DefiSpot Decentralized Multi-Chain Exchange

DefiSpot is a blockchain based DeFi application with a better liquidity pool and swapping solutions of different networks using Thorchain Protocol.

Services

Research, Conceptualization, Design, Smart Contract development of Trading/Swapping, Liquidity pool, Wallet and multi-chain contacts relevant to their standard, Development, Mobile Application, Testing, Deployment

DefiSpotDefiSpot

Overview

DefiSpot allows users to trade by swapping without wrapping tokens of different standards, to add liquidity to earn APY (Annual Percentage Yield), and to withdraw their liquidity.

For now, DefiSpot supports the following blockchain coins and their tokens that already have liquidity share on the market:

Thorchain Rune
Thorchain (RUNE)
Bitcoin (BTC)
Bitcoin (BTC)
terra
Terra (LUNA)
Dogecoin
Dogecoin (DOGE)
Ethereum
Ethereum (ETH)
Binance
Binance Chain (BNB)
Litecoin
Litecoin (LTC)
Bitcoin Cash (BCH)
Bitcoin Cash (BCH)

In this platform, APY is fixed based on the LP (Liquidity Points) units and the traders can see their LP units after adding liquidity.

There are 3 ways to add liquidity:

Traders can connect different types of wallets to make transactions, create new pools on the Thorchain protocol, set the transaction speed, view records of their previous transactions, receive notifications of each transaction made, and go through their portfolio information. Once a user selects a cryptocurrency he wants to swap or trade, he is shown the conversion rate and fluctuations of that currency during the past 24 hours. It also educates its users by providing a guide to learning DeFi trading in their application. Users can switch to the expert mode that determines at the moment what speed of the transaction should be selected and what percentage of the slippage should be set in order to do a successful transaction.

Get the best swapping solutions of different networks with DeFi Spot

Problems and Solutions

Centralized Swap:

Token wrapping is needed to swap tokens of two different native blockchains. This is the main issue while swapping any token as it causes DeFi tax and also makes it centralized.

Solution:

DefiSpot provides its solution by using the THORChain protocol in which there is no need to wrap tokens while swapping. It makes it possible for the traders to swap and add/remove liquidity to multi-chains without wrapping and without needing a centralized third-party.

No Economic Freedom:

Many DeFi platforms require KYC verification. This KYC verification causes a lack of economic freedom for those users who don’t want to expose their identities.

Solution:

DefiSpot provides its users the benefit of economic freedom by removing the need for KYC. The user can directly trade on this platform without exposing themselves.

Counterparty Risk:

Many platforms are biased toward any specific network which causes high cost and lack of transparency issues.

Solution:

DefiSpot provides a decentralized exchange to their users where they don’t have to rely upon any third-party. Swapping and adding/ withdrawing liquidity happens without the involvement of any third-party exchange.

Features

Multiple Tokens Trading
Multiple Tokens Trading

DefiSpot offers to trade multiple tokens of different blockchains and charges the gas fees from the native blockchain of that token. It also allows the trading of synthetic tokens.

Creation of Keystore Wallet
Creation of Keystore Wallet

Investors can create a Keystore Wallet on the platform. It is a wallet that supports all types of blockchain. The investor can easily trade between tokens of multiple networks by using this wallet.

Multiple Wallet Integration
Multiple Wallet Integration

Investors can connect multiple types of wallets on the platform i.e., software wallets such as Xdefi, Keystore, and Metamask, and hardware wallets such as Ledger.

Easy Trading for Investors
Easy Trading for Investors

The platform allows multiple trading features by providing a cross-chain staking solution to earn interest and swap coins of different networks. Investors can also easily keep track of their profits and loss via the dashboard.

Transaction History
Transaction History

Users can keep track of all the transactions in the transaction history. If the user performs the transaction by using KeyStore Wallet then all the transactions related to that wallet will also be displayed in the transaction history.

Portfolio Management
Portfolio Management

Users can manage their portfolios and visualize the complete track of their transactions, profit, and loss. Traders can also analyze the future profit and loss by visualizing the Candle Stick and Line Chart graphs.

Slippage Tolerance
Slippage Tolerance

Due to high levels of price volatility, slippage tolerance is needed. When a user swaps a large number of tokens, then the transaction cannot be succeeded until he increases the slippage value from the platform. If the Slippage value increases then the gas fee also increases. So, this feature allows users to increase the slippage tolerance when performing a trade with a large investment.

Multiple explore
Multiple Explorer

DefiSpot provides the integration of multiple explorers on its platform i.e., explorers of different blockchains along with the Thorchain explorer. The user can view the Thorchain viewBlock explorer, as well as the explorer of the other blockchain whose coin/ token the user has added. For example, if a user has added BNB token BUSD with RUNE, he can view BscScan and Thorchain explorer,

Technology Stack

We offer the best tools and technology stack according to the use case of the project. For DefiSpot, the following technology is put into use:

Thorchain Rune
Thorchain Protocol

A decentralized liquidity protocol that specializes in cross-chain connectivity.

Node Js
Node JS

For backend development

React Native
React JS

For front-end development

Express js
Express JS

Framework of Node JS

MongoDB
MongoDB

In DefiSpot, MongoDB is used as database.

Jira
Jira

For task management between the team.

Bitbucket
Bitbucket

To maintain or manage the code in the repository.

AWS
AWS

For deployment

aws ec2
AWS EC2

Cluster for the deployment of a non-bounded node dedicated to DefiSpot.

Visual Studio
Visual Studio Code

IDE for frontend and backend development.

Remix
Remix

IDE for Smart Contract development.

Working Flow

Desktop_View
Mobile_View

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