Decentralized exchanges still suffer from low liquidity amid the DeFi scenario. Users are ready and willing for solutions to give them the ability to move fast with unrestrained trading while staying in complete control of their assets and still trading large volumes at the best prices. DeversiFi is an exchange platform based on Ethereum smart-contracts which is quickly climbing the ranks as a reliable and user-friendly DEX, who promises to solve the liquidity problem associated with blockchain transactions.
A Quick Story About DeversiFi
There are some “root issues” associated with DEXs, such as the underlying properties of the blockchain itself, which are, by default, transactions that must be publicly committed onto the blockchain which takes time and has a cost associated with it.
It directly translates to the user perspective as lower liquidity because the cost of basic trades ends up being higher compared to a centralized exchange, where costs are almost zero.
Hence, user experience is slower and less effective, which ends up stopping many people before they even think to adopt the blockchain.
DeversiFi works to build a bridge between the advantages offered by both centralized and decentralized exchanges, to give users an empowered DEX for optimized trading performances.
How Does DeversiFi Work?
The platform came to reality to help traders to finally achieve an edge in fast-moving decentralized finance markets.
By using it, now investors can trade directly from their private cryptocurrency wallets at lightning speed and empowered by big levels of aggregated liquidity.
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It is a decentralized exchange with the ability to plug into the order books of a centralized exchange. In other words, they are trying to solve two of the biggest issues with DEXs, which are the lack of liquidity and operations speed.
At the same time, DeversiFi also gives traders the ability to take more advantage of opportunities with more profitable potential while preserving the control of their assets.
It is possible because DeversiFi’s order books are off-chain, but trading settlement is done on the Ethereum blockchain. It means that traders can have fast-moving order books and quick executions, at the same time they have full access and control of their assets, with no need to trust the exchange whatsoever.
Everybody Hates Fees
You do not necessarily need to choose between good security and low fees. Why cannot you have both? That is the motto for DeversiFi policy on fees.
Existing fees range between 0% to 0.2%.
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Each transaction is individually batched for settlement, which largely reduces blockchain fees per trade. It surprisingly manages to offer similar fees users would expect from large centralized exchanges. However, when compared to other self-custodial solutions in the DeFi scenario, the comparison is just ridiculous, as DeversiFi offers drastically lower fee rates.
What Are the Compatible Wallets?
The platform currently supports MetaMask, Keystore, and Ledger for trading via the user interface. It is highly recommended to users that they backup their seed phrases and private keys when using self-custodial wallets.
It is also possible to interact within the platform via API (Application Programming Interface), but traders have to use libraries containing signing functions and wrappers, which means more advanced knowledge.
How the Idea Became a Reality?
DeversiFi was formerly known as Ethfinex. It all started when founder and CEO Will Harborne, who always had a natural interest in advanced math and finances, made his first contact with the blockchain.
He discovered cryptocurrencies in 2013 when he began to learn about the Ethereum blockchain and its’ use cases.
Intrigued by the potential of the blockchain as a revolutionary tool for financial governance, he decided to dedicate full time to his new passion, which leads him to join Bitfinex in 2017, one of the largest cryptocurrency exchanges at that time.
From there, he decided to lead the launch of Ethfinex, the prototype of what would later become DeversiFi. The idea was pretty much the same: to be the only high-speed DEX where traders could execute orders of any size with no central party involved in the process, operating directly from their private wallets.
Ethfinex soon scaled the ranks as the most efficient DEX when it came to liquidity, which ended up evolving the project to DeversiFi in August 2019.
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Will Harborne is British and holds degrees from well-known institutions such as the Winchester College and the University of Cambridge. He also has previous experience working with IBM before he finally got into the crypto hustle.
DeversiFi is a decentralized exchange design to give traders an edge in fast-moving DeFi markets, allowing them to trade crypto assets at lightning speed with unprecedently liquidity.
All the funds traded on DeversiFi are secured through smart-contract technology. Users always hold control of their assets, trading from their private wallets or other chosen enterprise custody solution.
The concept behind the existence of the platform is to fill the gap for a necessary step forward towards the goal of empowering traders with a fast, convenient, and self-custodial solution for exchanging cryptocurrencies.