Accelerating DeFi Innovation: DeFi Catalyst Accelerator Launches in Singapore

This week marks the beginning of an exciting journey as DeFi Catalyst Accelerator (DCA) kicks off in Singapore. This initiative aims to spark a new wave of innovation and growth in decentralized finance (DeFi), bringing together six innovative projects and people who can reshape the industry.

Over the next six weeks, participants in this intensive program will receive resources, mentorship, and the chance to receive $200k in funding. Their mission? To develop groundbreaking DeFi projects on Etherlink, an EVM-compatible L2 rollup built on Tezos.

With DeFi, more people have unrestricted access to finance than ever before, and as blockchain technology improves exponentially, so do the opportunities for innovation. By offering lightning-fast transactions, robust censorship resistance, and low fees, Etherlink opens up new possibilities for DeFi while mitigating common problems like MEV and front-running.

Read on to discover more about DCA, the teams involved, and what they bring to the DeFi scene. To stay up-to-date with exciting developments, follow us on Twitter and Medium.

Meet the DeFi innovators

Plend will be the first lending and borrowing platform on Etherlink. The vision for Plenty expands beyond the initial launch; the Plenty Labs team aims to transform Plend into the first lending and borrowing aggregator for the entire EVM landscape.

Hanji is an on-chain spot exchange built with Solidity that offers lower gas costs than alternatives like AMMs (automated market makers). During the program, they plan to implement an LP token with a market-making strategy, embedded wallets featuring one-click trades, and credit accounts for margin trading.

SaveX is a non-custodial neobank and payment service tailored for remittances and e-commerce. It provides users with local on-ramps in emerging markets, ensuring high transaction success rates, favorable exchange rates, and low costs. An integrated wallet facilitates frictionless one-step checkout via stablecoin rails, making it an attractive alternative to traditional methods like SWIFT.

Hashleap is a payment and financial management platform catering to Web3 businesses, freelancers, and contractors. Its objective is to streamline cryptocurrency payments management by offering users a suite of on-chain and off-chain tools and seamless integrations with complementary products. Hashleap’s mission is to simplify payment flows, facilitating efficient tracking, receipt, and reconciliation of token transactions.

Rivo offers a self-custodial AA wallet and one-click yields on multiple blockchains, leveraging innovative blockchain technologies like ZAPs and account abstraction. Its users get a familiar Web2-like investing experience while simplifying the entire DeFi investment cycle.

StableTech is a Tezos consortium with expertise in building core elements of the DeFi toolkit, including asset-backed stablecoins (StableTez), decentralized exchanges (TEZEX), and decentralized lending (TezFin).

Together with Etherlink, these projects aim to revolutionize the DeFi landscape, benefiting the broader DeFi community by bringing distinctive expertise and solutions.

What’s in store for the participating teams?

By providing comprehensive support and fostering industry connections, DCA empowers each project to:

• Develop a functional product: Participants receive the resources and guidance to transform their ideas into functional DeFi products. With an MVP (minimal viable product), they have a version for users to test, provide feedback, and present to potential investors.
• Make industry connections: Through mentorship and networking opportunities, participants will build valuable industry connections, paving the way for possible partnerships, collaborations, and investment opportunities.
• Position themselves for success: Armed with innovative solutions and industry connections, participants will be well-positioned to succeed in the fast-paced and dynamic DeFi ecosystem, driving growth and innovation in the industry.

DeFi on Etherlink

Etherlink offers multiple benefits for DeFi projects. Powered by Tezos Smart Rollup technology, it delivers lightning-fast transactions, robust censorship resistance, and low fees while being EVM-compatible and benefitting from a host of existing Ethereum-based tools.

The upcoming introduction of a decentralized sequencer contributes to security and decentralization, complemented by built-in MEV protection to safeguard users against potential exploitation. These qualities contribute to a fairer, more secure, and dependable platform for DeFi builders and users.

Follow the DCA’s progress

For the most recent developments regarding the DCA and opportunities to connect with the participating innovators, follow us on Twitter and Medium.