Introduction
DeFund is an L1 blockchain that aims to simplify the creation of cross-chain structured products in the crypto industry. The platform allows quantitative developers, asset managers, hedge funds, financial advisors, and traders to build decentralized, permissionless on-chain trading strategies packaged into a decentralized exchange-traded fund (dETF) token, tradable within any ecosystem or CEX.
Innovation
DeFund is an innovative program for TradeFi that offers users access to 60+ blockchains and thousands of tokenized assets. The platform abstracts away the cross-chain logic, so building dETFs is entirely state management. DeFund’s mission is to eliminate the most challenging part of building cross-chain structured products in crypto: the infrastructure.
Architecture
DeFund is built using Cosmos SDK and Axelar to aggregate liquidity from multiple chains. Through their aggregation liquidity engine (brokers), they plan to support many DEXs like Osmosis, Vortex Perpetuals (Sei Network), Stride Liquid Staked Assets, Dydx, Uniswap, Sushiswap, PancakeSwap, DODO, Balancer, Curve, etc. They are also working on a new multi-threaded, parallelized relayer built-in Julialang.
Code Quality
DeFund’s code quality is great. The open-source platform uses good code like C, C++, Rust, Erlang, Ruby, etc. The platform is built with more than 10k lines of code, and there are no known careless errors in the whitepaper.
Product Roadmap
DeFund’s main utility driver is the xDETF, which powers governance, security, and the distribution of protocol fees to stakers on the DeFund chain. To receive xDETF, DETF is staked into the xDETF module, which burns DETF and mints xDETF. This newly minted xDETF represents your portion of the protocol fee distribution. 100% of all protocol fees are distributed to xDETF holders/stakers.
Usability
DeFund‘s platform is fully customizable, allowing users to build dETFs that suit their needs. The platform is permissionless, trustless, and tradable on any DEX/CEX, making it easy to access for a broad range of users.
Team
The DeFund team consists of a sole developer with vast experience in the industry.
Conclusion
Overall, DeFund is an innovative program for TradeFi, making it easier to create different trading strategies. The platform offers a range of features, including index + active funds, cross-chain, aggregated liquidity, permissionless + trustless, and tradable on any DEX/CEX. With good code quality and a clear roadmap for the future, DeFund is well-positioned to become a leader in the cross-chain structured product market.
| Initial Screening | |||
| Keep researching | |||
| Does this project need to use blockchain technology? | Yes | ||
| Can this project be realized? | Yes | ||
| Is there a viable use case for this project? | Yes | ||
| Is the project protected from commonly known attacks? | Yes | ||
| Are there no careless errors in the whitepaper? | Yes | ||
Project Technology Score | |||
| Description | Scorecard | ||
| Innovation (Out Of 11) | 9 | ||
| How have similar projects performed? | Good | 2 | |
| Are there too many innovations? | Regular | 2 | |
| Percentage of crypto users that will use the project? | 6% to 10% | 3 | |
| Is the project unique? | Yes | 2 | |
| Architecture (Out of 12) | 11 | ||
| Overall feeling after reading whitepaper? | Good | 2 | |
| Resistance to possible attacks? | Good | 2 | |
| Complexity of the architecture? | Not too complex | 2 | |
| Time taken to understand the architecture? | 20-50 minute | 1 | |
| Overall feeling about the architecture after deeper research? | Good | 4 | |
| Has the project been hacked? | No | 0 | |
| Code Quality (out of 15) | 15 | ||
| Is the project open source? | Yes | 2 | |
| Does the project use good code like C,C++, Rust, Erlang, Ruby, etc? | Yes | 2 | |
| Could the project use better programming languages? | No | 0 | |
| Github number of lines? | More than 10K | 1 | |
| Github commits per month? | More than 10 | 2 | |
| What is the quality of the code? | Good | 2 | |
| How well is the code commented? | Outstanding | 2 | |
| Overall quality of the test coverage? | Outstanding | 2 | |
| Overall quality of the maintainability index? | Outstanding | 2 | |
| When Mainnet (out of 5) | 0 | ||
| When does the mainnet come out? | 6 months after TGE | 0 | |
| Usability for Infrastructure Projects (out of 5) | 5 | ||
| Is it easy to use for the end customer? | Yes | 5 | |
| Team (out of 7) | 5 | ||
| Number of active developers? | Less than 3 | 0 | |
| Developers average Git Background? | Senior | 2 | |
| Developers coding style? | Outstanding | 3 | |
| Total Score (out of 55) | 45 | ||
| Percentage Score | |||
| Innovation | 16.36% | ||
| Architecture | 20.00% | ||
| Code Quality | 27.27% | ||
| Mainnet | 0% | ||
| Usability | 9.09% | ||
| Team | 9.09% | ||
| Total | 81.82% |
