Defly’s New Features: Combo Swaps & a New Fee Structure
An exclusive first look at new features launching later this week
Welcome back to the Club, gov!
In case you missed it, we recently announced our new partnership with Defly in which we’ll create the official Defly manual and provide the community with exclusive previews of upcoming updates to the app.
And today we’re going to do just that.
The Defly team is gearing up to release new features at the end of this week, and this update might be their biggest yet with the release of combo swaps and a new fee structure that brings even more utility to $DEFLY.
Keep reading so you know what to expect later this week.
Combo Swaps Have Arrived
But what are they?
Simply put, combo swaps aggregate Defly’s integrated DEXs together to produce an optimized swap across them. The team promises combo swaps will produce ‘negative fees’ – or combo gains – since any of the fees you pay will be negated by how much more you gain on your combo swaps.
Pretty cool, right gov?
With that being said, combo swaps have a specific use case. In our testing, the app optimizes to combo swaps on larger orders. How large orders are defined depends on the asset and its current liquidity levels.
For example, combo swaps didn’t kick in for an ALGO/DEFLY swap until around ~1,000A:
However, we were able to produce a combo swap for MCAU (Meld Gold) around 50A:
Gov Tip: Combo swaps are suggested when they’re the best option for the trader.
With this latest update, Defly has made trading across Algorand simple and easy. Aggregated pools (vPools) and combo swaps provide traders with more than enough tools to navigate the market to the best of their abilities.
And those negative fees are pretty awesome too.
New Fee Tiers
Speaking of fees…
This latest update overhauls the fee structure and ups the game on the utility of $DEFLY by tying it to the overall functionality of the app.
This is best explained by walking through the fee tiers themselves:
Level Base (Default): If a user holds less than 2,500 $DEFLY, they have access to combo swaps and 20% combo gain.
Fees: 0.025 ALGO, network fees, & 0.1% (in ALGO) of input amount
Level Pro: This level unlocks combo swaps and a minimum of 50% gain on them, and is unlocked by holding a minimum of 2,500 $DEFLY.
Fees: 3 DEFLY, network fees
Level X: This level is the same as Level Pro, but has no fixed fees and even more combo gain (80%). Users can unlock this tier by holding at least 25,000 $DEFLY.
Fees: Only network
The fee structure itself has also gotten a facelift and since fees are priced in $DEFLY in the Pro tier, there’ll be constant demand for the token to ensure users meet the minimums required to maintain their preferred tier.
Once demand begins to rise, users will likely gravitate towards Level X due to how accessible it is compared to the old ‘Level 3’ which required users to hold LPTs with the equivalent value of 1,000A + $DEFLY in their wallet.
And that only unlocked fee-free trading.
While the previous highest tier felt a bit expensive for what was offered, Level X feels appropriately priced: 25,000 $DEFLY (less than 200A) to unlock combo swaps, achieve more savings, and enjoy negative fee trading
Partner Integrations
While combo swaps, negative fees, and the new fee structure are the biggest updates this time around, the integrations with WalletConnect and NFDs shouldn’t go unnoticed.
Both WalletConnect and NFDs were highly requested integrations by the community, and it’s great to see the dev team respond so quickly. If you’ve been following the Club’s coverage of Defly, you know we’re big proponents of any updates that help mitigate the need to use a different wallet.
These two integrations are the latest in a long list of improvements made to the wallet functionality of the app. Defly has come a long way from not being able to add / remove assets from within the UI, all the way to now being able to integrate NFDs.
Setting up a WalletConnect session is simple. Navigate to the ‘More’ tab and select ‘Wallet Connect’:
Click the plus sign in the upper right and either scan a WalletConnect QRCode or input the connection link in the input field.
And the best part?
You can use WalletConnect to link an NFD to your Defly account.
Price Alert Management
You might remember from our last update that push-notifications for price alerts were one of our most anticipated features. Keeping tabs on your favorite ASAs without having to constantly check the charts was a much appreciated feature.
However, as we began to use price alerts more we realized the experience wasn’t perfect for the end-user. There were two pain points to deal with:
Managing price alerts was cumbersome since you had to navigate to each vPool individually to edit or delete them
You could only set price alerts from a vPool’s overview page
This latest update mostly solves the above.
You can now manage all your price alerts within the ‘Price Alert’ management view within the ‘More’ section:
From this view, you can swipe right on any alert and select ‘Delete’ to remove it. This definitely helps to cut down on the time required to delete multiple price alerts you don’t need at one time; however, it doesn’t help cut down on the time needed to edit multiple price alerts at one time.
Gov Tip: The team plans to include this functionality soon and it could even be available by the end of this week.
This latest update also adds the price alert button on the Swaps page – allowing users to set price alerts during the swap process. If you don’t like the current exchange rate offered between your pairing, you can set an alert to notify you of your target price without having to navigate back to the vPool’s overview section.
We look forward to continued iterations on price alert management to improve the overall user experience.
User Experience Improvements
Several upgrades have been made to the UI with this latest update. Our favorites include:
The addition of a pie chart in the ‘Wallet’ tab to visualize asset distribution
Improvements to the Preferences section
FIAT amount is now shown in the swap input fields
Let’s review these one by one.
Asset Distribution Visualization
You can visualize the asset distribution of your account by navigating to the ‘Wallet’ tab and selecting the pie chart next to your ALGO amount:
Keeping track of when you need to rebalance your portfolio just got easier. We’re excited to see how the Defly team iterates and improves the portfolio functionality of their app in the updates to come. After making reading and trading the market simpler, we imagine they’ll be able to do the same for keeping track of our portfolio.
Improved Preferences User Experience
Let’s be honest, Defly’s Preferences screen is a bit cluttered.
Well, it was.
Now the experience is clean and easy to navigate. Take a look for yourself:
While not the biggest update, this is one of those small user experience improvements that makes using Defly better and better after each update.
FIAT Amount During Swaps
Here’s a feature we didn’t realize we were missing: you can now see the FIAT value of your swaps.
Yet another small update that goes a long way and lessens the need to look outside Defly to get the answers you need.
Keep your eyes on this space for more news about the official Defly user manual.
As always, thank you for stopping by the Club. Until next time, gov!
Disclaimer: This isn’t financial advice! As we say in crypto, don’t trust – VERIFY! Do your own research and don’t ever invest more than you’re willing to lose. Like any DeFi project, Defly comes with risks – especially in its Beta form. The project can fail, smart contracts can be hacked, assets could be compromised, users can be exposed to impermanent loss (if they provide liquidity to unlock lower fees), etc.
Be safe out there and make sure you do enough research before you decide if Defly is right for you.
Will they be coming out with a desktop version? I don't like trading on my phone.