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Defly Wallet – Algorand’s Secure Wallet Built for Power Users

Defly Wallet is a self-custodial algorand wallet optimized for DeFi by offering top of the line security, DEX swapping, wallet control, and market navigation. Defly is a mobile app commonly used by algorand ecosystem power users who want a wallet that can address all their DeFi needs. The mobile wallet features an incredible user experience that enables traders to maximize earnings by minimizing swap costs by aggregating the best price from all of Algorand’s DEXs.

The Defly app accomplishes both complexity and simplicity. Its straightforward design allows casual users to accomplish important algorand tasks like governance and swapping from a single entry point, while it empowers savvy users to take advantaged of its more advanced features such as limit orders and ledger wallet cold storage swapping.

This guide will serve as a comprehensive overview of the Defly product’s features, a breakdown of its tokenomics, and some advice how to make the most of the Defly product.

Defly App Features

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ASA and ASA pair tracking. The DEFLY app will bring what everyone knows is an absolute must need for a successful booming digital economy: charts with red, green and lines. It will allow users to seamlessly swap between ASAs and Algo, and will show recent market swaps. It will have information about supply, market cap, circulation and more. For liquidity pools, it will show the pool’s age, swaps, total volume and liquidity. You will be able to sort by these things. There will be options for price alerts via different setting and settable target prices. There is also currently automatic asset opting in and redeeming.

Defly Swaps: Automatically Get the Best Price

One of Defly’s core features is what it calls “vPools & Auto Routing.” Put simply, this means that when swapping algorand assets it will automatically give you the best price across all DEXs after taking into account fees, liquidity and price impact. The four DEXs the app currently checks are Tinyman, Algofi, HumbleSwap, and Pactfi.

Sometimes the cheapest swap will involve multiple DEXs, a feature Defly calls “combo swaps.” Defly will automatically calculate the most efficient way to achieve your desired swap, executing multiple DEX swaps in a single trade if necessary. This is most commonly seen with higher volume trades, as it essentially aggregates DEXs liquidity and minimizes price impact.

In the example below, we can see how swapping different $ALGO values result in different DEX paths. Swapping 1 algo pulls from tinyman, 10 from Pact, and 100 from a combination of humble, pact and tinyman

Swapping 1 Algo on Defly via Tinyman V2
Swapping 10 Algo on Defly Via PAct
Swapping 100 Algo on Defly via combo swaps of Tinyman, Pact, and Humble

Defly Fees

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As we can see, the fees scale with how much $DEFLY you hold and how much you are supporting the $DEFLY ecosystem. With 1000 ALGO+DEFLY in the LP, you are only paying the protocol and nothing for DEFLY. With no DEFLY, your’e paying a fee of 0.10% with a min payment of 0.01 ALGO.

Defly Wallet: The Most Secure Algorand Wallet

The Defly wallet is self-custodial, which means that you are always in complete control of your private keys/seed phrase. Defly stores your private keys in encrypted local storage, and the only time it is brought into use is when it is needed for confirming a transaction, as is standard practice. Both MyAlgo and Pera operate similarly.

Defly Tokenomics

An entire separate blogpost has been created regarding Defly’s Tokenomics, as it is an important topic to give attention to. The post contains information regarding Defly’s Price, Market Cap, Circulating Supply, Presale Tokens, Dev Tokens and more.

Learn More About Algorand

Follow the @algonautblog on twitter.

Keeping up with this blog and reading other articles is a great way to learn about the ecosystem. Here are the most popular articles I’ve written.

  1. Algorand Explained: Without Using A Single Crypto Term
  2. The Ultimate Guide to Easing Into the Algorand Ecosystem
  3. Crypto Wallets on Algorand: Exchange, Self-Custodial and Ledger

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