Transforming DeFi Challenges with a Decentralized Trading Application

Overview_

This cutting-edge fintech brand empowers DeFi traders on EVM-based networks with advanced trading tools. Customers were grappling with scalability issues, hefty transaction fees, and security gaps.  

Euvic stepped in, crafting a game-changing trading solution featuring front-running bot technology for secure and seamless trades. Euvic: 

• Leveraged TypeScript, React.js, and Node.js 
• Delivered a top-tier product in just nine months 
• Revolutionized user experience and engagement.  
• Catapulted the company’s operations, fueling its rapid growth in the fast-paced fintech arena. 

Background_

DeFi traders and EVM-based networks face challenges including scalability issues, high transaction fees, and security vulnerabilities. The congestion on popular EVM-based blockchains like Ethereum can mean users experience slow down transaction processing times and exorbitant fees, making it hard for traders to execute timely and cost-effective transactions. Additionally, DeFi is evolving so fast that there’s always a risk of security breaches, as bad actors try to take advantage of the system. 

Challenge_

The company needed to bring additional value into its product ecosystem by delivering a highly secure and convenient trading alternative to the standard industry players.  

• They needed to enable customers to have secure round-the-clock opportunities to trade and transact. 
• Prototype solutions continually failed because for this to work, account owners needed to keep their computers and applications running at all times, and if the computer or server was turned off or disconnected, the transaction would fail. 
• Security was critically important and the solution needed to be resilient to hacking and attacks. 
• As an early-stage business, the company needed to bring in a high-caliber design and engineering talent quickly while carefully managing project costs.  

Solution_

Euvic was engaged to build a fully functioning revenue-generating product for a private community subscribed to the company’s services, and to develop a front-running bot technology to protect users from losing assets.  

• Euvic provided end-to-end service, from solution design through to UI/UX, development, QA, and launch.  
• After conducting a thorough discovery, Euvic’s team found an option to build a server bot that clients can run on their servers via the terminal.  
• Users can set a limit on buy/sell orders and stop loss orders in the application.  
• The application monitors the blockchain and prices on the DEXes, and when the market price matches the price set in the order, the app attempts to place a corresponding trade on the DEX. 
• The application can sign transactions on behalf of the user precisely when the price reaches the required limit. Once the limit order is fulfilled, users receive a notification that provides a link to the transaction hash and transaction details. 
• Security innovations include the absence of a single centralized server that stores and consolidates the user’s private keys. By storing the user’s private key on a personal computer or personal cloud server, the solution significantly reduces the risk of hacking and eliminates the possibility of attacks. 

Platform Key Features: 

• Limit orders: Setting limit orders to buy/sell cryptocurrency on decentralized exchanges 
• Stop loss: Automatically sell tokens once a stop price has hit to minimize losses 
• DEX aggregator: Buying and selling tokens using the best price across multiple DEXes 
• Slippage tolerance: Setting the slippage (%) which is ready to be accepted during swapping 
• Front running bot: Running a technology to protect users from losing assets 
• Off-chain: All transactions will be conducted within the application 
• High security: Safety because of the absence of a single centralized server 

The Dream Team_

Euvic clients have access to the group’s many Centers of Excellence (CoE), and can leverage the specialized expertise and capabilities of each CoE based on individual project needs. As a result, we can offer our clients deep expertise across a broad range of solutions. In this case, Euvic’s client was served by our CoE, Artkai, which excels in user experience design. 

Result_

6 months: After 3 months for research and design, delivered concurrently with 6 months for development and QA, Euvic delivered a complex product with intuitive navigation and higher user participation.  

50%+ savings: The client was able to deliver the product MVP to market at 50% of the costs, had they used onshore resources.  

Scale: Further, our client’s team was delighted by their ability to scale up and down as needed, affording the flexibility that is so critical to fast-moving startups in the fintech industry. The added capacity freed the client team to focus on marketing and investor relations, building their business case and company value.