In recent years we have seen several on/off ramp solutions pop up. However, users are frequently blocked due to jurisdictions, regulations, documentations and so on. This requires the user to go to another solution, whilst still uncertain whether the onboarding will be successful. This results in a cumbersome “trial and error” process. In fact, a study done by our partners Onramper shows that an estimated 50% of transactions fail after KYC has been passed and that abandonment rates during the checkout process can reach as high as 90%.
Tailoring an onramp for cryptocurrencies to suit every demographic remains an unattainable goal. The vast global variations in payment methods, diverse proof of address/identity document standards, and the plethora of fiat currencies in circulation require each solution to make concessions. Sadly, these compromises frequently lead to a diminished user experience for the majority of customers, manifesting in the recurring frustration of encountering a ‘transaction failed’ error.
How does Sonar Switch solve this?
Sonar Switch, powered by our partner Onramper, aggregates a multitude of onramps tailored to your needs. This results in:
Wider Accessibility
Rather than going through a trial and error process, the user will be presented with the recommended ramp solutions. The engine behind the aggregation can identify (and understand) your profile and needs, including the location, the fiat currency, the available documentation and so on. The engine takes these factors into account before intelligently matching them with the onramp most likely to ensure a successful transaction.
Faster and Cheaper Transactions
Furthermore, the aggregator simplifies your access to location-specific rails. This reduces transaction times and fees and gives you the best return for your purchase.
Easier Process
The aggregator automatically provides you with the best ramp options as well as the exchange rate (and fees) each option provides. This facilitates your user experience and you may on/off ramp crypto with a few simple steps.
How does Sonar Switch work?
The following is a step by step guide on how to use Sonar Switch. These steps may slightly vary depending on which onramp or currencies you choose as well as your jurisdiction.
Step 1
Go on the left navigation panel of https://sonar.studio and press on “Switch”
Step 2
Choose Buy or Sell at the top. Insert the currencies and the amount you want to buy or sell.
Step 3
Select the payment method in the dropdown at the bottom. You can choose between Credit Card or several other payment options according to your jurisdiction or the currencies you are exchanging.
Step 4
Choose the 3rd party provider (Onramp) you want to use. The recommended one is chosen by default. The list will show you the return you will get for your purchase as well as whether documentation or KYC is required.
Step 5
Click on the Buy *Token* button
Step 6
The next steps vary according to which onramp you chose. You will be asked for an email address with a verification code that will be sent to your email. However, some of the Ramps may require further KYC documentation.
Step 7
In the last step you need to enter your payment information and agree with the Terms of Use of the 3rd party provider.
Step 8
Receive the tokens in your wallet.
Happy Ramping Sonarians!
