DeFi is now available in FrenDeFi, a Primex-like format that everyone can use.

Dmitry Tolok & Volodymyr Konstanda didn’t start building Web3 to create a buzz. They worked as a blockchain developer agency helping other projects to launch Layer 1 Blockchains, Decentralised Financing (DeFi) protocols and smart contracts. They began to ask a different question as they worked in the background on protocols like Polkadot Cosmos and Dfinity.

Primex Finance was born from this question, which is a protocol for leveraged yield trading and margin farming. It’s now evolved into FrenDeFi – a DeFi app that is designed to provide the full spectrum of financial decentralisation to anyone, anywhere.

Kostanda said, “We noticed how complex the system was for users.” “You had to understand wallets, bridges, fees, multiple protocols,  just to earn yield. “That’s quite a bit to ask.” FrenDeFi is a solution to this problem by combining DeFi’s most powerful features: lending, staking and yield farming. It also combines cross-chain swaps as well as perpetual trading. This is the next step in a journey which began long before the first line of code.

From developers to founders

Tolok has worked in medtech, banking and the tech industry before Web3. Kostanda was already managing and building a software service firm. In 2017, the two began working together on blockchain client projects. Many of these were early DeFi experimentations. In 2020, as DeFi exploded into a summer of innovation, their team were in the trenches building for other people while sketching out ideas.

Tolok: “We were always exchanging ideas.” “We saw patterns in what was broken,  especially around over-collateralization in DeFi. We wondered, “What if that problem could be solved?”

This led to Primex Finance, a Protocol that allowed more efficient capital deployment and undercollateralized loans in DeFi. Early attention was drawn to the project. Investors started calling. Investors came calling.

Kostanda stated that it was a major shift. Running a development agency and creating a product is a completely different experience. We knew we had the team, and we were confident that we could do it.

The Complexity Problem

Primex Finance began with a focus in margin trading and strategies of leveraged yield. It worked technically. However, there was an issue.

Tolok stated that “the user base was shrinking.” DeFi was becoming more powerful yet only a small number of people were able to use it.

Massive onboarding obstacles were created due to wallets, gas charges, bridging fees and fragmented liquidity. DeFi’s UX is a rocket science for mainstream users used to Venmo and Revolut.

The team decided to take a step back, and rebuild the app with a new objective: make DeFi as friendly and intuitive a banking application.

FrenDeFi is the one-stop app for all things DeFi

The result of the experiment is FrenDeFiUsers can enjoy a single DeFi experience that includes:

• Sign in with your social login
• Asset Management across Multiple Chains
• You can swap tokens for yield opportunities.
• Automated strategies to Stake and Lend
• Get AI-powered recommendations for portfolio decisions
• Pay no gas fees

It’s more than an upgrade. It is a complete reimagining. The app relies on cross-chain technology, social onboarding and gasless transactions in order to eliminate the friction which has kept DeFi behind. The app is already live with links to the mainnet versions on a few EVM network and a Testnet version built on Monad L1’s emerging network.

Kostanda explained that “we’ve integrated bridges with DEXs, lending protocol, and stake service all under one roofing.” “You don’t even choose a chain. All of it is abstracted.”

What makes FrenDeFi different?

DeFi is fragmented but so are apps. FrenDeFi reverses this, allowing users to access multiple protocols from different chains without having to switch wallets or interfaces. The AI agent is in development and will improve decision-making through the use of strategies that are based on the risk profile and idle asset balances for each user.

FrenDeFi, for example, might suggest that a user who holds stablecoins on several chains deposit them in a lending pool such as Compound or Aave. This is done without the user having to manually bridge or approve a dozen contract.

Tolok stated, “This isn’t about building another protocol.” It’s all about creating the gateway to DeFi.

PMX: What is its role?

The PMX token is at the core of the ecosystem and powers:

• Staking Rewards
• Fee discounts
• Exclusive access to yield potential
• Buybacks and incentives based on protocol

It’s more than just a token for governance; it is integrated into FrenDeFi and has a long-term value to users as well as liquidity providers.

Security and Audits: They are Important

FrenDeFi’s responsibility to maintain system integrity and user safety increases as it expands. Resonance Security, an expert in smart contracts and infrastructure assessments, conducted a thorough audit of the original Primex Finance protocol. The audit was a great way to uncover early problems and make improvements before the launch.

Kostanda said, “We were impressed by the professionalism and thoroughness of Resonance Security.” It’s a relationship we intend to continue with FrenDeFi as it grows.

FrenDeFi will need to add additional layers of auditing security due to its new application layer that incorporates off chain components, account abstraction and AI integration. As the team prepares for auditing the entire FrenDeFi Infrastructure, not just protocol, Resonance will play an important role in the future.

Tolok said that protocols alone were no longer sufficient. Security is required at all layers when you develop an application which touches wallets and off-chain logic.

Friendly DeFi: A Future for Friendly DeFi

The roadmap includes features such as peer-to-peer payment, invoicing and merchant partnerships.

Kostanda stated that the infrastructure was ready. “Now we need to provide the tools for people to actually use them,” said Kostanda.

But they are not done. FrenDeFi’s next-generation AMM DEX will include customizable pools, conditional order features, and compliance tools. This is all part of FrenDeFi’s long-term goal to make DeFi default financial experience for billions of users.