Scroll co-founder "Blockchain payments, from experiment to reality… ushering in the on-chain finance era" [Coin Interview]

Interview with Sandy Peng, Scroll co-founder

Ethereum zkEVM scalability project 'Scroll'

Released 'EtherFi Cash' in collaboration with EtherFi

Generates interest income and offers cashback benefits

"It will be a new turning point for blockchain payments"

"The EtherFi Cash card surpassed 100,000 users and $200 million in transaction volume within three months of launch. Blockchain payments are no longer an experiment; they are already becoming a reality."

Sandy Peng (photo), Scroll co-founder, emphasized this in an interview with BloomingBit on the 16th. While blockchain-based payments are still seen by many as experimental, Scroll has taken a step closer to reality with the Ethereum-collateralized credit card 'EtherFi Cash card', built in cooperation with EtherFi, the Ethereum (ETH) restaking protocol.

The 'EtherFi Cash card' that Scroll launched with EtherFi is a credit card usable at Visa (Visa) merchant locations worldwide. Like a regular card, it can be used at retail stores such as convenience stores and supermarkets, and it is characterized by using the Ethereum (eETH) that users have deposited as 'collateral'. The eETH posted as collateral can earn interest income, and cashback benefits are provided from a base of 3% up to a maximum of 5%. Cashback is deposited in Scroll (SCR) tokens immediately upon payment.

The EtherFi Cash card achieved notable results in a short period, surpassing 100,000 users within three months of launch. The number of transactions reached 400,000, and total value locked (TVL) amounted to $200 million. Peng cited the performance of the Scroll chain and user experience as the reasons behind these results. He said, "Scroll is one of the fastest and cheapest chains; while other rollups take nearly a week to move assets, Scroll completes it in two minutes. Gas fees are about $0.0002, effectively free," adding, "The fact that cashback is deposited instantly is also thanks to this chain performance, and users experience it as if using a mobile financial service."

Behind the rapid growth is not only technical completeness but also the synergy effect of collaboration. Scroll emphasized that its cooperation with EtherFi was a 'successful merging' that went beyond simple technology provision. Peng said, "EtherFi had strengths in designing financial products and user touchpoints, and Scroll was able to solve technical challenges such as speed, gas fees, and privacy. When the two elements combined, synergy occurred," and added, "Going forward, the blockchain industry will develop into a structure where parties combine their strengths to cooperate. Users will enjoy better benefits in terms of security, speed, and experience."

He is paying attention to South Korea as a future growth market. Peng said, "Korea is an ideal market to use as a testbed for EtherFi Cash," forecasting, "Mobile payment experiences like Kakao Pay and Naver Pay are world-leading. If EtherFi Cash provides a user experience similar to these, consumers will adopt decentralized finance (DeFi) more naturally."

Furthermore, Scroll expects that EtherFi Cash has great potential to expand beyond payments into various financial activities such as real estate, stocks, and virtual asset investments. Peng said, "EtherFi Cash has the potential to provide new experiences across finance beyond payments," adding, "It will be a turning point for blockchain-based payments to become established as real financial services."