This article was originally published in Blockchain Industry Review - a Crypto Curry Club Magazine published monthly and available in soft copy and the printed version.
An Interview with Featured Contributor, Nir Rozin,
CEO of DeFi aggregator, Dot.Finance
Nir cut his teeth early in crypto. Back in 2013 he was active in this space and went on to found Israel’s leading crypto group in 2017, but it’s his background in DeFi and current implementation in Dot.Finance that is most likely to be his lasting legacy.
Back in 2017 he and his team were working on Bancor, arguably the first decentralized exchange before the ubiquitous Uniswap, but it was in 2020, during the summer of DeFi, that he really became interested in this field.
“Right from the get-go we wanted to build on PolkaDot, but it wasn’t in place as yet so we decided to begin on Binance chain. However, our ambition is to be the PolkaDot DeFi arm – the House of DeFi as we call ourselves.”
Dot.Finance is a suite of applications, a platform for DeFi, with the first being the Yield aggregator. The next two products will be a PolkaDot Index and then a DEX aggregator. The timing for the first launch is June 18th.
“When it comes to launching the PolkaDot Index we intend to have the top five PolkaDot tokens, but we’ll ask the community and let them decide which ones to select.”
Nir is approaching this project, the House of DeFi, to get around a lot of the early and cumbersome issues when using DeFi – for example, the amount of time that can be swallowed up in following the best yields.
He built in an auto compounding mechanism into the smart contracts. “This is not new, but it is needed. For example, other projects such as Pancake Bunny employ auto compounding.”
What is additional in the Dot.Finance world is that this auto compounding feature happens on a two, or even one, hourly reset on a 24 hour basis.
“We compound the profits, adding other aggregators, splitting the percentage between pools and stalking. The net result is a higher return – it is complicated but we automate the process so we can be more competitive.”
Nir points out that most retail traders could not be expected to achieve this level of recalculation in real terms – it would be too intense and exhausting for a human being.
Nir is committed to this project as is his team. They have decided not to take founder tokens but to reinvest these into Dot.Finance grants.
“We only make money if the project is successful.”
This is a brave move on behalf of the founding team – and very unusual – but it points to their confidence in the project. Nir also hopes this will provide investors with confidence; if the founders are prepared to wait for profits then it gives the project an edge in credibility and trustworthiness; attributes not very present in many DeFi projects.
This is not without cause as Nir has big plans for Dot.Finance which he sees as being the leading DeFi platform for PolkaDot.
“We want to be the go-to platform of all things DeFi for PolkaDot – the House of DeFi.”