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Here's what our team is working on so far:

Name: DEFILUX Description: A Cross-chain Defi DApp that enhances a great UX experience to help providing the best price quotation for swaps, bridges and token transfers. Github: https://github.com/SabeloMkhwanzi/defilux Idea: A Cross-chain Defi DApp that enhances a great UX experience to help provide the best price quotation for swaps, bridges, and token transfers.

Public URL: https://showcase.ethglobal.com/hackmoney2022/defilux-89ror

####Some of the key attractions of Defi for many consumers are:

  1. It eliminates the fees that banks and other financial companies charge for using their services.
  2. You hold your money in a secure digital wallet instead of keeping it in a bank.
  3. Anyone with an internet connection can use it without needing approval.
  4. You can transfer funds in seconds and minutes.

Decentralized finance, or Defi, uses emerging technology to remove third parties in financial transactions. And components of Defi are stablecoins, software, and hardware that enables the development of applications.

In this hackathon, I'm be contributing to by building a Defi tooling DApp that provides price quotes for swaps, bridges, and token transfers, by using the products and tools that have been developed by sponsors in this hackathon:

Building a Project themed to HackedMoney using the tools provided by the sponsor

Here's our team's second check-in!

Name: DEFILUX Description: A Cross-chain Defi DApp that enhances a great UX experience to help providing the best price quotation for swaps, bridges and token transfers. Github: https://github.com/SabeloMkhwanzi/defilux

We're hitting these blockers... At The moment fine Public URL: https://showcase.ethglobal.com/hackmoney2022/defilux-89ror

Listed here:

  1. Swing.xyz

  2. Covalenthq.com

  3. Unstoppable Domain

  4. Coinbase

    Need for DEX aggregators

    • The launch of the 1inch MVP proves the need for DEX aggregators. At the ETH New York hackathon in 2019, Anton Bukov and Sergej Kunz produced the 1inch MVP in 18 hours. They did it merely because they required it for personal reasons. ” The primary consumers of 1inch were Sergej and I,” according to Anton, the company’s CTO. Manually checking for the best trading prices on all the DEXs like Uniswap, Kyber, and 0X, before transacting was inefficient and tedious. A practical algorithm was required to scan every DEX for the best trade price and offer an optimal deal instantly, just like other crypto users. To attain the best and economical price for an exchange, you must search across all the DEXs for the best price. However, screening manually is inefficient and does not allow for sophisticated trade networks and routes. Therefore, DEX algorithms play a crucial role in reducing exchange costs. As a result, DEX aggregators have witnessed tremendous growth in recent months keeping in line with DEX volume growth.

    How do DEX Aggregators work?

    • The primary goal of a DEX aggregator is to provide a customer with better exchange rates than any other platform with minimum transaction time. In addition, protecting consumers from cost effects and reducing the probability of transaction failure are some other significant goals of DEX. DEX aggregators pool liquidity from multiple DEXs, allowing users to achieve higher token exchange rates than they could on a single DEX. DEX aggregators have the potential to optimize token pricing, wastage, and trade fees resulting in a better valuation for users. An exchange contract split among numerous DEXs, for example, can get a user significantly better pricing than trade on a single exchange. DEX aggregator integrations are often beneficial to DEXs as they rope in additional users and volume. According to recent research, high-volume traders are increasingly using DEX aggregators, while retail users continue to use DEXs directly.

    The DeFi boom and the DEX aggregators

    • DEX aggregators are a comparatively fresh idea emerging as a result of the continuous developments in DEX. However, they have grown increasingly essential to consumers during the recent DeFi boom. This is because more and more people are prioritizing decent trade deals.