NewsAlgorand Ventures Invests in Defly to Support Wallet Growth and Development   

Algorand Ventures Invests in Defly to Support Wallet Growth and Development   

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Algorand Foundation

September 13th, 2023 – Algorand Ventures is investing in Defly, an Algorand wallet with unique DeFi trading features. The investment will support wallet growth and the development of a browser extension wallet. The Algorand ecosystem does not currently offer a compelling browser extension wallet, and Defly will be able to fill this gap within the ecosystem’s wallet infrastructure, creating a wallet experience that is more familiar to Web3 users. 

Defly is an Algorand mobile wallet developed by Blockshake GmbH, designed to focus on trading and portfolio management within the Algorand ecosystem. It offers a slick, user-friendly UI with the security of locally encrypted key storage. Defly has an associated token, DEFLY, with ~$370K of TVL in liquidity pools on Algorand’s top DEXs like Tinyman, Pact, and HumbleFi. The wallet currently has around 3K active monthly users. 

Head of DeFi at Algorand Foundation, Dan Oon, said: “Defly empowers users to effortlessly perform all their trades, monitor asset prices in real-time, actively engage in liquid governance processes, and seamlessly access a diverse array of dApps through a dedicated dApp browser. Blockshake has consistently and unwaveringly delivered the exceptional user experience that our community seeks and values.”

Principal Architect, Bruno Martins, said: “The Algorand ecosystem has multiple mobile wallets and web wallets, but no well-maintained browser extension wallets. Defly can fill this important niche and add great value to the Web3 ecosystem. Security-wise, browser extension wallets have a more controlled and static run-time environment, meaning they do not have their code dynamically changed every time they are loaded. Additionally, they are sandboxed from the rest of the browser, making them relatively more secure. In the case of a browser extension being compromised, any breach or malicious code would be contained to the browser and not spread to the whole user base, which can be the case with a web wallet. It also adds the option to connect wallets to applications without the need for third-party services.”

Defly Co-founder, Stefan Hechenberger, said:  “We are building a rocket, not a tricycle. Our unique features, such as profiles, DeFi-aware portfolio, and corporate-grade multiSig with Ledger integration, set us apart in the crypto wallet space. With the web extension version of Defly Wallet, we will further flatten the learning curve of any non-trivial blockchain use. We thank the Algorand Foundation and our community for their continued support.”

Download Defly Wallet.

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