Power of Access

Financial inclusion through DeFi on the XRPL

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The Power of Access

Financial inclusion through DeFi on the XRPL

No counterparty risk, near-zero fees, flexible terms and accessible to everyone - That's what financial inclusion on the XRPL looks like. On desktop, mobile, as XUMM xApps and in Bifrost's Web3 browser!

A big shout out to Wietse Wind and his team for providing us with an early alpha version of XUMM 2.6 that supports hooks signing. This allows us to show you seamless XRPL DeFi with Hooks and XUMM in our videos!

Inspiration

With DeXfi we offer a DeFi suite that changes the lives of ordinary people. We have brought DeFi to a point where we are able to provide the same financial resources to people all over the world.

Features like

  • Provide Liquidity and Earn Fees - Liquidity (Automated Market Maker)
  • Become a borrower or a lender and earn interest – P2P Loans (Hooks)
  • Reduce currency risk – Swap (Auto-Bridging)
  • Profit from trading – Trade (DEX)
  • Invest in early-stage startups - Launchpad (Hooks)

and many more offer great opportunities to people all over the world.

But there is one very special feature that not only gives people with the lowest incomes hope again, but also the opportunity to drastically improve their living conditions.

  • Secure your livelihood – P2P Futures Trading (Hooks)

What it does

Imagine ...

Layla - a farmer from West Africa - grew rice. At that price it would have been worth it and she could have made enough money to feed her family and then replant the field. But by the time the rice could be harvested, the price had fallen sharply... She lost her entire livelihood and could no longer till the field.

What if there was a platform where she could ...

  • give the rest of her savings to an AMM until it lasted for new crops and 10% of the desired retail price?
  • and then hedging that price with a 10x P2P leveraged futures trade?
  • and then gets a P2P loan through the profit and suddenly can grow a lot more rice?
  • and then exchange her hard-earned money into a more stable currency with a professional trade feature or a simple swap function?
  • and then invest in an early-stage startup to secure her income situation even more and also helps other founders in her region?

This is just one of many possible examples to give you an idea of what is possible. It is not only tied to RICE as you can see in the app, it also includes many other commodities such as GOLD or currencies. Just take a look and let your imagination run wild.

Decentralized - Open Source - Fast - Simple - Low Cost - Accessible to everyone

How we built it

Leveraging native XRPL DeFi features like the DEX and Auto-Bridging or upcoming features like the AMM and Hooks combined with thousands of hours of troubleshooting gives us the ability to offer a feature-complete DeFi suite with institutional-level security on the XRPL.

Challenges we ran into

Developing on a blockchain in development has presented us with some challenges. Constantly changing fundamentals, adding features for which we have already implemented workarounds, a whole new way of programming smart contracts and much more...

Accomplishments that we're proud of

Together with the XRPL and its outstanding technology, we are able to empower people to change their lives and that of their community for the better by providing them with the exact financial services they need.

What we learned

We learned a lot about Hooks, WASM, low-level C, the AMM and NFT's on the XRPL. But most importantly, we learned how important the key features of the XRPL – speed, low fees, scalability, … – are in order to provide such services to the masses.

What's next for DeXfi - XRPL DeFi

Millions of loans have already been processed via the test network. The DEX and SWAP apps are gaining more users every day. The AMM is getting closer and closer. Hook's sidechain is almost here. Every step the XRPL takes brings DeXfi one step closer to providing equal financial opportunity for everyone in the world.

Wait a minute, aren't we missing something important here...

Yes, the onboarding! Even the best CBDC solution needs to find a way to get those people on board that the current financial system hasn’t been able to reach. Stay tuned, we'll be sharing our solution for this and more with you shortly.

Check out some videos

Just give XRPL DeFi a try

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