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Introducing ALGOBLOCKS

Motive

In recent years distributed ledger technologies have led to a blooming DeFi space and increased disruption of the traditional financial institutions. Part of this disruption is through an increased interest rate of a considerable higher return on the invested virtual assets either through staking or yield farming or through services that can only exist within the blockchain realm, such as Flashloans, Automated Market Making pools, etc.
Even though the DeFi space offers a universe of different products or services, we observed a low number of users compared to the total number of blockchain users. For example, if we compare the number of users active on the centralized crypto exchanges such as CoinBase or Binance, the numbers are well beyond 50 Million active users; however, the numbers dwell in comparison to around 3 Million users within the DeFi space.
Based on our research and discovery, we found that even simple tasks like bridging and staking are intimidating for most crypto users. Currently, most of the products are trying to remove this friction in the DeFi experience through aggregation. Aggregating multiple DeFi products or services doesn't lower the entry barrier or eliminate the need to have the technical knowledge to know how to use them.
Algoblocks envisions an Ecosystem where a layer of smart contracts abstracts all the manual steps, removing the technical know-how barrier and making it easier for users to interact with the existing DeFi protocols.
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Last modified 4mo ago
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