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Introducing AlgoBlocks — One Simple Platform to Access Multiple DeFi Products

AlgoBlocks - one platform to access DeFi products seamlessly and easily
AlgoBlocks - one platform to access DeFi products seamlessly and easily

Algoblocks is a platform solution that aggregates all the DeFi products in the market, abstracts all the manual steps, removing the technical know-how barrier, and makes it easier for users to interact with the existing DeFi protocols through pre-programmed algorithmic templates and automation.

Our inspiration for creating the AlgoBlocks product was driven by the questions:

“Why hasn’t the number of DeFi users exploded to the same magnitude as that of CeFi? What’s holding back the average crypto user from using DeFi products ubiquitously to trade crypto?”

Even though the DeFi space offers a universe of different products or services, we observed a low number of users compared to the total number of blockchain users. For example, if we compare the number of users active on the centralized crypto exchanges such as CoinBase or Binance, the numbers are well beyond 50 Million active users; however, the numbers dwell in comparison to around 3 Million users within the DeFi space.

Based on our research and discovery, we found that even simple tasks like bridging and staking are intimidating for most crypto users. Currently, most of the products are trying to remove this friction in the DeFi experience through aggregation. Aggregating multiple DeFi products or services doesn’t lower the entry barrier or eliminate the need to have the technical knowledge to know how to use them.

Through AlgoBlocks, our mission is to enable the everyday Crypto user to use DeFi products seamlessly and easily without being bogged down by the technicalities or complexities of the steps needed to use the product. We hope to be a strong catalyst in helping the number of DeFi users grow by becoming ubiquitous platform and a DeFi product ecosystem that is loved and used by many.

Source: Coinbase, Dune Analytics — As of Q2 2021

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