We noticed a significant problem in the crypto space: onboarding new users was extremely difficult. This remains an unsolved issue in the existing products even today. So, back in late October 2022, we came up with the idea of Defy, initially Avex. Our idea was simple yet ambitious—we needed to remove complexities like seed phrases from the ecosystem to achieve mass adoption.

In November 2022, as we delved deeper into our idea. The collapse of FTX highlighted another major issue: the problems with centralized exchanges.

The Problem with Centralized Exchanges

Centralized exchanges, albeit convenient, come with significant issues. They often lack transparency, leading to trust issues and potential fraud. Their centralized nature makes them vulnerable to a single point of failure. Moreover, users don't truly own their assets as the exchange retains control. These problems undermine the principles of decentralization that blockchain was meant to uphold. We needed a better solution—one with the ease of centralized platforms coupled with the core values of decentralization.

First Buidl and Web3Conf India

Fast forward to June 2023, we started developing the first prototype of Avex. We created our first prototype during a hackathon organized by Web3Conf Goa. Web3Conf Goa was a pivotal moment for us. Until that point, we were bootstrapped, and winning the hackathon provided us with the necessary resources and motivation to continue the project.

We met some amazing folks who appreciated our product, and gave us the push and validation we needed. Meeting Naresh(India lead Aptos) at the conference became our first major connection from the event. This marked the beginning of our deeper engagement with the Aptos ecosystem.

Why We Decided to Move to Aptos

After meeting Naresh and exploring further, we migrated Avex to Aptos due to its enhanced scalability, top-notch security, and superior user experience. Aptos’s supportive community and robust ecosystem perfectly aligned with our vision for Avex.

What is Defy?

Our brainchild gained momentum after winning the Web3Conf Goa hackathon. We wanted to create a super-app, an alternative to centralized exchanges like Binance, but decentralized. We changed the name to Defy, a crypto super-app that combines all DeFi products. It's the only app you'll need to manage your assets across multiple dapps in a secure, decentralized, and self-custodial way.

Our mission is to make decentralized finance easy and accessible to the 5 billion internet users, providing a user-friendly experience while maintaining security and decentralization.

We also received a grant from Aptos, further solidifying our commitment to this promising blockchain platform. With this support, we are dedicated to making Defy a leading force in the DeFi space.

The Waitlist Launch

On May 17, 2024, we launched our waitlist program for the Defy app, and it is currently live with around 29,000 users. The waitlist experience is more than just a standard sign-up process; it’s an engaging arcade of quests, games, and rewards designed to familiarize users with the Aptos ecosystem and incentivize early adopters.

Participants on the waitlist can earn Defy coins by performing various on-chain activities, social quests, and playing games. These coins can be used to purchase chests containing Defy Insider NFTs. The NFTs come in four tiers—Diamond, Gold, Silver, and Metal—each offering different perks and benefits. Top-tier NFT holders gain early access to the app and enjoy premium features such as gasless transactions, trading fee discounts, and more.

Conclusion

Defy is more than just a crypto app; it’s a movement towards reclaiming financial autonomy. By addressing the flaws of centralized exchanges and leveraging the advanced capabilities of the Aptos network, we aim to create a platform that truly embodies decentralization and user empowerment. Let’s defy the odds and shape the future of finance.

We would like to extend our heartfelt thanks to the Web3Conf Goa team for believing in us and providing the platform that kick started our journey. Stay tuned for more updates as we continue to build and grow.*