Defi kick off on ICP

Please can anybody take me through what steps do we have to accomplish yet to kickstart defi on ICP. What I understand these final goals are:

  • tokens on CoinMarketCap
  • tokens on Cex (binance, etc)
5 Likes

Here are some key steps that would need to be accomplished to fully launch decentralized finance DeFi capabilities on the Internet Computer blockchain:

  • Develop DEXs that allow trading of ICP tokens and other assets without centralized intermediaries. This requires building AMM protocols like Uniswap that can provide liquidity and facilitate swaps on ICP.

  • Build lending/borrowing protocols that allow users to lend out assets like ICP and stablecoins to earn interest or borrow assets by locking up collateral. Examples include Aave and Compound.

  • Launch yield farming applications that incentivize providing liquidity to DEXs and lending protocols by distributing reward tokens. This helps bootstrap initial liquidity.

  • Develop wrapped or synthetic versions of assets like Bitcoin and Ethereum that can be traded on ICP DEXs. This expands the range of assets available.

  • Build decentralized derivatives protocols that allow trustless trading of options, futures and other financial contracts without intermediaries.

  • Create bridges that enable transfer of assets between ICP and other blockchains like Ethereum. This would expand the reach of ICP DeFi.

  • Develop stablecoins pegged to USD/other assets that can hold peg and support DeFi activities needing price-stable assets.

  • Build decentralized governance mechanisms and treasury management protocols for managing DeFi projects/DAOs on ICP.

  • Expand developer tools, documentation and infrastructure to make it easy to build ICP DeFi apps. Attracting developers is key.

  • Over time, ensure DeFi protocols and assets on ICP have robust audits and security measures to minimize risks as ecosystem scales up.

I believe working on those things. I mentioned above would go a long way to kick off DEFI on the internet computer and those should definitely be key focal points to establish a thriving DeFi ecosystem on the Internet Computer. It’s an ambitious project but those seem to be the key pieces to tackle.

5 Likes

Have a look into Bitfinity, the EVM layer for the IC, which is launching soon. It will allow any developer to port any dapp on Ethereum to the IC.

7 Likes

Well I understand this, thank you! But my question goes in regard of what dfinity has to do yet to reach these goals

Dexs w AMM: icpswap, sonic, infinity
Wrapped btc: chainkey btc exists

Well, considering “Dfinity” as a foundation has maintained the git of the IC? What more can they do? There are many many projects building “defi” on the ic,

1 Like

But still my two questions are not answered…

  • why projects are not being tracked my coinmarketcap. Not any price at all.
  • why tokens can’t be traded on CEXs

I am not certain, I do know that it probably involves projects building tokens to apply to a cmc listing.

According to CoinMarketCap, for a cryptoasset to be considered for a tracked listing, it should meet the following guidelines: Leverage cryptography, consensus algorithms or distributed ledgers, peer-to-peer technology and/or smart contracts to function as a store of value, medium of exchange, unit of account, or decentralized application. Additionally, most centralized crypto exchanges list tokens on the basis of their reputation, market capitalization and other utilities. So it may be that the tokens have yet to meet reputation and market cap requirements or lack necessary utility.

Have any Dex’s passed a code/security audit? Or multiple audits? No audit = no money from me

Ic defi is too difficult, I am beginning to wonder if it is not suitable for defi, the transaction is as slow as a snail.It takes at least 15s each time, sometimes even a minute.

What?? Finality is around 2 secs.

That is why we have the Bitfinity EVM, an EVM built on the IC. Anything you can do on Ethereum you can do on the IC with Bitfinity, and Bitfinity is faster than any ETH L2.

1 Like

Can not wait to kick off DeFi :wink:

I have never experienced this.

It may be too conservative. Recently, I have traded icghost more frequently, and it often takes more than 1 minute to complete the transaction.If there are more defi people in ic, I can’t imagine it, so I came to the conclusion that ic is not suitable for defi.

ic ghost moon!

1 Like

1 minute? must be your browser/connection or de DEFI platform you are using. Transactions take less than 2 seconds.

1 Like

I have done my research and looks like ICRC-2 and ICRC-3 are the solutions for

  • Coinmarketcap listin
  • CEXs listing
  • Defi in general
  • Third party tools such as TAX report automation (Koinly etc)
    As both standards will make transaction tracking much easier
    ICRC-4&5 are focused in performance so I guess they will make transaction settlement much faster.
    I suggest Dfinity team start explaining this goals in plain language because for non-developers just like me has taken a lot of time and reading to understand what’s a going on. (Probably a task for @evaoberholzer )
    I can assure you that 99% of potential investors don’t know what’s the roadmap for Defi kick-off. And obviously nobody is going to invest here if creating TAX REPORTS IS IMPOSIBLE.
    We need a roadmap business-oriented for non-developers!
4 Likes

The Internet Computer’s lack of composability currently makes it challenging to build DeFi applications with a smooth user experience. On Ethereum, a typical token swap takes around a minute even when the network is not congested, so lengthy transaction times are commonplace in DeFi. The Internet Computer may be able to improve the user experience for DeFi by leveraging Bitfinity’s EVM implementation. Running DeFi applications within a single subnet could maintain composability and prevent some of the delays caused by cross-subnet queries. The EVM compatibility could also make it easier for developers to port over DeFi projects from Ethereum. While it remains to be seen, Bitfinity’s EVM could potentially help the Internet Computer overcome its composability issues and offer a better user experience for DeFi applications. @bitfinity

3 Likes

I don’t believe so. But Sonic is in the process of getting theirs done.