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Home Code Reviews

DeFund Code Review

by The Token Metrics Team
2023/05/09
in Code Reviews
Reading Time: 5 mins read
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DeFund Code Review
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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
 DescriptionScorecard   
 Innovation (Out Of 11)9
How have similar projects performed?Good2
Are there too many innovations?Regular2
Percentage of crypto users that will use the project?6% to 10%3
Is the project unique?Yes2
 Architecture (Out of 12)11
Overall feeling after reading whitepaper?Good2
Resistance to possible attacks?Good2
Complexity of the architecture?Not too complex2
Time taken to understand the architecture?20-50 minute1
Overall feeling about the architecture after deeper research?Good4
Has the project been hacked?No0
 Code Quality (out of 15)15
Is the project open source?Yes2
Does the project use good code like C,C++, Rust, Erlang, Ruby, etc?Yes2
Could the project use better programming languages?No0
Github number of lines?More than 10K1
Github commits per month?More than 102
What is the quality of the code?Good2
How well is the code commented?Outstanding2
Overall quality of the test coverage?Outstanding2
Overall quality of the maintainability index?Outstanding2
 When Mainnet (out of 5)0
When does the mainnet come out?6 months after TGE0
 Usability for Infrastructure Projects (out of 5)5
Is it easy to use for the end customer?Yes5
 Team (out of 7)5
Number of active developers?Less than 30
Developers average Git Background?Senior2
Developers coding style?Outstanding3
 Total Score (out of 55)45
    
Percentage Score 
Innovation16.36%
Architecture20.00%
Code Quality27.27%
Mainnet0%
Usability9.09%
Team9.09%
Total81.82%

 

Tags: Code ReviewsPremium
The Token Metrics Team

The Token Metrics Team

Token Metrics is an AI-driven cryptocurrency research and analytics platform.

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