The first DeFi wallet on Algorand, a proof of stake scalable public blockchain, Defly, is now live on iOS and Android as per an update on March 27, 2022.
Defly by Blockshake is a free web wallet that will respond to EVM-compatible MetaMask wallet and set to commander the developing DeFi ecosystem in Algorand.
Its developers hope that the secure non-custodial wallet would redefine decentralized trading in the high throughput network as it roles charts, swaps, and stats into one easy-to-use protocol.
The creators of Defly take full advantage of Algorand’s composability with the best features offered by CEXes and the convenience of real-time portfolio management while fusing in the security and independence of DeFi.
According to trackers, the cumulative DeFi TVL stands at over $216 billion, recovering after plunging below the $200 billion level following a sharp contraction of crypto prices from mid Q4 2021. Algorand’s DeFi ecosystem commands a TVL of $109 million, with the most active protocols being Algofi—a lending protocol—and Tinyman—an AMM-DEX.
DEFLY, the native token of the Defly DeFi wallet, is available for trading at Tinyman. Meanwhile, ALGO is recovering, outperforming the USDT in the last trading week.
Algorand has since processed over 11 million transactions in the last week alone. Since launching three years ago, the network has retained a 100 percent reliability rate, continues to develop. Algorand has already released the Falcon Keys, laying the foundation for cross-blockchain interoperability.
