 |
Defly - Algorand Deep Dive
Those heavily invested in Algorand have probably heard about Defly. If you have not, don't worry, this article is for you. The Defly Wallet and the Defly Algoranad token became very popular after the recent relaunch of Tinyman in the beginning of 2022.
What is Defly?
Defly is a DeFi Software Wallet for the Algorand ecosystem, which created by the company Blockshake. The wallet allows you to hold your Algorand and ASA's in it.
Unlike the Pera Algo Wallet, the Defly Wallet doesn't only allow for in-app swaps, but also offers access to trading charts and useful statistical metrics.
This means you won't have to specifically visit a decentralized exchange (DEX) or a charts website to keep track of your ASA portfolio. Basically it's a combination of classic crypto trading and how modern stock apps offer real-time tracking and trading in your phone. Considering how popular ASA trading have gotten, then I'd say it makes sense to have everything one click away.
💡 Did You Know? 💡
ASA means Algorand Standard Asset and is just the Algorand Foundations own nomenclature to describe tokens running on the Algorand blockchain. Learn More.
What's more is that the Defly Algorand dApp directly communicates with the smart contracts on the Algorand protocol, thus relying on the the blockchains own robust network to function.
 |
| Image Source: Defly |
Defly Algorand Wallet Launch
Originally the Defly Algorand Wallet dApp itself was only accessible for early investors, but after some delay with development the full version of the Defly Wallet was finally launched in July 2022, being fully audited and available for everyone. In addition the $DEFLY Algorand token is being traded on the Algorand blockchain since 17th of Dec 2021.
Furthermore the Defly roadmap reveals that they're planning to integrate cross-chain bridges between different blockchains and cryptocurrencies. According to Defly's own webpage these implementations are due for late 2022. Recommended Read:
Quick Rise in Popularity
Defly rapidly rose to popularity within the Algorand community at launch, mainly because it was an original concept in the Algorand ecosystem at the time. No other dApp or software wallet offered both graphs and swaps in the same application.
In addition, the developers are planning to let Defly automatically suggest the Algorand DEX with the lowest prices. If preferred, then users can chose their favorite DEX themselves, such as Tinyman, Pact, HumbleSwap, among others.
Another reason for the sudden popularity increase is due to the fact that $DEFLY begun trading on Tinyman before the launch of the actual Defly Algorand Wallet dApp, and the developers were quick to contribute with adequate funds to the liquidity pool.
$DEFLY Algorand Token
$DEFLY is the native token to the Defly project on Algorand. It was launched on Jan 4th 2022 through presale. In total 30% of all the minted tokens were launched through the presale at a value of 1000 $DEFLY per 1 $ALGO. Another 30% have been committed to the Liquidity Pools. The other 40% has been allocated between Ecosystem Expansion (20%), Developer Fund (15%) and Marketing (5%).
The token was traded heavily on the first day Tinyman v1.1 went live and rose with a staggering near 1000% in a couple of hours, while reaching north of $2.5 million USD in liquidity.
Tokenomics
The $DEFLY tokens were initially locked for a period of 3 months after launch. After that period they were subsequently unlocked at a rate of 20% tokens per month. This is most likely to protect investors from sudden dumping.
One of the purposes to hold the Defly ASA is that it lowers the trading fees on the platform.
Recommended Read:
Trading Fees
- Level 0 - 0.10% paid in ALGO, min 0.01 ALGO
- Level 1 - 0.05% paid with $DEFLY
- Level 2 - 0.03% paid with $DEFLY
- Level 3 - No Fees Charged by Defly
 |
| The $DEFLY Algorand Token after trading launched on 19th Jan, 2022. Trading Interface: Vestige |
0 Comments