DeversiFi is a cryptoasset exchange located in British Virgin Islands. Their volume over the last 12 months is $43.03B. The exchange is rated “A” which means “Transparent.” They allow trading with the following fiat currencies: EUR, GBP, JPY, and USD.
DeversiFi is a decentralized exchange that offers high liquidity, fast execution of orders, a wide assortment of coins, and powerful technologies. The platform started its work in August 2019 after the period of incubation by Bitfinex where the project had been developed for 2 years.
The exchange that was previously known as Ethfinex Trustless was launched with a concept of a community-driven exchange and a focus on the development of decentralized technology. Also, developers tried to create the platform for incentivized learning, trading, and analysis of the most innovative blockchain projects.
The platform has never suffered from such problems as deposit or withdrawal delays and has always had enough liquidity at the disposal of its users. Devoid of small problems, which are common for beginning exchanges, it was able to concentrate fully on the development of its key features and evolve into DeversiFi later on. Thus, an entirely independent exchange was created to cater to the needs of professional traders without compromise on security and speed. The company set the goal to empower traders using self-managed decentralized financial technology.
The key targets of DeversiFi
The founder of the company Will Harborne was intrigued by the potential of blockchain and its capability to revolutionize the business models, societal structure, and governance. The team pursued the goal to create the products that appeal to their entire ecosystem so that passionate users would bring sophisticated technology to the whole world.
The key goal of DeversiFi is to provide impeccable service packed with an abundance of features to users employing extensive feedback system, and to constantly add new tokens to meet traders’ demands. The company tries to improve the underlying technology to deliver a smooth and secure trading experience.
The user interface of DeversiFi is highly functional and resembles the UI of the centralized exchanges, therefore professional traders feel quite comfortable on the website. The essential feature of the platform is a good selection of stablecoins such as USDC, TUSD, DAI along with USDT pairs.
Cyclical feedback mechanisms are employed to cater to the needs of users, which are necessary for the improvement of the platform. An extensive cycling feedback system implies the encouragement of users to share their views on the work of the exchange. It has helped to figure out the problems and issues that irritated users most. As a result of this initiative, the home page was entirely transformed. The feedback system also changed the on-board process as the addition of a user tutorial, educational videos embedded to UI helped new users to start trading with ease. Portis wallet is one more feature that was added as a result of this process and turned the platform into a universal one-stop cryptocurrency hub. The users can create wallets effortlessly and start trading immediately.
The products of DeversiFi also include a purpose-built DAO (decentralized autonomous organization) and revamped governance token Nectar (NEC) created with a goal to better serve the needs of the DeFi community. Nectar Token is the utility token of the platform that was issued in February 2018. It helps the members of the community to enjoy exclusive incentives including loyalty rewards, voting power and more. The purpose of the token is to grow the largest community of decentralized exchange users.
As it has already been mentioned above, the members of the community have the opportunity to propose their ideas and vote for the future development of the platform. The lists of tokens were carefully hand-picked with help of Kleros dispute resolution layer, which is an open-source protocol using blockchain to fairly adjudicated disputes. It gave traders an opportunity to say what tokens they want to see on the list. At this, only high-quality tokens were listed.
This is a high-speed platform where orders of any size can be executed with ease right from the private secure wallets. Initially, the 0x protocol was chosen for the platform which is an open protocol enabling p2p exchange of assets on the Ethereum blockchain. Later the exchange migrated over to version 2 that delivers a better security and faster performance in some aspects, for instance, streamlined order-data formatting, an advanced signature type providing more human-readable data displayed in Metamask when users sign orders, ERC721 compatibility, and easier integration with the projects based on Ethereum.
The 0x protocol is employed to power the matching engine of the exchange and deliver unparalleled security when it matches DeversiFi orders with the orders of centralized high liquidity exchanges. It made the team harness the Ethereum blockchain that entailed the introduction of decentralized OTC trading and other features.
In 2020, DeversiFi migrated to an advanced back-end codebase that increased the performance of the exchange 10 times. Also, DeversiFi API was implemented to help it work faster. Thus, it has turned into a mature, stable and scalable platform with a dynamic fee schedule. Also, the platform has integrated bZx protocol to achieve high-speed decentralized margin trading and lending.
Initially, the platform utilized the model of a charging fee for some time. Users were charged 0,25% on each executed trade. In 2020, a more sophisticated scheme was launched based on a dynamic fee scheme. Now it depends upon the individual order size and monthly total trade volume. For instance, the fee varies depending upon the amount: from 0.25% for the orders below 500 USD to 0.21% for the orders above 500 USD, and 0.20% for the orders below 2000 USD.
The exchange was founded by Will Harborne, taking the position of CEO in DeversiFi. Previously, Will worked over technology consulting projects at Cambridge consultants and IBM. When he discovered the potential of a crypto sphere in 2013, he started exploring the cases of cryptocurrencies use for Ethereum blockchain. He also worked for Bitfinex, one of the leading cryptocurrency exchanges of the world. There he launched the decentralized exchange Ethfinex Trustless rebranded as DeversiFi later.Read More