De.Fi is a Web3 antivirus and asset management software, capable of offering users asset tracking and security scanning. It effectively melds the efficiency and security of DeFi investments.

As per the official project website, the team currently comprises 27 members, 9 of whom are developers. The professional backgrounds of most team members can be verified on LinkedIn.

The development team is structured with two front-end developers, two back-end developers, an architect, three Solidity smart contract developers, one Quality Assurance (QA) specialist, and a data analyst. The structure seems balanced. Presently, the team has 10 open positions, predominantly seeking developers, aligning with the project's orientation.

The project has undergone five funding rounds, though the total funding amount remains undisclosed. Investors include SHIMA Capital, Huobi Ventures, and OKX Blockdream Ventures.

Beyond the backing from venture capital entities, De.Fi has garnered significant interest from angel investors, as demonstrated below:

Having operated since 2020 with a steadily growing team and effective community operations, it's reasonable to infer a certain financial capability.

On October 10th, De.Fi initiated an IDO with price points set at $0.275 and $0.305 depending on the vesting plan, aiming to raise $1.5M.

At its core, De.Fi is an asset tracking product. By inputting a wallet address, users can view asset distribution, conduct security scans on contracts the wallet has interacted with, and access audit reports of other projects through the audit database. The REKT database offers detailed logs of on-chain protocol breaches and associated vulnerabilities.

The Dashboard is the linchpin of the De.Fi ecosystem, seamlessly blending an efficient cross-chain asset management tool suite with built-in security infrastructure. It empowers users to comprehend associated risks of their assets/positions and offers risk mitigation strategies.

By connecting a wallet or entering a wallet address, users can track their digital assets. The platform currently supports EVM, Solana, Cardano, Cosmos, and Tezos wallets. Beyond on-chain asset tracking, users can also monitor their CEX assets by granting read-only API key permissions to De.Fi. This means users can oversee both on-chain and off-chain cryptocurrencies through a unified interface. Currently, API permissions from 9 exchanges are supported: Binance, OKX, Huobi, Kucoin, Coinbase, Kraken, Mexc, and Bitfinex.

The Dashboard consists of four pages. Their specific functions can be referred to in the image below:

2.2.2 Security Toolkit

Shield conducts systematic scans of smart contracts users have interacted with, the token contracts they currently hold, and their authorization status. A frequent scenario on the chain involves unrevoked high-level authorizations leading to 'rug' or scams. Within the Shield interface, users can view the status and amounts of contracts that have been authorized but not yet executed. Furthermore, they can modify the authorized amount or outright revoke it.

The Scanner module offers rapid scanning capabilities for smart contracts across supported chains. This scanner delves beyond superficial vulnerabilities or potential threats, encompassing issues like reentrancy attacks and unchecked transfers. Vulnerabilities discovered in recent years are also within the Scanner's purview. Upon completion, the Scanner produces a succinct security score, allowing users to promptly gauge the contract's associated risks.

In addition to the basic security rating, a comprehensive list of investigative results is provided. For notable tokens, supplemental details such as token holder analytics and liquidity analysis are included.

2.2.3 Database

De.Fi has established two databases. The first, the Rekt Database, archives instances of on-chain vulnerabilities exploitation, attacks, and rug pulls. Users can utilize this database to ascertain if a project has been compromised or attacked. Each entry provides detailed insights, including the impacted amount, causes of the event, and classifications like rug pulls, flash loan attacks, and straightforward contract access vulnerabilities.

The second, the Audit Database, compiles audit reports from multiple audit firms, including those of De.Fi. By searching for a project, users can swiftly ascertain its audit timeline, the auditing party, and download pertinent reports.

2.2.4 On-chain Tools

To facilitate efficient financial planning for users, De.Fi has crafted an 'Explore Yields' page. Here, users can seek on-chain opportunities based on criteria like protocol types, TVL (Total Value Locked), and APR (Annual Percentage Rate).

Beyond yield sourcing, users can also execute transfers across 15 chains and asset swaps on 7 chains on De.Fi. Cross-chain bridge functionalities will soon be made available.

In summary, De.Fi aspires to be a Super Dapp. With a focus on asset security, it offers wallet asset tracking for users, embeds a page dedicated to on-chain yield opportunities, and facilitates transfers and swaps, enabling users to undertake multiple operations within a single De.Fi interface.

De.Fi employs OpenZeppelin's Governor contract for governance measures. Through inheriting the GovernorCompatibilityBravo module, it achieves full compatibility with GovernorBravo.

Voting offers three choices: in favor, against, or abstain. Token holders can propose and vote on the following matters:

• Proposals for independent audit reviews.

• Allocation of rewards for smart contract auditors.

• Requests to develop specific application features (proposals relevant to any element within the De.Fi ecosystem).

• Decisions and approvals for new Dashboard integrations (chains/centralized exchanges or projects).

• Modifications to the DeFi pricing mechanism and fee structures.

• Decisions regarding grants and rewards for the community/partners.

De.Fi's origins trace back to an audit team and yield aggregator. Following their experience with on-chain fraud incidents, they pivoted towards security scanning and asset tracking.

Currently, De.Fi has integrated 43 networks and over 350 protocols. The database boasts more than 7,000 audit reports and has conducted over a million contract scans. The project, running steadily for four years, previously operated on an invite-only basis, making the real number of users uncertain. Their Telegram community counts 38K members, with approximately 4K daily active users.

As mentioned earlier, De.Fi is committed to shaping itself into a Super Dapp. With wallet asset management as the entry point, they aim to drive user traffic and then connect users with various DeFi protocols through a social profile. One challenge, however, is that De.Fi lacks a unique account system; users wanting to operate with DeFi protocols still need to navigate to related pages, rendering it less competitive than other Intent-Centric projects with AA accounts.

Moving forward, De.Fi's key modules to develop include De.Fi Connect, De.Fi-GPT, and L2 Chain. While the first two focus on feature building, constructing an L2 chain stands out as a significant strategic move. This L2 chain will utilize PoS consensus and will shift the smart contract scanning feature on-chain. Users can spend $DEFI tokens to submit smart contracts, with Indexers (or node operators) scanning these contracts or verifying the accuracy of results from other Indexers. By offering security scanning services, Indexers earn $DEFI tokens.

$DEFI serves as both the native and governance token, with a maximum supply of 1 billion. The specific distribution is as follows:

The ongoing IDO is presumably sourced from the seed round token allocation. This IDO presents two pricing options: one at $0.275, unlocking linearly over four months post TGE; and another at $0.305, unlocking 30% on the TGE day, with the remaining 70% unlocking linearly over four months.

Previously, the project had five funding rounds. It's assumed that tokens from strategic investors have been fully sold. Apart from the 15% allocated to the community, the project controls the remaining distribution. While the unlocking rules for other segments are yet to be announced, even the 8% for strategic investors (assuming 30% unlock on TGE day) would result in a significant circulation of tokens.

Even at the IDO's lower price of $0.275, De.Fi's FDV reaches an astonishing 275 million USD. This valuation seems excessively high for a utility project without a clear profit model. For users who participate in the IDO at $0.305, the launch price would need to stabilize at least at $1 to be profitable. Given the current bear market, the project's lack of public endorsement from top-tier institutions, the absence of a fresh narrative, limited user base, and no standout technology, it is not advisable to invest at this evidently overestimated price.

• For asset tracking and security scanning, plugins (browser, wallet), consumer-end (C-end), and B-end middleware, SDK access have become the three main service methods.

• In terms of product form, security products generally begin with a single, specific function and gradually move towards comprehensive products as a trend.

• On-chain asset security mainly includes wallet security and the control of interactions with smart contracts.

De.Fi is a comprehensive product aimed at the C-end. It has evolved from merely tracking assets and security scanning to identifying profits and on-chain interactions. It also offers an API for other developers to integrate with. Competitive products to De.Fi include Debank, Approvals, and REVOKE:

Debank: An established asset tracking product, Debank effectively tracks a user's DeFi portfolio, reviews individual asset distributions and behavior records, inquires about major DeFi projects, tracks whale behavior, and views other users' posts and the latest crypto news. Overall, Debank is also evolving towards a more integrated application, but its main focus remains on decentralized digital asset management and tracking. It does not have any features related to security.

Approvals: Approvals has a more singular function. By entering a wallet address or connecting a wallet, it can scan for approved security. However, it currently only supports Ethereum, Polygon, OP, and Arbitrum chains. In terms of the number of chains or protocols supported, it pales in comparison to De.Fi.

REVOKE: REVOKE can also check wallet authorizations and currently supports authorizations on 62 chains. It not only checks ERC-20 tokens but also views NFT authorizations, making it the most comprehensive authorization check product available. Its only minor usability issue is that you need to manually switch networks one by one to check, unlike De.Fi which has an overview page to view all authorizations. Similarly to De.Fi, REVOKE has also established a database of hacker attacks and vulnerabilities. Users can click on the vulnerability list to see if their wallet is affected. In addition, REVOKE provides a browser extension that helps prevent phishing scams. When a user is about to sign a permission, the extension pops up to inform the user of the permission details, helping users avoid signing malicious permissions. Purely in terms of wallet security features, REVOKE is more comprehensive than De.Fi.

• Competitive Risk: Compared to products like REVOKE, which have perfected security scanning, De.Fi's anti-vulnerability features still need improvement. And when compared to traditional asset management applications like Debank, its asset tracking advantage is not prominent. Without the availability of AA accounts, a one-stop DeFi interaction feature within a single website cannot be realized, so the future comprehensive development direction of De.Fi needs reconsideration.

• Project Risk: The project currently doesn't have the endorsement of any major institutions. Participating in IDO has the risk of getting "rug pulled".

• Price Risk: The IDO price of the project seems high, and participation might lead to financial losses.

Based on the project's competitiveness, economic model, and risks, De.Fi's evaluation result is 2 stars.

— References —

Project Website:https://de.fi/2.0

Project Docs:https://docs.de.fi/welcome/readme

Whitepaper: https://de.fi/whitepaper.pdf

— Investment Risks & Disclaimer —

1. This report is for reference only and should not be used as a basis for investment advice or decisions. Investors should not make any investment operations based on this content. Brillian Research and the report authors are not responsible for the investment consequences arising from this.

2. The report is valid from the date of public display. Over time, market and economic conditions may fluctuate, and the information in the report may not reflect these changes in real-time. The graphics, charts, and other visual materials provided in this report are for reference only. They do not imply that Brillian Research will guide investment decisions, nor can they fully display all the factors that need to be considered for investment decisions.

3. Some views or assumptions in the report may reflect Brillian Research's expectations or forecasts for the future. However, many known and unknown risks and uncertainties might cause actual conditions to differ from the views or assumptions in this report.

4. Any expectations, forecasts, or estimates in this article are based on specific assumptions and are subject to certain uncertainties. These forward-looking pieces of information may be affected by inaccurate assumptions or unforeseen risk factors and may differ from the actual situation. Readers should note that some or all of the forward-looking assumptions may not materialize.

De.Fi is a Web3 antivirus and asset management software, capable of offering users asset tracking and security scanning. It effectively melds the efficiency and security of DeFi investments.

As per the official project website, the team currently comprises 27 members, 9 of whom are developers. The professional backgrounds of most team members can be verified on LinkedIn.

The development team is structured with two front-end developers, two back-end developers, an architect, three Solidity smart contract developers, one Quality Assurance (QA) specialist, and a data analyst. The structure seems balanced. Presently, the team has 10 open positions, predominantly seeking developers, aligning with the project's orientation.

The project has undergone five funding rounds, though the total funding amount remains undisclosed. Investors include SHIMA Capital, Huobi Ventures, and OKX Blockdream Ventures.

Beyond the backing from venture capital entities, De.Fi has garnered significant interest from angel investors, as demonstrated below:

Having operated since 2020 with a steadily growing team and effective community operations, it's reasonable to infer a certain financial capability.

On October 10th, De.Fi initiated an IDO with price points set at $0.275 and $0.305 depending on the vesting plan, aiming to raise $1.5M.

At its core, De.Fi is an asset tracking product. By inputting a wallet address, users can view asset distribution, conduct security scans on contracts the wallet has interacted with, and access audit reports of other projects through the audit database. The REKT database offers detailed logs of on-chain protocol breaches and associated vulnerabilities.

The Dashboard is the linchpin of the De.Fi ecosystem, seamlessly blending an efficient cross-chain asset management tool suite with built-in security infrastructure. It empowers users to comprehend associated risks of their assets/positions and offers risk mitigation strategies.

By connecting a wallet or entering a wallet address, users can track their digital assets. The platform currently supports EVM, Solana, Cardano, Cosmos, and Tezos wallets. Beyond on-chain asset tracking, users can also monitor their CEX assets by granting read-only API key permissions to De.Fi. This means users can oversee both on-chain and off-chain cryptocurrencies through a unified interface. Currently, API permissions from 9 exchanges are supported: Binance, OKX, Huobi, Kucoin, Coinbase, Kraken, Mexc, and Bitfinex.

The Dashboard consists of four pages. Their specific functions can be referred to in the image below:

2.2.2 Security Toolkit

Shield conducts systematic scans of smart contracts users have interacted with, the token contracts they currently hold, and their authorization status. A frequent scenario on the chain involves unrevoked high-level authorizations leading to 'rug' or scams. Within the Shield interface, users can view the status and amounts of contracts that have been authorized but not yet executed. Furthermore, they can modify the authorized amount or outright revoke it.

The Scanner module offers rapid scanning capabilities for smart contracts across supported chains. This scanner delves beyond superficial vulnerabilities or potential threats, encompassing issues like reentrancy attacks and unchecked transfers. Vulnerabilities discovered in recent years are also within the Scanner's purview. Upon completion, the Scanner produces a succinct security score, allowing users to promptly gauge the contract's associated risks.

In addition to the basic security rating, a comprehensive list of investigative results is provided. For notable tokens, supplemental details such as token holder analytics and liquidity analysis are included.

2.2.3 Database

De.Fi has established two databases. The first, the Rekt Database, archives instances of on-chain vulnerabilities exploitation, attacks, and rug pulls. Users can utilize this database to ascertain if a project has been compromised or attacked. Each entry provides detailed insights, including the impacted amount, causes of the event, and classifications like rug pulls, flash loan attacks, and straightforward contract access vulnerabilities.

The second, the Audit Database, compiles audit reports from multiple audit firms, including those of De.Fi. By searching for a project, users can swiftly ascertain its audit timeline, the auditing party, and download pertinent reports.

2.2.4 On-chain Tools

To facilitate efficient financial planning for users, De.Fi has crafted an 'Explore Yields' page. Here, users can seek on-chain opportunities based on criteria like protocol types, TVL (Total Value Locked), and APR (Annual Percentage Rate).

Beyond yield sourcing, users can also execute transfers across 15 chains and asset swaps on 7 chains on De.Fi. Cross-chain bridge functionalities will soon be made available.

In summary, De.Fi aspires to be a Super Dapp. With a focus on asset security, it offers wallet asset tracking for users, embeds a page dedicated to on-chain yield opportunities, and facilitates transfers and swaps, enabling users to undertake multiple operations within a single De.Fi interface.

De.Fi employs OpenZeppelin's Governor contract for governance measures. Through inheriting the GovernorCompatibilityBravo module, it achieves full compatibility with GovernorBravo.

Voting offers three choices: in favor, against, or abstain. Token holders can propose and vote on the following matters:

• Proposals for independent audit reviews.

• Allocation of rewards for smart contract auditors.

• Requests to develop specific application features (proposals relevant to any element within the De.Fi ecosystem).

• Decisions and approvals for new Dashboard integrations (chains/centralized exchanges or projects).

• Modifications to the DeFi pricing mechanism and fee structures.

• Decisions regarding grants and rewards for the community/partners.

De.Fi's origins trace back to an audit team and yield aggregator. Following their experience with on-chain fraud incidents, they pivoted towards security scanning and asset tracking.

Currently, De.Fi has integrated 43 networks and over 350 protocols. The database boasts more than 7,000 audit reports and has conducted over a million contract scans. The project, running steadily for four years, previously operated on an invite-only basis, making the real number of users uncertain. Their Telegram community counts 38K members, with approximately 4K daily active users.

As mentioned earlier, De.Fi is committed to shaping itself into a Super Dapp. With wallet asset management as the entry point, they aim to drive user traffic and then connect users with various DeFi protocols through a social profile. One challenge, however, is that De.Fi lacks a unique account system; users wanting to operate with DeFi protocols still need to navigate to related pages, rendering it less competitive than other Intent-Centric projects with AA accounts.

Moving forward, De.Fi's key modules to develop include De.Fi Connect, De.Fi-GPT, and L2 Chain. While the first two focus on feature building, constructing an L2 chain stands out as a significant strategic move. This L2 chain will utilize PoS consensus and will shift the smart contract scanning feature on-chain. Users can spend $DEFI tokens to submit smart contracts, with Indexers (or node operators) scanning these contracts or verifying the accuracy of results from other Indexers. By offering security scanning services, Indexers earn $DEFI tokens.

$DEFI serves as both the native and governance token, with a maximum supply of 1 billion. The specific distribution is as follows:

The ongoing IDO is presumably sourced from the seed round token allocation. This IDO presents two pricing options: one at $0.275, unlocking linearly over four months post TGE; and another at $0.305, unlocking 30% on the TGE day, with the remaining 70% unlocking linearly over four months.

Previously, the project had five funding rounds. It's assumed that tokens from strategic investors have been fully sold. Apart from the 15% allocated to the community, the project controls the remaining distribution. While the unlocking rules for other segments are yet to be announced, even the 8% for strategic investors (assuming 30% unlock on TGE day) would result in a significant circulation of tokens.

Even at the IDO's lower price of $0.275, De.Fi's FDV reaches an astonishing 275 million USD. This valuation seems excessively high for a utility project without a clear profit model. For users who participate in the IDO at $0.305, the launch price would need to stabilize at least at $1 to be profitable. Given the current bear market, the project's lack of public endorsement from top-tier institutions, the absence of a fresh narrative, limited user base, and no standout technology, it is not advisable to invest at this evidently overestimated price.

• For asset tracking and security scanning, plugins (browser, wallet), consumer-end (C-end), and B-end middleware, SDK access have become the three main service methods.

• In terms of product form, security products generally begin with a single, specific function and gradually move towards comprehensive products as a trend.

• On-chain asset security mainly includes wallet security and the control of interactions with smart contracts.

De.Fi is a comprehensive product aimed at the C-end. It has evolved from merely tracking assets and security scanning to identifying profits and on-chain interactions. It also offers an API for other developers to integrate with. Competitive products to De.Fi include Debank, Approvals, and REVOKE:

Debank: An established asset tracking product, Debank effectively tracks a user's DeFi portfolio, reviews individual asset distributions and behavior records, inquires about major DeFi projects, tracks whale behavior, and views other users' posts and the latest crypto news. Overall, Debank is also evolving towards a more integrated application, but its main focus remains on decentralized digital asset management and tracking. It does not have any features related to security.

Approvals: Approvals has a more singular function. By entering a wallet address or connecting a wallet, it can scan for approved security. However, it currently only supports Ethereum, Polygon, OP, and Arbitrum chains. In terms of the number of chains or protocols supported, it pales in comparison to De.Fi.

REVOKE: REVOKE can also check wallet authorizations and currently supports authorizations on 62 chains. It not only checks ERC-20 tokens but also views NFT authorizations, making it the most comprehensive authorization check product available. Its only minor usability issue is that you need to manually switch networks one by one to check, unlike De.Fi which has an overview page to view all authorizations. Similarly to De.Fi, REVOKE has also established a database of hacker attacks and vulnerabilities. Users can click on the vulnerability list to see if their wallet is affected. In addition, REVOKE provides a browser extension that helps prevent phishing scams. When a user is about to sign a permission, the extension pops up to inform the user of the permission details, helping users avoid signing malicious permissions. Purely in terms of wallet security features, REVOKE is more comprehensive than De.Fi.

• Competitive Risk: Compared to products like REVOKE, which have perfected security scanning, De.Fi's anti-vulnerability features still need improvement. And when compared to traditional asset management applications like Debank, its asset tracking advantage is not prominent. Without the availability of AA accounts, a one-stop DeFi interaction feature within a single website cannot be realized, so the future comprehensive development direction of De.Fi needs reconsideration.

• Project Risk: The project currently doesn't have the endorsement of any major institutions. Participating in IDO has the risk of getting "rug pulled".

• Price Risk: The IDO price of the project seems high, and participation might lead to financial losses.

Based on the project's competitiveness, economic model, and risks, De.Fi's evaluation result is 2 stars.

— References —

Project Website:https://de.fi/2.0

Project Docs:https://docs.de.fi/welcome/readme

Whitepaper: https://de.fi/whitepaper.pdf

— Investment Risks & Disclaimer —

1. This report is for reference only and should not be used as a basis for investment advice or decisions. Investors should not make any investment operations based on this content. Brillian Research and the report authors are not responsible for the investment consequences arising from this.

2. The report is valid from the date of public display. Over time, market and economic conditions may fluctuate, and the information in the report may not reflect these changes in real-time. The graphics, charts, and other visual materials provided in this report are for reference only. They do not imply that Brillian Research will guide investment decisions, nor can they fully display all the factors that need to be considered for investment decisions.

3. Some views or assumptions in the report may reflect Brillian Research's expectations or forecasts for the future. However, many known and unknown risks and uncertainties might cause actual conditions to differ from the views or assumptions in this report.

4. Any expectations, forecasts, or estimates in this article are based on specific assumptions and are subject to certain uncertainties. These forward-looking pieces of information may be affected by inaccurate assumptions or unforeseen risk factors and may differ from the actual situation. Readers should note that some or all of the forward-looking assumptions may not materialize.