DeFi collateral has been increasing since the beginning of the year, mirroring the crypto market rally as confidence returns. The total value locked (TVL) in DeFi protocols has topped $50 billion for the first time in ten weeks and is up almost 20% since the beginning of the year.
With these early signs, it is time to welcome of the new DeFi Dapps in the town. 🎉 🎉 🎉
Dezy is a non-custodial liquidity platform that allows users to invest their digital assets in various decentralized finance (DeFi) yield-generating protocols through a simple and easy-to-use interface.
Dezy is a platform that simplifies Defi for a wide range of users with an initial emphasis on those who are relatively new to the crypto space or simply not interested in actively managing the complexities that DeFi currently entails. Whether that is NFT artists, collectors, gamers, etc Dezy makes DeFi more accessible and intends to progressively bring a “web2” UI / UX to the DeFi ecosystem for what the team believes will be a growing demographic of users moving forward. However, it’s important to research and understand the risks associated with any financial product or strategy before investing.
Dezy is Co-Founded by Eric Dadoun and Harald Lang and is backed by some of the renowned venture capital firms like (a) Leo Capital, (b) Iterative.vc, © Hash Key Capital, (d) HH Family Office and (e) Defiance Capital.
Once you launch the app for Dezy’s landing page, you will be greeted with 4 buckets of DeFi opportunities; single asset yield, overcollateralized lending/borrowing, liquidity pools, and options. The team will be releasing additional strategies within these buckets over the coming weeks as they finalize their phase 1 launch before moving on to the next areas of their roadmap.
While most of the dApps somewhere expect the user to come from Web3 Domain only, there are a few like Dezy that are now welcoming users from the traditional Web2 world too:
As the team has noted, their focus is on non-DeFi natives and those seeking a more passive entry point to the ecosystem. While many are coming on-chain, not everyone will behave similarly to those who have been here for multiple cycles and thus will be looking for a different experience.
So, as you can see from the screen above, you can not only connect using traditional wallet systems like Metamask and Wallet Connect, but you will also have the option of Social Sign-ins (thanks to Web3Auth)
For the purpose of this quick review, we will be using the traditional Wallet Connect.
At the time of this review, Dezy helped us classify investments in the following buckets:
Options Made Easy
Fuel The Market
Keep It Simple, and
Adventurous
Each of the buckets provides the products that stand true to the name:
We will quickly talk about a few products and then go ahead from there.
Options Made Easy This is something that we immediately fell in love 😍 with as soon as we read it. For convenience purposes, we will focus on the product that is live at the time of writing this article (ie, the stETH one).
While the diagram above makes it easy to understand what is workflow when you use/buy this product. We will take the liberty to go one step down and try and explain what will happen once the user acquires R-stETH-Earn Pool tokens.
The R-Earn vault uses a strategy called “fully funded dolphin” to allow depositors to benefit from upward movements in ETH while also protecting their capital with 99.5% coverage per trade. The vault earns a base APY and uses the remaining funds to buy weekly options that protect against price drops. The funds for this strategy come from staking ETH through Lido.
As of today, both the products mentioned over there are integrations with Ribbon Finance
Once you have proceeded with choosing an option (in our case we have taken the example of stETH one) you will be taken to a screen that is similar to the following in fact you can deposit any asset from the drop-down menu and they’ll handle the swap for you under the hood, this is also the case for withdrawals. It’s easy to guess that all you have to do is provide the amount that you want to use on the right-hand side and then, voila, proceed to use the product by clicking the ‘Invest’ button.
Once you have used the product, Dezy provides an amazing Dashboard, where you can check out the summary of your investments, rewards, and history:
We went further to check out the ‘Investments’ tab:
and the ‘Rewards’ tab:
As you would notice, all of the above are easy to maneuver and self-explanatory.
That is it. A quick rundown of our review of Dezy. As mentioned earlier, the team has indicated they will be releasing additional strategies over the coming weeks as well as an update to their overall roadmap moving forward.
We will try diving into their Smart Contracts and run a demo through Solidity transactions in the future.
Till then, its a sign-off from us at BuildBear
Author:
BuildBear Team (Twitter | LinkedIn | Telegram)
About BuildBear:
BuildBear is a platform for testing dApps at scale. It provides users with their own private testnet to test their smart contracts and dApps, which can be forked from any EVM chain. It also provides a Faucet, Explorer, and RPC for testing purposes.
BuildBear aims to be building an ecosystem for testing dApps at scale for the entire team
CAVEAT: THIS IS AN INDEPENDENT APP REVIEW. ALSO, THIS REVIEW ARTICLE IS NOT AND SHOULD BE CONSIDERED AS AN INVESTMENT ADVICE. PLEASE DO YOUR OWN RESEARCH AND TAKE YOUR OWN JUDGEMENT CALL