Ondefy is an application aimed at democratizing decentralized finance (DeFi) and bringing users together on a single platform. To do this, Ondefy relies on a fluid and secure experience, making it as easy as possible to use its application and offering many services with a clean interface. Overview of a project that does not lack ambition.
- What is Ondefy?
- The features provided by Ondefy
- Blockchains and tokens supported by Ondefy
- Magic Link, access requiring only an email address
- The team and partners
- Our opinion on Ondefy
What is Ondefy?
Ondefy is a Swiss-based company with the sole objective, but not the least, of making decentralized finance (DeFi) accessible to as many people as possible.
Indeed, the Ondefy team observed an astonishing fact. While at the end of 2021, the cryptocurrency market had around 300 million users, DeFi only had 4 million. Only 1.33% of cryptocurrency users use DeFi services . Why is this gap so big, even though the benefits brought by DeFi are so often praised? The simple answer is that DeFi is still relatively difficult to access.
For example, the knowledge required to use a decentralized exchange (DEX) is higher than that required to use a centralized exchange (CEX). On a DEX, one must have an appropriate digital wallet and know how it works. You have to think about many parameters such as gas costs, slippage and being able to do on-chain transactions.
The holder of a non-custodial digital wallet must also take all necessary precautions to keep their private key safe and are fully responsible for the protection of their funds. To top it off, an error quickly happened and there is no way to recover the funds.
Thus, most investors are more comfortable on the CEX , they have absolutely nothing to manage except knowing how to use a trading interface.
There are also many DeFi DEXs and protocols, listing different tokens and offering different services. And not one really stands out as the benchmark DEX. It is not easy to navigate in such a fragmented ecosystem , especially if you are new to the world of cryptocurrencies.
This explains that a DeFi user is likely to manage many different accounts and wallets, and must carefully maintain the information of each account and wallet. This is far from practical.
Finally, the user interfaces of the DeFi protocols are sometimes difficult to read and/or difficult to understand for the most neophytes.
DEXs are the mainstays of DeFi , so it is imperative to make the experience easier and more convenient, commensurate with a CEX. This is precisely the idea that the Ondefy team had. As the DeFi ecosystem is fragmented, it intends to offer an application that unifies this whole universe , so that as many people as possible can benefit from it.
Not content with unifying the entities of this ecosystem, Ondefy aims to simplify access and make its application as comfortable to use as a CEX .
Ondefy logo
The features provided by Ondefy
Ondefy offers various functionalities at the time of writing these lines:
- Exchange : allows you to swap your tokens among the many tokens offered;
- Bridge : function allowing you to switch your cryptocurrencies from one blockchain to another directly on Ondefy in a very simple way, thanks to a partnership with multichain ecosystems such as Connext and Socket;
- Earn : here we find a range of solutions to generate returns with cryptocurrencies, directly thanks to the connection to decentralized finance protocols;
- Feed : various statistics on the tokens will be displayed there such as the last swaps.
For more details, in the Earn section, the protocols of DeFi Curve, Yearn and Compound are integrated on Ondefy to offer various staking options to its users.
Figure 1: Overview of the different yields available on Ondefy
In the future, other protocols will be integrated into it such as Aave , the famous open source lending protocol on Ethereum, Avalanche and Polygon. This will allow users to borrow assets and earn interest on depositing their cryptocurrencies .
In the future, a feature allowing the use of on-chain leverage effects will appear on Ondefy. As well as baskets of low valuation tokens and baskets of DeFi returns, always with the aim of offering maximum options to its users. Finally, Ondefy also plans to integrate non-fungible tokens (NFTs) into its application.
Blockchains and tokens supported by Ondefy
The Ondefy app integrates several DEX aggregators , including ParaSwap, Matcha, and 1inch. DEX aggregators allow you to find the best price for a token across all the DEXs they integrate .
This makes it possible to offer the tokens available on Ondefy at the best exchange rate and at low fees, since the platform takes only a tiny part of these fees.
In-app blockchains
At the time of writing these lines, the Ondefy application offers tokens on 8 different blockchains . Namely the Ethereum, Arbitrum, Polygon, Avalanche, Fantom, BNB Chain, Celo and Optimism blockchains.
Figure 2: The eight blockchains integrated into Ondefy
Other blockchains will soon be added to the platform, including Solana. Ondefy’s roadmap also announces the future integration of blockchains that are not compatible with the Ethereum Virtual Machine (EVM), such as Terra , to name a few.
Tokens supported by Ondefy
The particularity and probably one of the major arguments of the Ondefy application is the number of tokens it offers . Indeed, most of the tokens listed on CoinGecko are available on Ondefy . This is no less than nearly 11,000 tokens at the time of writing these lines, which is more than any existing exchange.
Figure 3: Ondefy marketplace overview
On Ondefy, thanks to the CoinGecko API, each token is accompanied by a graph of its price and various data such as the total supply of tokens, the supply in circulation and its market capitalization. In addition, a small paragraph describes in a few lines the token in question.
This is rather convenient, because all the information is gathered in one place. Ondefy seems to want to provide a maximum of tools so that the user does not need to use other resources.
Finally, the Ondefy application integrates the services of Ramp, Moonpay and Transak. Thus, in the ” Buy Crypto ” tab , it is possible to buy certain tokens directly with your bank card , offering a fiat-crypto gateway to the platform’s services.
Figure 4: Buying BNB with fiat via Ramp on Ondefy
Magic Link, access requiring only an email address
A problem tackled by the Ondefy platform concerns wallets .
Traditionally, to connect to a DeFi protocol, you need to create a wallet supported by it, such as MetaMask or Phantom for example. To do this, you must install an extension on your web browser, create your account, carefully store your password and secret phrase and finally configure the network with which you want to interact. Then, you have to connect the wallet to the platform.
Only then will you be able to use its services. This is long and tedious , especially for the most neophytes, and the Ondefy team wanted to speed up this process without losing security. This is why Ondefy chose to integrate Magic Link into its platform.
Figure 5: Illustration of how Magic Link works
Magic Link allows you to connect to the platform via a validation link sent to an email address. All you need is an email address , and it gives access to your Ondefy account and wallet. No need for a password, or to keep your private key, or the usefulness of owning a web extension.
The wallet thus generated by Magic Link for your account supports all the blockchains integrated with Ondefy . Thus, it is not necessary to have several wallets. Of course, to increase the security of your account, it is possible to activate double authentication (2FA). It is also possible to export its private key if necessary.
Magic Link therefore allows you to create an account and have a wallet directly integrated on the platform in just a few seconds . The experience is fluid and the user does not need to worry about the wallet since everything is automated. The first barrier to entry into DeFi is thus lifted.
The Ondefy team and partners
The Ondefy team is made up of French speakers including:
- Gauthier Vila : co-founder and CEO of Ondefy;
- Hugo Roussel : co-founder;
- Bin Han : community manager.
Find the Ondefy team on LinkedIn
Ondefy’s partners and advisers are made up of:
- Angel DAO : Decentralized Venture Capital Fund;
- Julien Bouteloup : co-founder of BlackPool, Stake Capital, and Stake DAO. He is also a member of the Curve protocol team;
- Mounir Benchemled : Founder of DEX aggregator ParaSwap.
Our opinion on the Ondefy platform
Ondefy is an application that seems solid and above all that tries to give itself the means of its ambitions . At the time of writing these lines (April 2022), Ondefy V1 is not yet available. In the meantime, you can participate in the closed beta by registering on the waiting list .
The Ondefy team has thought of making it as easy as possible to use its application to allow any user, regardless of their level of technical knowledge, to interact with decentralized finance and its many advantages. A reminder of Ondefy’s arguments:
- Very simple and intuitive user interface ;
- The creation of the account and the wallet is done in a few seconds via Magic Link , the process is automated;
- Purchase of cryptocurrencies directly in fiat currency via bank card or SEPA transfer;
- Integration of multiple DEX aggregators ;
- More than 10,000 tokens already available;
- 8 blockchains already integrated;
- Full interoperability between integrated blockchains;
- Integration of DeFi services offering various yields directly on the platform ;
- Future integration of NFTs.
Ondefy offers all the necessary features for a complete use of DeFi , in a simple way by automating all technical processes. More so, the platform offers a variety of sizes in terms of blockchain and token integration.
DeFi has a bright future , every year events around the world prove that entrusting your assets to a centralized entity like a bank can be risky. DeFi is an ideal alternative to keep full control over your assets, and logically the application does not require any Know Your Customer (KYC) validation .
In any case, Ondefy offers the tools to potentially attract a large number of investors to DeFi.
