$Defly – Algorand Standardized Asset Introduction
DEFLY. $Defly ASA. Algorand’s app to rule DEFI. The current largest liquidity pool on Tinyman. It’s impossible not to have heard the name DEFLY over the last weeks, as the token’s public launch has exploded even as crypto markets have imploded. The App is currently in Beta Access, and plans to launch open beta in February.1 So what is it, really?
Defly will be Algorand’s first DEFI wallet app, and their goal is to redefine centralized trading. There will be “Charts, swaps, and stats in one mobile app, with full Algorand composability”.1 Their Beta launch has received glowing reviews, with users describing it as seamless and Robinhood-esque. Well, without the whole screwing their users out of trading-thing.
Compatible with iOS and Android, it can be connected to user’s wallets and display analytics and stats based on publicly available information on the blockchain.2
Defly App Features
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.
Decentralized Exchange Arbitrage
With the onset of multiple DEXs coming to the Algorand Ecosystem, there arises the user-focused issue of needing to determine which pools have the best liquidity and/or lowest fees at any given time. The more DEXs there are, the more difficult there is. With just Tinyman, you know exactly what price you will get. With multiple, you have to go searching.
So when will this feature come? How will it work? In regards to this, the Defly team was kind enough to respond to my inquisitions over Twitter and Email. Their response to these questions were:
This is something we want to add as soon we have support [for] multiple Dexs. For the most part we are waiting for all the DEXes in the algorand pipeline to go in mainnet. The way this will work is instead of selecting a swapping protocol, you can select ‘auto’ to get the best price.defly team via email
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.
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.
Defly is exciting, and is poised to be a critical tool for the Algorand ecosystem. I asked the team if there was anything else they wanted to share, and they said that open beta is sure to be a good time. They recommended giving their Telegram and Discord a look.