20 [Algo] Defly Token Launch
What is Defly?
Defly is a DeFi Software Wallet for the Algorand ecosystem created by the company Blockshake. The wallet allows you to hold your Algorand and ASA's in it. Unlike the Official Algorand Wallet, the Defly Wallet allows users to access trading charts, stats and even enables swapping right inside of the application.
This means you won't have to specifically visit a decentralized exchange (DEX) or a charts website to keep track of your ASA portfolio. Basically it's a combination of classic crypto trading and how modern stock apps offer real-time tracking and trading in your phone. Considering how popular ASA trading have gotten, then I'd say it makes sense to have everything one click away.
$DEFLY - Algorand Token
$DEFLY is the native token to the Defly project. It was launched on Jan 4th 2022 through presale. In total 30% of all the minted tokens were launched through the presale at a value of 1000 $DEFLY per 1 $ALGO. Another 30% have been committed to the Liquidity Pools. The other 40% has been allocated between Ecosystem Expansion (20%), Developer Fund (15%) and Marketing (5%).
The token was traded heavily on the first day Tinyman v1.1 went live and rose with a staggering near 1000% in a couple of hours, while reaching north of $2.5 million USD in liquidity.
It's important to note that the presale $DEFLY tokens initially will be locked for a period of 3 months. After that period they will subsequently be unlocked for sale at a rate of 20% per month. This is most likely to protect investors from sudden dumping.
One of the purposes to hold the Defly ASA is that it lowers the trading fees on the platform.
Defly Trading Fees
The Defly Trading Fees are based on the scheme presented below:
- Level 0 - 0.10% paid in ALGO, min 0.01 ALGO
- Level 1 - 0.05% paid with $DEFLY
- Level 2 - 0.03% paid with $DEFLY
- Level 3 - No Fees Charged by Defly
Level 1 can be achieved by have any $DEFLY in the Defly Wallet.
Level 2 can be achieved by having a minimum of 50 ALGO + DEFLY in the Liquidity Pool
Level 3 can be achieved by having a minimum of 1000 ALGO + DEFLY in the Liquidity Pool
Insights
- Looking at the number of swaps, we see highest trading volume at launch with over 3500 swaps totaling nearly 250M in DEFLY tokens.
- The trading volume has died down after the initial launch.
- While the number of transactions has remained largely the same, the swap volume has gone down considerably. This could likely be due to price appreciation.