Scaling the Multi-Chain World: Polygon AMAs
DeFi Demodyfi Pool Is Live: Participate in the crypto revolution with Demodyfi by your side!
Polygon is kicking Layer 2 into hyperdrive. Check out the AMA below. Learn more about Demodyfi’s missions and their perspective on multi-chain DeFi.
Ethereum is quite literally ‘bursting at the seams’ as other Layer 1 and Layer 2 networks absorb liquidity and gain traction. Over the last few months, massive ecosystem coordination has brought power users closer to a product with competitive advantages over the DeFi system.
Polygon has been a pioneer of innovation. With their recent acquisition, Polygon is uniting the two previously opposed scaling solutions. In addition to scaling Ethereum, the Polygon team is pushing the ecosystem towards a multi-chain world. Demodyfi shares this vision, and that is why we are working closely with the Polygon team making things happen for the L2 integration on the platform.
We would love you to join Demodyfi to stay up to date with all the news. So what’s the best way to keep in touch?
We would love to invite everyone to our channels. For this, we have created an overview of all our socials and documentation: https://linktr.ee/Demodyfi
Enjoy and join the conversation, and we hope to see you all !!!
-Roel “CEO Demodyfi”
Check our deep dive with Polygon below:
- Please first introduce yourself and share a bit of your background / Could you please tell us a little about yourself and how Demodyfi came into being?
My name is Roel Mangal, and I am the CEO and founder of Demodyfi. Im here together with the CTO Manank Patni.
During my studies (Economics and Financial Law) at the University of Rotterdam, I was always intrigued by the financial industry and how macroeconomics works. So in the following years after my studies, I worked over five years as a financial advisor at the biggest banks and for 4 years as an AML officer shortly after. As an AML officer, I got a lot of experience, mainly at certain crypto exchanges in the Netherlands.
Due to the combination of financial experience and passion for blockchain, I decided to pursue my path as an entrepreneur. That is when I came up with the concept of Demodyfi. I remember the moment very well when I read the thesis of several layer two solutions and how they’re willing to solve specific problems for the space. I immediately knew that we could provide support as a DEX by offering a service build on top of the layer and make it cross-chain interoperable.
2. What are the major milestones Demodyfi has achieved so far, and what can we expect from you guys in the future?
When we talk about milestones, we would like to mention that we are incredibly proud of the team’s achievements thus far. The team is doing their very best to comply with the roadmap, as we are heavily dependent on the developments of Moonbeam and Polkadot itself.
We are still on track as we also have some new technical developments, e.g., Moonbeam and Polygon bridge. We are very excited about this milestone as we cannot wait to share this with you all. As seen in the announcement channel, we have already accomplished many partnerships, with many more collaborations in the pipeline. Many of you already know this, but are waiting for confirmation. Next to these partnerships, the tech developments are going very well. We already shared the staking feature of Demodyfi. We will share new developments of demodyfi.js (Demodyfi’s protocol SDK) for cross-chain transactions, which is currently being tested. With this and more in place, you can expect Demodyfi to be a well-positioned protocol with solid alliances with current companies to achieve the mentioned goals.
3. So, tell us a bit more about which solution you came up with? In other words, explain to our community what exactly you are building with Demodyfi
Demodyfi is positioning itself to capture much of the liquidity in the market, as it is aiming to access both Ethereum and Polkadot-based liquidity and is now also on the BSC-chain. That is why our upcoming MVP (minimum viable product) relies heavily on cross-chain capabilities.
We want to combine this with other features, e.g. cross-chain flash loans. How cool would it be to create or utilize a bridge where we can use and attract liquidity? Next, imagine the interoperability and possibilities between DeFi services and blockchains if we could offer NFT swaps or create liquidity for NFT pooling between erc20 and erc721.
We can offer this service and many more for many other blockchain projects, which would like to utilize the Demodyfi protocol in the near future. With the following, we can respond quickly to the actual preferences of the target audience by providing the same ease of use as centralized platforms, if not much more effortless.
- Create incentives by rewarding users for providing liquidity and creating circulation under the Demodyfi protocol.
- Lower the threshold and make the network accessible to everyone, from basic to advanced.
For more in-depth about the features, please refer to the documentation: https://docs.demodyfi.com/project-overview/technical-architecture
4. What will the future of Demodyfi in the decentralized finance revolution look like? Can you talk to us about your roadmap?
Our goal is to create a bridge between traditional finance and DeFi. We received a lot of overall support from the space, whether that be developers, VC’s and investors who all share the core value of the project and that is “making Defi more accessible for basic users”.
Next to this, we have created strategic alliances with parties like Polygon to make the DREAM real! We cannot share much as yet, but what we can share here is that we received many development, product and marketing support. More will follow soon in the update and overall progress.
5. Many Defi and Dex projects are always taking for granted how important is the UI/UX design, especially to new users. My question is does #Demodyfi focusing to solve this issue? How is your UI/UX design?
This question is legendary, and this is one of the points we are solving!
We strongly believe that “Simplicity is key” and lower the barrier for accessibility into DeFi, while leveraging the market opportunities for large communities of primary users to help scale the future of the web3. Connecting DeFi and our use case is the mission. Creating transparency between our use case and blockchain, simplicity is our goal by making the
platform accessible for all user segments with no super-advanced user interface, but with something which feels familiar to its user and space.
We are currently working with an award-winning product design agency that is supporting the project’s mission. We are going to share an announcement on who this strategic partner is very soon!
6. Could you give me more information about how “Moonbeam” positively influences the development of Demodyfi? What does this ecosystem allow, unlike others? Does it really generate a higher for users?
This is a good question!!!
Moonbeam as a platform is very different from other EVM based chains, as it gives the Dapps and users direct access to the much wider Polkadot ecosystem. Being inherently interoperable with other blockchains also gives access to all the blockchain ecosystems.
7. You guys should be working closely with the Moonbeam team if I’m not mistaken right?
Yes, and Moonbeam is momentarily undergoing our codebase, which shows transparency in connecting to the moonbeam alpha testnet. We are going to share this bridge after an audit in the upcoming week.
8. How will the token work in the ecosystem?
We believe that providing an incentive service is only the first step. The liquidity dilemma of Staked Assets will not be fully solved unless DMOD can be freely traded, exchanged or used in other financial applications. Therefore, Demodyfi will strive to create comprehensive use cases such as DEX, cross-chain swaps or lending.
We have some examples here:
- Flexible Fee discounts — active DMOD token holders will get additional fees discount to 1% / 0.3% up to 10% to use Demodyfi.
- Token burn — DMOD is a deflationary token, % of the fees collected will be used to buy DMOD tokens from the market and burned.
- Staking — A part of the fees collected from the Demodyfi protocol will be used to buy DMOD tokens from the market. These tokens will be distributed to the DMOD token staking holders.
- Members holding DMOD tokens have full control over the ecosystem through systemic voting and governance rights.
- Pool token holders are entitled to receive the swap fee paid by users who swap through their liquidity pools.
- At launch, the entire amount of swap fees (0.3% per swap) will be distributed to liquidity providers.
- Unified account experience: Simply connect your wallet or use your own custom address and start trading instantly. This means no entity can ever withhold your funds or freeze your account.
I know this can be too much to read but feel free to go over the docs to read more:
9. Tell us more about cross-chain interoperability and explain how that works?
We strongly believe that cross chain interoperability is achieved through a parachain in Polkadot that brings in liquidity from other parachains, and also through the bridge protocol that connects directly to other blockchains like Ethereum. Consequently, traders have two different mechanisms to bring in liquidity. Thanks to Polkadot’s ability to bridge blockchains, shards will also be able to interact with Demodyfi’s financial protocol and crypto-assets on external networks like Ethereum.
🚀 Together with:
- Polygon, the leading layer two ecosystems in DeFi pushing forward scaling Ethereum and DeFi! Join their Official Telegram channel to keep track of newly launched projects on Polygon.
- Demodyfi — Next-generation AMM DEX that extends defi functionality, becoming a permissionless one-stop cross-chain asset market.
The protocol utilizes Moonbeam’s parachain smart contract interoperability, while the Substrate framework serves as a fundamental layer. Combining this makes it potential to build on Polkadot, furthermore make it compatible with the EVM, and to deploy EVM-based bytecode compiled from Solidity using tools available from the Ethereum stack.
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