UpsideFinance is building a mobile application-based portfolio tracker and DeFi aggregator that allows users to easily access the Algorand DeFi ecosystem from a single user interface. Our mission is to help onboard the next million users onto Algorand by simplifying the user experience and removing the complexities of investing in DeFi.
Currently on Algorand, there exists a number of DeFi protocols that allow users to invest and earn passive income. However, they suffer from several user experience issues:
a) Difficulty in tracking investments
Since users deposit assets into different protocols to diversify their risk or take advantage of various yield opportunities, they need to track the price movements of their investments, asset allocation, net worth over time and other metrics such as impermanent loss across each protocol manually.
b) Low discoverability of DeFi opportunities
In order to discover new pools in existing protocols and launches of new protocols, users need to manually check each protocol’s website or stay updated on Twitter and Discord for announcements.
c) High barrier to entry for new users
Users who are new to Algorand need to learn technical jargon before investing such as ASA, optin, transaction group, etc. In addition, the process to add liquidity into AMMs requires a large number of clicks which further creates a poor experience. For example, the typical user flow to add liquidity into the YLDY/USDC pool is:
1) Opt into YLDY and USDC
2) Find AMM with best swap rates
3) Swap ALGO to YLDY
4) Swap ALGO to USDC with equivalent value as YLDY
5) Opt into AMM smart contract and LP token
6) Deposit YLDY and USDC into pool then receive LP token
To combat the above issues, UpsideFinance brings 3 solutions into a single mobile app that allows users to track, manage and invest their digital assets through a simple and easy-to-use interface.
a) Portfolio tracker
Portfolio tracker is a tool that gives users a bird-eye view of their investment across different protocols, making it easy for them to benchmark their investment performance over time. Specifically, It shows their net worth breakdown by HODL, lent, borrowed and pooled in liquidity pools.
b) DeFi aggregator
DeFi aggregator shows yield opportunities across all major DeFi protocols in a single user interface. This allows users to compare and access the most profitable pools without the need to open multiple tabs for every protocol.
c) One-click investing
Instead of going through multiple steps, the one-click investing feature lets users invest into liquidity pools with a single button click. Behind the scenes, the app handles the opt-in transactions, swaps users’ held tokens (ALGO or USDC most likely) for the pool’s tokens at the best rates using DEX aggregator Alammex and deposits those tokens into the pool without any user intervention.