AAVE-Teller-Machine

We can turn cash into AAVE deposits via a paired physical ATM machine. Physical cash is replaced by pre-purchased DAI or USDC that the owner of the ATM has in custody. When Alice walks up to the ATM, Charlie the shop owner has 1000 dollars of cash in the ATM as well as 1000 dollars of USDC. When Alice links her wallet via WalletLink and inserts 100 US dollars, instantly, the treasury wallet that has the USDC is invoked and 100 USDC is sent to AAVE on behalf of Alice. Alice receives aUSDC and returns to the ATM a week later to exchange the aUSDC for physical cash.

Using really awesome APIS provided by ATM companies, I have created an interface from a cash bill acceptance to a smartcontract that purchases aDAI.

The idea is pretty simple. There is an ATM machine with the ability to accept and verify cash deposits. Once cash is deposited, a message is sent to a workerprocess that will purchase that amount of aDAI. Now the user has taken physical cash and converted it into a yielding product.

This is achieved by the fact that the owner of the ATM is providing a space, for a fee to accept cash and through internal reconciliation to match that cash with equivalent DAI set aside in a smart contract. As cash comes in, it is offset by the pre-purchased DAI and transferred to the user.

This has deep ramifications, and can change the whole remittance industry. Free money transfer is now possible by means of using credit delegation. One can push cash into a physical machine, and via a separate agreement, allow by means of credit delegation the ability to draw from the AAVE-TM against that collateral.