On May 6, 2021, the total locked value (TVL) held by decentralized finance (defi) is more than $77 billion. Much of this money is used by decentralized exchange (dex) platforms and liquidity pools. With dex platforms capturing over $2 billion in trade volume daily and $18 billion during the last seven days, a project called the Dechart DAO aims to provide traders with the ability to make â€œthe most informed, efficient trades.â€
Dechart â€“ Decentralizing Defi Data
The cryptocurrency ecosystem has swelled this year and defi platforms and Web3 applications make up quite a bit of the value. Moreover, participants have been able to find a lot more value with concepts like oracles, automated market makers (AMMs), decentralized exchange (dex) platforms, liquidity pools, decentralized stablecoins, and more. With all the trading action happening in real-time, traders find that itâ€™s hard to get insight into all the markets in one place.
However, a decentralized autonomous organization (DAO) called Dechart aims to fix this problem and democratize the process of accessing reliable defi data. Moreover, Dechart is removing the need for expensive institutional-grade trading platforms. For instance, the Dechart team explains that popular dex platforms like Uniswap, Pancakeswap, and Sushiswap have seen massive growth. But solutions for people who want real-time trading data for these dex platforms are practically non-existent.
â€œMost [dex platforms] were not built to perform sophisticated financial analysis,â€ the Dechart litepaper notes. â€œThey provide very simple insight into the tokens that trade on their platforms. Due to this, there are a number of platforms in the space currently providing third-party tools to aggregate these broad data sets in a scattered and disorganized way.â€
The litepaper adds:
Dechart App Version 1 Launches
Dechart is a community governed DAO and has released the first iteration of the projectâ€™s version 1.0 trading platform and dashboard. The protocol allows any user to easily connect and consume diverse data sets within an intuitive user interface. â€œTraders can utilize an enormous set of data that has immense aggregative value existing in an even more fragmented scatter all across the various data outlets of Web 3.0,â€ the Dechart team says. â€œWithin this are major opportunities to enhance data consumption.â€
The team adds:
The teamâ€™s litepaper stresses that Dechart is focused on becoming a world leader in the aggregation of data from decentralized exchanges and the most concentrated, advanced data solution for users seeking trading resources. Defi and dex users can leverage Dechartâ€™s 1.0 application here and get updates from the project coordinators on Dechartâ€™s official Telegram channel. Dechartâ€™s DAO will also utilize a native token in order to bolster the autonomy and security of the project.
Furthermore, as a DAO, Dechart is designed to function independently of traditional trust schemes and centralized governance models. Stakeholders of Dechartâ€™s DCH token will be able to participate in governance decisions, from deciding on new features to rewarding the community to controlling the revenue model for premium features.
What do you think about the Dechart DAO? Let us know what you think about this subject in the comments section below.
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