cLA.Labs x DeFiYield
We are pleased to announce that CeloLaunch Labs has completed the project appraisal rounds and invested in DeFiYield.
1. Project Overview
The DEFIYIELD ecosystem is the best place for anyone to participate in DeFi because it has been built by yield farming experts who want as many people as possible to stay safe and succeed in the Finance 3.0 revolution.
It is made up of a range of decentralized products that have been designed for anyone from a complete novice to an experienced yield farmer. The needs of all current and future users have been considered, alongside the yield farming expertise we have developed since the yield farming expertise DEFIYIELD has developed since July 2020.
The DEFIYIELD ecosystem unites a large community of DeFiers, from newbies and part-time enthusiasts to degens and whales. Their community, which has grown tremendously since the project’s launch, includes the following important elements:
- The only security dashboard that combines effective crypto asset management with built-in safety infrastructure that enables users to manage DeFi risk
- Community governance that is built with OpenZeppelin’s Governor system including the GovernorCompatibilityBravo module, which originally was designed by Compound
- An open access safety toolkit that includes the security audit database, the rekt database, the smart contract scanner, the timelock contract viewer and the advanced impermanent loss calculator.
2. GTM Strategy & Product Viability
DeFiYield gives access to multiple protocols and chains in one unified point of access using a simple, secure user interface.
The Most Secure Investing Dashboard
The DEFIYIELD dashboard has the perfect combination of asset management and risk management tools to help you succeed and stay safe in DeFi. It enables you to:
- Track investment opportunities,
- Monitor performance metrics including Profit & Loss, Impermanent Loss and Farming Rewards.
- Allocate and reallocate funds across different projects and blockchains.
- Stay protected with the Approvals Analyzer, which informs you of approvals for malicious Dapps that contain backdoors, infinite minting and other security issues.
The dashboard is designed to be compatible with Ethereum, Binance Smart Chain, Polygon, Arbitrum, Avalanche, Solana and, Polkadot, as well as and all non-EVM-compatible chains.
By connecting a crypto wallet and navigating to the Dashboard section, a user will be able to see:
- Account overview featuring the total balance of the wallet and the total value of funds deposited in vaults — including those in liquidity pools, those being lent out, staked funds and the total debt value.
- Value of assets grouped by blockchain network.
- DeFi platforms currently in use.
The Portfolio section of the dashboard enables users to see wallet information by tokens, including prices, balances and USD values, as well as to filter portfolio data by blockchain network. Users can also quickly exchange tokens for the best rates on the market.
Significantly, users can see a P&L for each asset in their portfolios.
An asset’s balance change is calculated from incoming and outgoing transfers, received rewards and accrued rewards during the analyzed period. The received rewards are calculated by multiplying the total amount of reward assets and its weighted price, with the value of accruals expressed in relation to the current price of the asset.
Users can buy crypto with fiat in the fastest and easiest way from the DEFIYIELD dashboard. That’s because it utilizes the RAMP protocol, which aggregates various payment methods.
In this way, DEFIYIELD makes it easy for newbies to get into crypto and establishes its presence as a decentralized Robinhood. On top of making it fast and easy to buy crypto from anywhere on the dashboard, DEFIYIELD makes DeFi easy for newbies through a self-explanatory UI,clear transaction terms and approachable fees.
The Pools section allows users to review the pools they’ve provided liquidity to and the fees they’ve earned from doing so. Furthermore,, it’s possible to add or remove liquidity, rebalance funds and claim rewards in an instant.
The Transaction tab displays historical data, including pending transactions, and allows a user to speed up or cancel a transaction.
Users can explore liquidity provision opportunities through the dashboard too. Therefore you can see the list of pools offered by the biggest DeFi projects and sort them by achieved liquidity reserves and yield.
Historical data is available for Ethereum, with users able to see the pools they have participated in and the transaction histories of their wallets.
DEFIYIELD Smart Notification DeFi risks
Besides being armed with all the information for effective crypto asset analysis and management, DEFIYIELD users are also notified about risks associated with their DeFi investments.
This is what makes the DEFIYIELD dashboard really stand out, as there are no other services of this kind available today.
How DEFIYIELD users are warned about DeFi risksEssentially, the dashboard alerts users to DeFi risks by reviewing the list of contracts that have been approved by the user’s wallet.
This is important because, in order to use a Dapp, users need to allow the smart contracts of the Dapp to transfer the user’s tokens.
Understanding the ‘unlimited token approval’ risk
A lot of these Dapps choose to implement ‘unlimited token approvals’ in their smart contracts by default, which means the smart contract can approve an unlimited amount of the user’s tokens to be transferred. Usually, this choice is made to improve the user experience, so the user can agree to unlimited token approvals once and then interact with the Dapp on an ongoing basis.
The problem is that many users agree to unlimited token approvals without knowing they have or without researching the Dapp enough to ensure it is not a scam that is waiting to extract the user’s funds. For these reasons, agreeing to unlimited token approvals can be risky and users must be aware of all the contracts they have approved in this way.
Identifying token approval risks in DEFIYIELD
For each approved smart contract address, users will see a list of exposed tokens that includes their balances, approved amounts and risk exposure valued in USD. The DEFIYIELD dashboard allows users to modify approved token amounts or completely decline the allowances.
All contracts approved by a user are automatically scanned against the following safety metrics:
- Verification — Is the analyzed smart contract code verified by a blockchain explorer, such as Etherscan or BscScan? This reflects whether the contract’s bytecode matches what is on the blockchain.
- Owner type — Are the smart contracts EOA-, smart-contract-owned or not owned at all?. If the owner of a smart contract is an EOA, it can interact with it and call a certain set of underlying functions at the EOA’s discretion.
- Major EOA holders — Are there EOAs holding large shares of a project’s token, such as one private owner having more than15% of the token total supply? This metric doesn’t relate to code security but does indicate that the token can be dumped by the major holder/s at anytime.
- Abandoned — A project is considered abandoned if no transactions were broadcast through the smart contract of its token in the last 30 days.
- Migration — If migration functionality is present in the token smart contract, user funds may be endangered.
- Pause — If a smart contract can be paused, users don’t have constant access to their funds handled by it. Therefore, they would not be able to move their funds until a pause ends, during which time the token price may have moved in a negative direction.
- Minting functionality — If the project token is mintable,tokens might be minted to an EOA in order to perform a scam orunlimited token supply could cause its price to crash. The scanning algorithm also indicates who can mint tokens, such as a regular EOA, a smart contract or if no minter is set.
- New — A scanned contract was created less than 7 days ago and has not been battle-tested, which means: code vulnerabilities may be revealed in future.
- Proxy — As the code of already deployed smart contracts can’t be upgraded, some projects choose proxy contract patterns to ensure they have flexibility to enable changes at a later date. This architecture allows projects to bind newly deployed contracts containing new logic to already deployed smart contracts. This exposes users to risk as malicious code can be introduced with a newly deployed logic contract.
- Mixers used — A mixer can be used by a dev team to pay for deployment of the project contracts. This trick is often applied by scammy projects, so they become untraceable once a rug pull has been performed.
Users are automatically informed about risks through the Smart Notifications system, which pops up a message about the threat once a risky smart contract has been identifed.
The list of scanned vulnerabilities will be widened to a comprehensive risk assessment similar to the one provided by DeFiYield’s smart contract scanner, covering a wide range of known smart contract vulnerabilities such as reentrancy, unchecked return values, function access control problems, missing event arithmetics, etc. Moreover, the security scanning of approved contracts will cover all the most frequent DeFi-specific smart contract vulnerabilities, including privileged functions endangering user funds.
3. Product Roadmap
5. Partners & Backers
6. Token Economy
The DEFI token
$DEFI is an ERC20 token with fixed total supply that is planned to be limited to 1 billion tokens.
The token distribution is designed to be multi-chain: $DEFI will be present on Ethereum, Binance Smart Chain and Avalanche.
The central utilization purpose of the token is implementation of an on-chain governance system, which is a key element of decentralized protocols. Being fully community oriented, DeFiYield enables users to make strategic decisions on the project’s development.
Owners of the token are able to delegate their voting rights. When the token balance of a $DEFI holder changes, their voting rights are adjusted proportionally. Voting rights of delegates are adjusted automatically as well.
DeFiYield utilizes OpenZeppelin’s Governor contract featuring minimal use of storage, optimized gas consumption and upgradability without resetting proposal numbers. It’s fully compatible with GovernorBravo through inheriting from the GovernorCompatibilityBravo module.
There are three options for voting: yes, no and abstain. Moreover, users can convey optional text while voting. In this way, DeFiYield will get a deeper understanding of the community’s expectations and preferences.
The voting rights refer to: Other token utilization includes:
• Making proposals for independent audit reviews;
• Arranging reward allocation for smart contract auditors;
• Requesting a certain app feature to be developed. Proposals apply to any element of DeFiYield’s ecosystem;
• Defining and approving new dashboard integrations;
• Revisioning DeFiYield’s pricing mechanics and rates;
• Defining grants and community / partner rewards.
Other token utilization includes:
• Making proposals for independent audit reviews;
• Discount for the app services for $DEFI holders. For example, a discount will be applied to Multi-harverting — a service allowing users claiming rewards from all pools simultaneously;
• Obtaining full access to all DeFiYield products: the audit database, the rekt database, the smart contract scanner and approved contracts info;
• Accessing and commenting closed community chats on DeFi projects;
• Strategic partnerships. This includes implementation of $DEFI as additional rewards for participation in certain pools of partnering projects;
• Collateralization of DeFiYield’s own stablecoin — $defiUSD;
• Staking and locking $DEFI for creating and running verification nodes on DeFiYield Chain;
• Requesting smart contract auditing with decentralized verification, where payments for the service are done in $DEFI and used to reward node validators for performing smart contract security checks with the automated scanner.
7. Token Distribution
8. Official Links
About CeloLaunch Labs
CeloLaunch Labs — Venture Capital of CeloLaunch, identifies, aims, and empowers viably potential decentralized entrepreneurs, startups, and communities, providing financing to industry projects that help grow the project larger in Celo and other ecosystem.
CeloLaunch provides a constantly expanding set of decentralized services by offering revolutionary, flexible technology to add value to the DeFi industry as a whole, in CELO Network specifically. Startups may boost their initiative and reward communities by utilizing our services. Our vision is to construct an autonomous launchpad on CELO after recognizing the CELO Network’s future potential.
Pitch Deck: https://celolaunch.io/docs/CeloLaunch-Pitch-Deck.pdf
CertiK Audit: https://www.certik.org/projects/celolaunch