Shopify CEO “dabbs” with Ethereum DeFi, will they integrate it?

Forget about the article’s strange title, and consider the facts: Shopify’s CEO Tobias Lutke went to Twitter a few weeks ago and stated that he is “exploring” smart contracts on Ethereum and the decentralized finance sector (read crypto currencies) for the purpose of making the world great again.

Strike that:

Mainly to understand how ERC20 works better. Fascinating world.

Err, ERC20? What’s that? The new Tesla model?

Forget about it.

The thing about Shopify is that since 2014, which is a long time ago for gen-z’ers, has accepted various digital assets such as USDC and PAX, as payment options. If Shopify gets integrated with a DeFi protocol, i.e. decentralized finance, i.e. crypto, i.e. Ethereum (not BTC which is useless, regardless of what shills are telling you), this would be a huge step for normalizing crypto for normies.

Is that a good or a bad thing? We don’t really know, but it definitely sounds interesting enough for Tobias to ask stupid questions on Twitter (we assume he could hire somebody to explain that stuff to him).

What are the commerce related opportunities that you are most excited about? What role do you want Shopify to play?

what’s the technical mechanism for doing that? I imagine the oracles are basically smart contracts that periodically write these external values to the chain (and cause Events?). Is that funded by the users of the oracle? Is there an open source example contract?

Usually companies see a market like retail and say “cool, I’ll go win that market”. Shopify did “cool, let’s make sure everyone can participate”. So in spirit (not by your definition) we are helping push against centralization. Makes sense?

said uncle Toby.

Obviously, you cannot obtain an intelligent answer/argument from the Twitter crowd, especially considering the fact that half of them are shilling a crypto they are invested in, and the other half don’t actually have a clue about the difference between crypto currency and blockchain technology. (no, they are not the same thing).

So, Tobias dear, you should follow Visa’s example, and begin settling transactions in Ethereum. What do you have to lose? Just do it baby, make crypto bugs happy 🙂 And make Shopify world’s biggest Ethereum exchange :).

We will be happy to hear your thoughts

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