There are thousands of different dApps on the market today. A fair few of them aim to disrupt the hegemony of centralized exchanges. DeversiFi is one of those examples to take note of.
What is DeversiFi?
As the name suggests, DeversiFi aims to disrupt the way people think of exchanging cryptocurrencies. Rather than going through a centralized company requiring users to sign up, and verify their identity, this dApp takes a completely different approach. It is one example of how DeFi can work in the future.
There are no signups, no funding delays, and users are not giving up control over their coins. In fact, the funds will always be managed by the end user first and foremost. Executing trades is done through highly liquid off-chain orders.
What makes this dApp interesting is how it gathers liquidity for all supported trading pairs. This is done by linking centralized and on-chain order books to create a powerful trading experience. Liquidity is crucial in the crypto industry. DeversiFi aims to provide the highest liquidity in the space.
Which Assets to Trade?
dApp Solutions like these primarily focus on exchanging Ether and native ERC20 or ERC721 tokens. On DeversiFi, it is evident that most of the active markets are all tokens linked to the Ethereum blockchain. All tokens can be traded against Ethereum.
Some of them are also interchangeable with stablecoins. USDT and DAI are supported. Both of these currencies are also issued on the Ethereum blockchain. In the case of USDT, it runs on three different chains, with Ethereum being just one of them.
Despite the powerful experience DeversiFi can provide, it is not attracting that much attention. The number of weekly active users sits just below 100, which is not overly impressive. These users combine for just over 400 transactions per week, indicating that this concept strikes a chord with people interested in decentralized trading.
Volume-wise, DeversiFi doesn’t seem to be performing all that bad. It notes over 1,300 Ether in weekly volume, which equals to roughly $177,000. Compared to centralized exchanges, it is on the low end of the spectrum. However, these are still the early days for decentralized trading. Any dApp currently active in this market will face an uphill battle, for obvious reasons.