Adam Chaplin, the co-founder of Travala, a $2.4M crypto-enabled Online Travel Agency, approached us with a visionary concept. He envisioned creating the first-ever P2P Non-Fungible Token (NFT) trading platform – DeFi For You – where users can transform physical assets into tokenized forms.
Millions of people lack access to capital due to traditional banking limitations. And DeFi For You will let them regain control of their financial futures.
This game-changing idea struck the world of fintech, yet all it lacks is a long-term partner.
Challenges and how it started
To address the constraint of traditional banking, Adam wanted to grow a platform where users take control of their loans and work with pawnbrokers to tokenize physical assets into collateral for stablecoins loans.
Impressed by our work for his friend, Adam reached out to us. At that time, we were just beginning to explore blockchain. Yet our shared enthusiasm for using technology to drive innovation sparked a mutual interest, convincing us to join his forces.
Withstanding technical challenges
Positioned as a trusted brand in decentralized finance, DeFi For You’s centerpieces are efficiency, fast processing, and high security. Yet, this vision met certain technical resistances.
Challenge #1: Performance
We faced the first formidable challenge: how to ensure a smooth execution of smart contracts on the NFT & OTC trading platform.
For this, we decided to form a custom in-house scanning solution that can process smart contracts in batches. From there, Defi For You will:
- Response faster to contract submission and eliminate trading fees to 0, which is a captivating deal for users.
- Process 300,000 orders per second, serving the needs of a rapidly growing user base.
Challenge #2: Automation
Aid in this lightning-fast performance is an automated machine behind the scenes. We use AWS KMS and an encryption mechanism to secure the processing of loan contracts, blockchain repayments, and transaction generation.
Here’s how it works:
- Private Key Encryption using AWS KMS, which validate the credibility of smart contracts.
- Verification of Validity: This automation certifies the legitimacy of every transaction, safeguarding the platform’s integrity.
This project demanded substantial effort and resources, weighing down on us like an absolute test. Standing head-to-head with these technical hurdles, our development team works closely with DeFi For You, forging ahead with a commitment to the project scope.
The final product
DeFi For You, accessible through web and mobile, is designed to cater to a wide array of financial demands thanks to its robust features:
- Diverse collateral options for P2P lending, ranging from cryptocurrencies, NFTs to traditional physical assets.
- A liquidity pool and digital NFT marketplace that fosters a thriving ecosystem for investment and growth.
- Defi For You supports both soft and hard asset tokenization, broadening the scope of what can be considered a tradeable asset and enabling asset-backed loans.
- Simplifying and streamlining crypto trade via an Over-the-counter (OTC) platform.
- Seamless integration of third-party services further enhances the platform’s utility for diverse financial needs.
- The platform also embeds a secure crypto wallet, protecting users’ investments against outsiders.
And, of course, we have successfully attained a Certik audit and certification process, underscoring our commitment to credibility and trust.
An impeccable launch
The journey of DeFi For You bore fruit, evident in the remarkable results they achieved:
- Total token supply: 861,416,467
- Wallet holders of DFY tokens: 28,700
- Transactions made with DFY: 120,000
- DFY tokens sold before listing on exchanges (IDO and pre-sale): 226,818,268
- DFY tokens burned in quarterly burns: 139,381,732
The remarkable adoption rate of this P2P trading platform has once again reaffirmed its reliability. This milestone further strengthens Adam’s entrepreneurial journey, adding another hallmark to his portfolio.
Successful venture with a trusted ally
