LI.FI x Diamond Protocol Twitter Space Recap

Our Twitter Space with LI.FI saw over 450 listeners tuning in, where we discussed the recent troubles the crypto community has gone through, shared our progress and plans for the future, and how LI.FI’s integration with Diamond Unibot will affect user experience and the future of DeFi in the coming years.

For those unable to tune in, we’ve provided a short recap here and the link to the recording of our twitter space.

📍https://twitter.com/i/spaces/1zqKVPDDWOlJB?s=20

For users unfamiliar with our team product, Diamond Protocol’s Unibot is a leveraged liquidity provision platform built on top of Uniswap v3, currently in closed beta. Diamond Unibot allows users to open liquidity-providing positions on Uniswap V3 with USDC only and utilize leverage to borrow the volatile asset pair to form a position on Uniswap V3. Unibot currently supports the Arbitrum network USDC/ETH 0.05% pair from Uniswap, which is where our excellent innovators and new partners at LI.FI comes in.

LI.FI is an advanced bridge and DEX aggregation widget that developers could integrate into their DAPP. It allows users to seamlessly and easily bridge assets across multiple chains, from the Ethereum mainnet to layer 2 networks or from layer 2 to other networks.

For users new to the DeFi space, bridging assets across layer 1 and 2 networks have always been a convoluted and, at times, costly affair; LI.FI integration solves this problem by allowing users to bridge their assets with a click on DAPPs.

Without further ado, here are some interesting tidbits from our conversation with LI.FI:

User Experience and LI.FI

• Our team, as well as LI.FI has observed from community feedback that there is a large disconnect between experienced DeFi natives and crypto users.
• Even those well-immersed in the crypto ecosystem found their first-time cross-chain asset bridging in DeFi a headache.
• This disconnect is largely attributed to the anti-intuitiveness of the multiple co-existing networks in DeFi.
• In order words, most have become accustomed to the ease of use of straightforward interactions from CeFi exchanges and crypto onboarding UIs.
• Diamond Unibot requires new users to bridge their USDC assets to Arbitrum. In the past, this required heading over to a third-party app, complicating the process.
• With LI.FI, users can now click a widget on our site to quickly bridge their assets.
• Check it out here

The Future of Crypto and DeFi

• More users are gravitating towards DeFi and self-custody in the wake of CeFi debacles such as the collapse of FTX.
• In the wake of the FTX crash, large institutional investors and VCs will likely not touch crypto in the foreseeable future.
• An overall significant drop in trading volume across all assets
• However, signs still point to a future revival of crypto and DeFi. TradFi quant traders have been developing derivative strategies on DeFi; Goldman Sachs has quietly purchased crypto companies during this market downturn.
• The loss of faith in CeFi exchanges has driven many talented traders into DeFi.
• We believe that the next revitalization of the crypto ecosystem will arise out of the DeFi space.

Closing Statements

The final segment of our twitter space with LI.FI, we discussed the features coming soon onto our Unibot platform. We’re planning to launch auto vaults soon, a self-executed UniBot strategy based on the preset backtested parameters) to lower the entry barrier for retail users by creating a “Set & Forget” LP mechanism. Down the line, Diamond Protocol intends to build a full ecosystem allowing qualified users to build their auto-vault with customized strategies, allowing the retail public to deposit into their vaults to earn yield.

To learn more, and be one of our OG users, join our Discord and get whitelisted: https://discord.gg/ta3hjdhXd6