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We combined the best features of traditional crypto trading and real-time portfolio monitoring with the independence and security of DeFi.
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Defly Wallet is highly innovative and fundamentally different from traditional finance. By design, on a deeply technical level, you have ultimate control of your funds. Defly Wallet is non-custodial for both holding and trading assets. You do not have to rely on trust or legal recourse to assure control and ownership of your funds.
Defly Wallet runs on tech with 4s finality, 100% uptime, full scalability, and a booming ecosystem. Swaps get executed 24/7 in a matter of seconds. Fees are lower by all measures. This, plus full situational awareness of the market with our vPool technology.
At every turn we prioritize security of funds. This is the quintessential quality of a wallet app and we take this very seriously. Defly Wallet app and API servers are independently audited by industry leader Kudelski Security. We also run an Immunefi bug bounty program to incentivize ongoing independent security reviews.
$DEFLY is our utility token. It is the backbone for developing the app, expanding the TVL, fees and rewards.
The $DEFLY token (ASA-ID: 470842789) was created on Dec 17, 2021 with a fixed total supply of 1 billion tokens. $DEFLY tokens are used in the fee model of Defly Wallet.
Back in January we launched this project with a token presale. For this we allocated 300M DEFLY and sold out in 2h. These tokens will be unlocked over a period of 5 months starting on April 4, 2022. As promised, we will unlock the first 20% on April 4 and over the course of each following month we will release another 20%. After April 4, we will release tokens on a daily basis for a slow and steady distribution. The exact schedule is 20.09% of the presale tokens on April 4, then 0.655% for every day thereafter until August 4, 2022 (122 days). For details see the DEFLY presale release schedule.
Right when presale tokens unlock we will start our reward programs. Through liquidity mining, yield farming, and staking our early backers will be incentivized to voluntarily keep "locking" their tokens long-term.
The presale ALGO payments were matched 1:1000 with 300M DEFLY to start our DEFLY/ALGO liquidity pool on Tinyman (Jan 19, 2022). With more DEXes coming to Algorand this liquidity will be strategically used to fund swapping pools and keep price impacts to a minimum. As of this writing we have pools on Tinyman, Algofi, and Pact.
This is the budget to fund the development of the app. Initially the team committed to locking these funds for 6 months with a 6 months taper. To further communicate our team's long-term commitment we are happy to announce that we decided to extend this to 12 months (starting January 4, 2023) with a 12 months taper (~0.28% of dev fund per day). This means the earliest these funds will be fully unlocked is January 4, 2024.
The marketing fund is intended for running the various communication channels, both extern and within the ecosystem. We primarily use this for partners and advisors who help us get our message out in an effective and cohesive way. Design work and websites are also funded with this. We generally work with people who have a vested interest and share our long term commitment to holding DEFLY.
Expansion is about increasing the utility of the app and the token. As the Algorand ecosystem grows we may provide liquidity to new use cases out of this fund. This specifically happens when starting new swapping pools on additional DEXes. Similarly to the other funds we focus on uses that do not require us to liquidate any tokens.
