Decentralized finance, or DeFi, is crucial to today's blockchain ecosystem. DeFi, if you are living under the rock, is an umbrella term for financial services on public blockchains like Ethereum. Unlike a traditional financial system controlled by a centralized authority like banks or the government, DeFi utilizes blockchains for transactions between two individual parties to happen. This eliminates the control mediators have over financial services and products.
However, many newcomers face obstacles when they start using DeFi services. The barriers make it difficult for them to understand, trust and use DeFi, and they end up not using it. The team behind Ondefy saw this happening quite a lot within their circle and decided to solve this problem.
Introducing Ondefy: A DeFi Meta Aggregator
The team behind Ondefy saw a gap between the existing DeFi world and newcomers who wanted to get into DeFi. Ondefy aims to fill the same gap and onboard more people in the DeFi space. Ondefy believes everyone should be able to get the best out of the crypto world. Hence, their all in one platform allows simple access to over 10,000 tokens across eight networks at a single stop.
Ondefy allows you to access your tokens and save assets to earn more interest. You can access tokens using fiat money or exchanging other tokens. Similarly, you can stake and yield your crypto to earn daily interest.
Idea Behind Ondefy
The first thing people must do when they enter the DeFi world is to buy tokens from decentralized exchanges(DEX). Sadly, the first step has been severely damaged, making it difficult for most people to begin using it.
If the obstacles while onboarding a new person are removed, more people will enter the DeFi world and utilize DeFi at its peak. Ondefy aims to break down this entry barrier by providing a simple solution to access DeFi.
The Story of Ondefy
Gauthier Vila and Hugo Roussel, two long-time crypto believers, co-founded Ondefy in 2021. But the story traces back to August 2020, when the DeFi summer surged. Gauthier actively participated in DeFi by searching for gems, farming yields, etc. Concurrently, they realized that the people around them were unaware of decentralized finance. People are used to trading on centralized exchanges but are unaware of decentralized financial systems. The main reason is the complicated user journey and enormous entry barriers that a person faces when entering DeFi. Gauthier came to the conclusion that people are afraid of losing their money, so they never take the initiative to begin their DeFi journey.
After realizing this, they wondered if there was any beginner friendly on-chain solution that helped access DeFi with ease. And that's how the idea of Ondefy originated.
The whitepaper was published in the second quarter of 2021, and since then, Ondefy has grown some popularity around itself. The entire team behind Ondefy is passionate blockchain and crypto enthusiasts, having diverse expertise in smart contracts, cybersecurity, digital assets, finance, community management, web design, and marketing.
What Sets Ondefy Apart?
Ondefy is fully on-chained and non-custodial. All transactions that take place with Ondefy are transparent and traceable. Users are in total control of their crypto assets without any risk or restrictions from their wallets. Ondefy always gives users the best rates in swaps.
Ondefy does not require a password, a private key, or a chrome extension. It provides a magic link to log in directly from your E-mail. The availability of 2FA increases the security of your account by requiring you to authenticate twice to sign in.
Ondefy supports around 8 blockchain networks. You can access any token from any chain that is available on CoinGecko. You can access more than ten thousand tokens from a single point.
Soon users can also buy any token by using fiat money. You can connect your credit card and buy tokens if you need them. Ondefy plans to become a marketplace focused on web3 tokens.
Save & Earn Interest
The team is working on adding yield services with a pleasant user experience with baskets of yielding products. The platform will recommend DeFi services that generate yields so that users can generate yield on existing assets.
Ondefy will ask the user about their risk profile and show tokens that will earn interest along with the possible ways to get them. It also tends to become a hub to overview yield opportunities on the user's tokens.
Best Exchange Rates
Different platforms have different rates of the token based on the supply and demand of each. Ondefy works with leading DEX aggregators like 1inch, Paraswap, and Matcha to get the best exchange rate for every trade.
As said in one of the previous sections, Ondefy completed its seed round this quarter and currently working on its feedback and improvements. Also, the team is working on prelaunch since the initial launch of Ondefy V1 is set for the third quarter of 2022.
Until the end of next quarter, Ondefy plans to aggregate on-chain leverage trading platforms such as DYDX, and GMX. In addition, more yield features will be developed to allow users to earn interest on their tokens.
The current onboarding process for newcomers entering the decentralized finance world is complex. Ondefy aims to solve this by providing all in one platform to access over 10,000 tokens across eight chain networks.
Ondefy is fully on-chain and noncustodial. An easy onboarding process and pleasant UX make it easier for people to enter the world of DeFi without much friction.