Tyche.Finance: better experience in DeFi
We believe in a decentralized future of money, which can bring ultimate freedom to billions of people. We don’t think you should have to go through complicated processes to be able to trade. And we believe that money should be as neutral as air, water, and the sun.
We love CEXes for their simplicity and great UX, and we think that DeFi still has a long way to go. As crypto enthusiasts, we’ve been DCAing (dollar-cost averaging) into our favorite tokens. We tried to do this in a decentralized manner and immediately faced a lot of issues.
ETH has a big variety of tokens and great liquidity, but gas fees are killing you. We wanted to DCA $2k-$3k per month, doing this on a daily basis, which means buying $100 worth of 15 tokens that we have chosen for our portfolio. With an average $5 fee for a transaction, we would end up paying $75 in gas fees just for buying $100. It’s crazy!
Layer 2s provide a great experience and good slippage for the tokens that are available. But as degens, we want to be able to buy some crazy tokens as well, and they are just not available. There’s no way to buy GALA or ENJ :(
BNB chain has small gas fees and a huge variety of tokens, including all our favorite degenerate tokens, but the liquidity in blue chips is smaller, resulting in higher slippage.
So the only way to create a portfolio in DeFi was to go back and forth between the chains with an Excel spreadsheet.
Here’s how we think it should work:
Coming from a product background, we value simple UX. Imagine if you could just make a list of 10 tokens and decide that you want to buy each one for $10. Then you click a button and they are bought, no matter which chains they are on. The system just finds the best prices across all the chains and executes the transaction.
And we figured out that this is actually possible.
The user allows a contract to spend the desired token on their behalf.
A user submits a transaction to the main smart contract. The transaction states the list of tokens that should be swapped and information on the amount, price, slippage, etc.
The main smart contract acts as a queue where all the desired swaps are stored. The sequencer then calls the contract to execute the swaps, so the user doesn’t have to execute all the transactions manually.
This allows transactions to be executed asynchronously. Asynchronous transactions open the door to a bunch of cool features, including stop-losses, scheduled buying for DCA, etc.
For the cross-chain scenario, we will be utilizing cross-chain stable pools. So when the user initiates the transaction, our system will find the supported network with the best liquidity for the token. For example, if the user wants to buy token A and token B each worth $50, which are on different chains, the user sends $100 to our contract. Once the transaction is finalized, our system will use the USDT/USDT/DAI pool on these chains to buy the tokens on behalf of the user and send them to their address. After that, the system will add the user’s $100 to the pool of the chain where they made the transaction. The user will also be able to provide stablecoins to these pools to receive a part of the commission that the service yields.
Going forward, we are planning to decentralize the relay layer, which is responsible for executing transactions on the desired chains after confirming the transaction on the initial chain, using technologies like layer zero.
We believe that this solution will make the experience of swapping assets in DeFi as convenient as on CEXes. Join us on this journey and stay connected. We will be announcing our updates on our social media channels.
Our public sale will start shortly, and we will open the cross-chain pools for staking.
