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AMA - Let's Go!
Our First Defly AMA
We are currently in serious buidl-mode ramping up for our next big update. It will be all about making Defly a fully qualified Algorand wallet with top security and leading DeFi trading tools. Expect it very early summer! In the meantime we have announced our first AMA and have answered all the interesting questions right here.
Let’s get into it!
What is the feature you are most excited about that was not disclosed in the flight plan?
Short-term it is #comboswaps. They will effectively cause negative fees. Compared to a single DEX swap, Defly users will get more tokens. On small to medium swaps this typically neutralizes any network fees and on large swaps this can enable double digit percentage improvements.
With the next update we will optimize swaps beyond just finding the best DEX. By splitting them up between pools and DEXs we can achieve a smaller overall price impact. This is super exciting because it's a very tangible advantage. This will move Defly from a UX and market data advantage to a direct financial advantage. On every combo swap you will see the amount of additional tokens you get in the app.
In the roadmap it mentions support for cross-chain bridges in Q4. Which chains do you plan to support, short term and long term?
At the moment it looks like Ethereum, Binance, Avalanche, and Solana are the first to gain traction on Algorand. We have a lot of really cool ideas for doing other chains on Defly but are not quite ready to share all of them. Be assured the tech is coming to make this work seamlessly. We are very excited about this.
What will Defly app look like in 3 years?
Defly will be the leading trading app on Algorand. Algorand will be the leading bridge L1 functioning as the universal lightning layer for a rich field of high market cap chains. In this environment Defly will simplify the ever growing offering of DeFi and Web3 in a way suitable for mass adoption. Our users will make memes about centralized exchanges hanging out with AOL and MySpace.
How will you envision web3, how will defly be part of web3?
To us web3 roughly means applying blockchain tech to different domains. This is the reason why we founded Blockshake and why Defly came to be. It's all about ownership and the lack of trust/permission requirements. It has nothing to do with HTML.
The exciting part about doing this is empowering people with more ownership and less dependence on service providers. Currently we are burdened with having to trust and relying on permission from these service providers. It's a very asymmetric relationship. In the best of times they will be servants to our needs and act as good custodians of our data. With the slightest perturbations all this asymmetric power is highly corruptive. Corruption is one of our biggest challenges in living on this planet.
A better way is to reduce the amount of trust and permission that is required. This makes all kinds of relationships more symmetric, equal and generally easier. Defly does this with trading.
Were you $algo holders and decided to build an app, or were you app developers and chose Algorand? If the latter, why did you choose Algorand?
Defly is not our first project on Algorand but it is currently more developed and popular. The other one is a yet unreleased solution to end-2-end verifiable voting while preserving full anonymity. We think this will eventually be key for DAOs and making decisions online. We are also currently working with the Algorand Foundation to implement Algorand's next native governance mechanism.
Algorand is attractive because of its technical superiority and elegance. There is nothing like it. It's the only next gen L1 that solves previous shortcomings (performance, decentralization, energy consumption, finality) without throwing a truckload of complexity at the problem. This is important because complexity negatively impacts security and the future health of the code base. There is no sharding, delegate punishment, fishermen, or lightning layers in Algorand. The idea of a random, continuously self-selecting committee to verify the next block is pure genius.
How much $algo do you own?
It typically appears to be slightly less than optimal.
If you can clone your team to make another app on Algorand, what kind of app will it be?
How many times would we be allowed to clone our team? The project that we have been pushing back is our smart voting module for doing end-to-end verifiable, anonymized governance. We have most of the research done and are waiting for an opening to start coding. The upside of waiting is that Algorand needs a few more updates to do it fully on-chain. Zero knowledge proofs are currently not easily verifiable in a smart contract.
Are you considering a subscription model paid out in $defly, and/or features only available to liquidity providers?
We have been thinking in this direction and have a liking for participation models along these lines. Generally the threshold will be very low with the idea to find people who care and bring them in. It is fun to have a core community of users.
If you are wondering how we make "payouts" please see the next question.
Possible revenue sharing for tier 3 holders?
Please take a look at our staking and farming pools. These are open to everybody and not dependent on any tiers. Although participating in these may unlock tiers ;)
Humble Farming TBA
Tinyman Farming TBA
Is there a plan in place to grow and reach the wider #Algorand audience? It's a great app. I'm just curious about the marketing and surprised it's not in the top 3 among ASAs.
Last time we checked we were definitely top 3 ;) But let’s not get bogged down by technicalities. We have been at work building a very strong core community. If you check our social media you will realize they are ready to go. There will be a big release and push to a wider audience in early summer. The reason for waiting is confirming and verifying our strong security standards. At that point we will have finished all our internal security related testing and the independent audit by Kudelski Security. Our baseline is Pera and MyAlgo and want Defly to match or surpass. With a recent security audit we can claim this.
Will DEFLY ever implement a burn mechanism?
We see this more as a hallmark of meme coins. That being said, If you want to burn your Defly, be our guest. Defly Novemburn?
Will DEFLY get listed on bigger cex's like MEXC_Global?
Defly strives to be better than CEXs. Our goal is getting to a future in which you don't need CEXs for the most part. There is something to be said about visibility and we may consider it for this reason.
Will DEFLY have any additional use case/utility in the future?
Yes. Defly will always be used to creating a commonwealth of developers, participants, and users. How exactly we generate revenue for further development and how we offer benefits for the core community is subject to constant adaptation.
At the moment we are happy how $DEFLY is both driving our staking and farming mechanisms and the development of Defly App. Former has financial utility and the latter is slated to transform how we will do finance in the future.
In the near future we will use $DEFLY for governance, allowing participants to shape important decisions.
Is there going to be a PC/Desktop version of the Defly app?
We just recently had an internal discussion about Defly vs Metamask. Defly is already superior in portfolio tracking, market data, and swap optimizations. Releasing a web version along with the upcoming bridges excites us. Without making this an official announcement, we are big on a unified code base and have always been 90% ready for both web and desktop versions. Also let me point out that Defly already runs on M1 Macs straight from the App Store.