Overview
The DeFi ecosystem is expanding rapidly, with new blockchain networks; L1/L2, various DeFi protocols and dapps emerging almost every day. However, the current state of DeFi is fragmented, with various protocols running on different blockchains, using different standards, different programming languages and different smart contracts. This fragmentation leads to silos of liquidity and creates a barrier to entry for users who want to use multiple DeFi services
About ThirdFi
ThirdFi, an all-in-one DeFi infrastructure, offers an all-in-one API/SDK solution that provides a unified interface for accessing and interacting with multiple DeFi protocols on different blockchains. The infrastructure would act as a bridge between different protocols, translating requests and responses to ensure interoperability. The infrastructure would also provide a range of functions and services, including:
Aggregation: The infrastructure would aggregate data and liquidity from multiple protocols, providing a single source of truth for developers.
Wallet Infrastructure: The infrastructure would optimize the user experiences from handling user wallets to interact with blockchain transactions seamlessly using keyless and non-custodian wallets on top of account abstraction and MPC key management.
Customization and composability: The infrastructure would allow developers to customize their DeFi experience by selecting which protocols to use, and which features to access.
Cross-chain interoperability: ThirdFi supports interoperability across multiple blockchains, including Ethereum, Binance Smart Chain, Polygon, and others, allowing users to access DeFi applications across different networks.
Comprehensive API: The infrastructure provides a comprehensive API that covers various DeFi protocols, including DEXs, AMMs, lending and borrowing protocols, and others, giving users access to a wide range of DeFi applications from a single platform.
Efficient capital utilization: The infrastructure allows liquidity providers to optimize their capital utilization by enabling them to access multiple DeFi protocols and applications from a single platform, resulting in better returns and reduced transaction costs.
Fiat-to-crypto: ThirdFi simplifies the cryptocurrencies purchases directly with fiat currency using API approach by enabling users to buy without having to interact with a centralized exchange.
Gas management: ThirdFi helps developers to manage the gas usage for each blockchain transaction from different protocols on different blockchain. Developers can focus on building the application and business logic to interact with blockchain.
Risk management tools: ThirdFi helps developers to handle the impermanent loss, slippage, and front-running attacks for connecting different protocols on different blockchain, to eliminate the possible vulnerability of transactions for end users.
Analytics and data services: ThirdFi facilitates the protocol owners/developers to keep track of each user/wallet activity and trading volume without building a customized administrative dashboard.
TEAM
Team Experiences
We have been building on DeFi since 2021, previously built DAOventures, DeFi ETF Index Fund platform for fund managers and crypto investors. Before that, we had built various projects, such as crypto data analytics, yield aggregator, NFT borrow and lending platforms.
Team members
CEO (product manager) - Victor Lee
CTO (tech architect) - Soon Lai
Solidity Developer - Seshanth
Full stack developer - Morgan
Senior Solidity Developer - Siew
Team LinkedIn Profiles
https://www.linkedin.com/in/victorleejennwei
https://www.linkedin.com/in/soonlaimah
https://www.linkedin.com/in/seshanths
https://www.linkedin.com/in/morganlee1997
https://www.linkedin.com/in/siewchongche
Team Code Repos
TOTAL BUDGET AND FUNDING TIER
Tier 3 , $50K
CURRENT FUNCTIONALITY
The current state of DeFi is fragmented, with various protocols running on different blockchains, using different standards, different programming languages and different smart contracts. This fragmentation leads to silos of liquidity and creates a barrier to entry for users who want to use multiple DeFi services.
ThirdFi is all-in-one DeFi infrastructure, providing API/SDK middleware solutions that connect to DeFi protocols to access all the DeFi functionalities (AMM, Borrow and Lending, Yield Farming etc) from different blockchain ecosystems. The main goal is reducing the learning curve of the developers when onboarding to different blockchain ecosystems with the standard API/SDK to all the DeFi protocols.
The list of functionalities that ThirdFi provided as below:
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Comprehensive DeFi API and SDK for developer integration: Allows developers to integrate ThirdFi API to access token swap, provide liquidity, borrow and lend and yield farming etc in a decentralized way.
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Data and Liquidity Aggregation: ThirdFi aggregate all the data and liquidity from various DeFi protocols like decentralized exchanges and provide the best price services to users, so it utilizes the capital efficiency for the users.
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Fiat-to-Crypto: ThirdFi provides fiat-to-crypto on-off ramp services that onboarding users to web3 easily.
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Wallet Infrastructure: ThirdFi implements MPC key management with account abstraction that allows users to perform transactions in a decentralized way. Also, it improves the developer experience that allows the developers to perform the transactions in an automatic way without any centralized key management and reducing the possibility of security risk when configuring the infrastructure.
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Gas token replacement and sponsoring: ThirdFi allows developers to utilize their ERC-20 protocol tokens as gas fees currency for the blockchain transactions. Also, ThirdFi allows project owners to sponsor gas fees if necessary to provide better user experience for end users.
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Sandbox environment: ThirdFi provides a comprehensive testing environment for developer integration with faucet and testnet setup without spending any real assets.
Price Oracle: ThirdFi provides trustworthy price oracles to developers in standard API/SDK way.
TECHNICAL PROPOSAL
Functional Requirements:
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Multi-chain DEX token swap: The system must support token swaps across multiple blockchain networks and integrate with a variety of decentralized exchanges.
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Invest & Earn: The system must provide the ability to invest into DeFi index products automatically and integrate with various DeFi liquidity pools, staking, and AMM protocols.
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On-ramp Payment: The system should enable users to buy cryptocurrencies with global currencies, supporting various payment methods, blockchains, and cryptocurrencies worldwide.
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Developer Dashboard: The system should offer a multi-chain dashboard and analytics, API and transaction logging, and API key management.
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Developer Sandbox Environment: The system must provide a sandbox environment for building and testing on the testnet.
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Price Oracle: The system should provide accurate and up-to-date price information from decentralized networks and support real-time communication through WebSocket connection.
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Webhook: The system must provide real-time event updates and allow developers to customize their business logic updates on their existing application.
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Wallet infrastructure: The system provides MPC key management with account abstraction for managing user assets in non-custodian ways and able to execute the transactions automatically.
Non-Functional Requirements:
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Performance: ThirdFi should be able to handle a large volume of transactions and provide real-time updates without delays.
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Reliability: The system must be reliable, ensuring that transactions are processed accurately, and the Price Oracle provides accurate information.
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Scalability: ThirdFi should be able to handle increased demand and scale accordingly without impacting performance.
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Security: Given the financial nature of the transactions, ThirdFi must provide a high level of security to protect against potential threats.
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Usability: ThirdFi should be user-friendly and easily accessible with simple and clear documentation.
Interoperability: As a platform that interacts with many different blockchains and DeFi protocols, ThirdFi must be highly interoperable. -
Testability: The system should provide a sandbox environment that allows developers to safely build and test their applications before deploying them on the mainnet.
SYSTEM MODEL
Scenarios
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Seamless DEX Trading: Users can trade on various decentralized exchanges (DEXs) without the hassle of switching between different wallets, thanks to account abstraction.
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Secure Asset Management: Individuals or organizations can securely manage digital assets using
MPC key management, which distributes control of a private key among multiple parties. -
Simplified Web3 Development and User Onboarding: Developers can build decentralized applications (dApps) that offer a simplified user onboarding process and enhanced security with account abstraction and MPC key management.
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Smooth Cross-chain Operations: Users can interact with multiple blockchains easily and securely, performing transactions and managing assets across different networks.
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Regulated Financial Services: Financial institutions can provide blockchain-based services while maintaining regulatory compliance, using MPC key management for secure digital asset management and zero-knowledge proofs to preserve user privacy.
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Cryptocurrency Trading: A trader who wants to perform swaps between different tokens across multiple chains can use ThirdFi’s multi-chain DEX token swap feature. This feature allows traders to exchange cryptocurrencies across various blockchain networks.
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Automated DeFi Investment: An investor looking for a way to automatically invest in DeFi products can use ThirdFi’s Invest & Earn feature. This feature allows users to invest in DeFi index products automatically and interact with various DeFi liquidity pools, staking, and AMM protocols.
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Cross-Border Payments and Remittances: A user who wants to send digital assets to another user across the globe can use ThirdFi’s on-ramp payment feature. This feature enables the conversion of global fiat currencies to cryptocurrencies.
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Web3 App Development: A developer building a web3 application can use ThirdFi’s Developer Dashboard, Sandbox Environment, and Webhook features to monitor user activity, manage development tools, test their application in a sandbox environment, and receive real-time event updates.
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Price Information: A user who needs accurate and up-to-date price information from decentralized networks can use ThirdFi’s Price Oracle feature.
Use case model / Features model / User Histories Model
UML Diagram
User interface, navigation paths and screen mock-ups
ThirdFi Developer Portal: https://app.thirdfi.org/
ThirdFi Faucet Portal: https://www.faucet.thirdfi.org/
DEVELOPMENT ROADMAP
Development Status
ThirdFi integrated several blockchains DeX (Decentralized exchange), borrow and lending, index funds and fiat-to-crypto features and deployed all of them on mainnet. Currently we are working on wallet infrastructure (built on top of account abstraction, MPC key management and zero-knowledge proof integrated) development and integration in the ThirdFi ecosystem.
