YFDAI — DEXTOOLS STRATEGIC PARTNERSHIP, the DeFi Dream Team.
For months, the DeFi space has been making a name for its self as being one of the hottest decentralized services in the cryptocurrency space. DeFi Pulse, a dedicated DeFi tracking index has shown an increase of over 9 billion dollars in value locked in DeFi contracts since the start of 2020.The rise of DeFi can be attributed to a multitude of reasons ranging from its low barrier of entry to its speculative hype. DeFi, or decentralized finance, offers financial services that were otherwise provided through traditional financial institutions to anyone with little more than an internet connection.
The DeFi space as it stands today includes projects which support varying forms of staking, farming, and lending. Currently, the primary marketplace for nearly all DeFi projects is UniSwap, a decentralized cryptocurrency exchange well known for topping some of the largest centralized exchanges. A recent report from the popular crypto news outlet “CoinDesk” reported how Uniswap logged in a whopping 1 billion dollars in 24-hour trading volume. These surprising figures surpassed even those coming from CoinBase Pro, the U. S’s largest centralized cryptocurrency exchange.
While DeFi has shown much promise in a relatively short period of time, its infancy has revealed a few growing pains in the form of fraudulent actors trying to take advantage of the hype. In just the past few months alone, crypto headlines have been riddled with stories of deliberate and accidental code exploits in DeFi smart contracts and even complete liquidation of team tokens on Uniswap. While this does damper the DeFi image, growing pains should be expected in any new decentralized technology. This now leaves us with a lingering multi-billion-dollar question, “how can DeFi mature and flourish from its minefield era to the next frontier in decentralization?”
While this may seem like a daunting question, the answer is surprisingly quite simple…
Introducing YFDAI and DexTools
The next projects poised to lead the DeFi race are none other than YFDAI and Dextools. In short YFDAI and Dextools both offer innovative platforms that will transform the DeFi space as we know it. This segment will explain just how these projects will lead DeFi into the next phase of usability and growth.
What is DexTools?
If you haven’t heard by now, Dextools is the new primary tool for all things related to the DeFi marketplace. Simply put, Dextools is a trading platform which works on top of your favourite decentralized exchanges such as Uniswap. While this sounds generally helpful it’s worth noting that users of Dextools have a tremendous advantage over normal Uniswap and DEX traders. With the Dextools platform, users have access to Trading View charts with Uniswap along with orderbooks, whale alerts, bot tracking, and much more. Some extra Dextool perks worth mentioning is the ability to be the first to find newly listed projects on Uniswap, having access to the Dextool score and info board to identify virtually any scam project before anyone else, and the ability to shift between pairs blazingly fast, all within a crisp and clean user interface.
Soon, the Dextools project will offer limit orders for Uniswap, trading bots and support for both SushiSwap, FalconSwap, and now, SafeSwap.
What is YFDAI?
YFDAI is a DeFi protocol and ecosystem that manifests the vision of decentralized finance by offering DeFi services to anyone with an internet connection. YFDAI is unique in that it offers a fully secure and transparent DeFi experience, complete with audited smart contracts and a robust tokenomic lock system.
YFDAI provides a suite of decentralized financial services such as farming, lending, borrowing, and staking. Since YFDAI doubles as a DeFi ecosystem, its services don’t stop at being a protocol. Initiatives such as the launchpad (a DeFi incubator) and SafeSwap exchange aims to usher in the next generation of DeFi projects and services.
What is the YFDAI SafeSwap exchange?
A fork of Uniswap, the SafeSwap decentralized exchange is an initiative aimed at making DeFi trading simple and secure by only listing audited projects that meet strict criteria in quality, security, and transparency.
Some qualifying factors to be considered include:
passing protocol and smart contract audits.
With SafeSwap users will finally be able to trade DeFi protocols with peace of mind in a safe environment. Overall, the SafeSwap exchange will signify a colossal step in DeFi as it eliminates much of the pitfalls that currently affect the industry.
The DeFi Dream Team- YFDAI and Dextools
History is being made today in the DeFi space as YFDAI and Dextools have entered into a strategic partnership aimed at carrying DeFi to its fullest potential. In this collaborative, Dextools will offer its premium trading features to the SafeSwap exchange. This means users can shift through SafeSwap with Dextools and utilize the transaction history, bot/whale trackers, and buy and sell tools in real time. Adding to the features list will be access to Trading View charts to further optimize your positioning in the market.
Overall, users will benefit from having access to the best trading tools available in the cryptocurrency space on Dextools for the SafeSwap exchange. Together YFDAI and Dextools will craft the safest route into the DeFi space for both newcomers and veterans alike.
Transparency, usability, and security are the primary tenets of decentralization. Together, YFDAI and Dextools not only meets these standards but exceeds them by combing the best versions of the DeFi world and trading.