DeFi trading is fragmented across multiple platforms and protocols, requiring investors to juggle various tools for exploration, investment, and portfolio management. Dyor Exchange reimagines the future of on-chain investing by providing a one-stop shop that simplifies the process of investing in DeFi projects.
In this exclusive interview, we chat with Markuss Jonans, CEO of Dyor, to delve in more into Dyor and how the platform streamlines the investing experience in Web3.
Hi, Markuss. Can you start by introducing yourself and your journey to Web3?
Well, I started heavily investing in on-chain with my business partner in early 2020, and we realised how challenging the process was navigating through all the numerous steps and platforms. Conducting research has posed significant challenges, particularly in managing the information landscape as new projects emerge.
Typically, this occurred in Telegram groups and other channels. There was also this practice of following influencers focused on a specific niche or blockchain, inadvertently causing us to miss out on developments happening elsewhere.
All of the above made us question how to simplify this intricate landscape. If we found it challenging, it was likely that many others faced similar issues daily. That led to the “Do Your Own Research Exchange.”.
Investing in the space involves using many tools, from wallets to swapping platforms, decentralised applications (DApps), and other tools.
The information flow is scattered across platforms like Telegram, Discord, and Reddit, which may not be as universally understood as mainstream sources for traditional finance. In the crypto world, reading updates on platforms like CoinDesk or The Block may leave you feeling like you’re the last to know, especially compared to those accustomed to getting financial information from well-established sources like CNBC in the traditional trading world.
Everybody deserves self-custodial, permissionless finance—the ultimate financial freedom our technology brings to the table. Dyor is committed to making it happen by simplifying the Web 3 investing experience and making it accessible for all investors.
What exactly does Dyor Exchange do/offer?
Dyor Exchange is a decentralised social investing app; think of it as Robinhood or eToro, tailored explicitly for one-of-a-kind investing 100% non-custodial and permissionless.
Our app is available on both IOS and Android and seamlessly integrates features such as wallet swaps, bridging asset management, and asset tracking. Beyond this, people can create profiles to interact with one another, sharing trades, token purchases, market opinions, and other crypto-related information through our comprehensive All Things Crypto feed.
This user-generated content isn’t just limited to personal insights; it also incorporates news from 129 sources. We are actively exploring integrations with platforms like X and Discord and other social media channels to aggregate crypto-relevant information. The goal is to provide actionable insights that assist users in quickly identifying their next investment opportunity on-chain, streamlining the entire process with just a few clicks.
Dyor Exchange aims to democratise online investing, offering easy accessibility with minimal steps. We strive to be the go-to platform where users effortlessly invest, discover, and explore new tokens.
What inspired you to create Dyor? What specific pain points in the DeFi space did you aim to address?
The pain point we aim to address is the challenging and risky nature of on-chain investing. Existing platforms lack user experience (UX) and interoperability, forcing investors to navigate through 7+ platforms to explore, invest, and manage their non-custodial investments. This complexity creates a significant barrier to entry, consumes valuable time, and results in missed opportunities for potential investors.
Moreover, the absence of a standardised method for researching and exploring projects within the blockchain space exposes investors, especially novice investors, to scams, pump-and-dump schemes, and fake influencers. These bad actors thrive by exploiting unsuspecting investors, as highlighted by reports of crypto investors spending 4+ billion on pump-and-dump tokens last year.
How do you plan to overcome the current knowledge gap and potential scepticism towards Web3 among potential users?
Firstly, our primary focus is to streamline the user experience. We’ve simplified wallet creation across different chains, eliminating users’ need to add networks manually. Trading is made more versatile, allowing users to trade across various decentralised exchanges instead of being confined to platforms like Uniswap or PancakeSwap. Additionally, we take care of bridging assets from one chain to another. For instance, if you fancy a token on Ethereum but it’s also available on Binance Smart Chain, we handle the bridging process through our established connections.
Staking is done within the app, and users don’t need external platforms. Keys are stored directly on the user’s device to ensure security. Retrieving them is an option but an optional step in the user journey. Our login flows are designed to be user-friendly, providing a familiar web2-like experience.
How does Dyor’s vision of simplifying Web3 investing differ from existing solutions?
Dyor places exploration at the forefront. We aspire to be the app where users navigate the intricate landscape of allocating their capital on-chain, identify which tokens to acquire, and discern the narratives that captivate and stand out the most. This distinction sets us apart – we serve as the hub where users delve into the world of tokens, uncover trends, and conveniently execute actions with just a few clicks. Our emphasis on simplicity and social interaction distinguishes us from other existing solutions. We prioritise the social aspect and the spirit of exploration.
The Dyor App and Token are slated for launch in Q1. Can you tell me more about it?
The anticipated launch is queued for the end of Q1 to release the app and the token. We are proud to have secured partnerships with major Launchpad allies, and confirmation has been received from prominent centralised exchanges. Stay tuned for exciting partner announcements by following our social media channels in the coming weeks.
How does the token integrate with the Dyor protocol? Are there exclusive features for holders?
The primary function of our main token centres around revenue distribution, ensuring that our token holders reap the benefits from various activities within the app, including swaps, bridging, staking, and other revenue-generating processes. The token, when staked, takes on a central and dominant role in our ecosystem.
People also have the opportunity to acquire our token by actively participating and engaging with other users, taking part in competitions, attending events, and achieving milestones. These earned tokens contribute to a dedicated rewards section. Additionally, people can receive token rebates from the trading volume generated by the users they bring into the platform.
In our ongoing efforts to enhance utility, we are exploring additional token functionalities, which will be elucidated further in our comprehensive tokenomics documentation and the upcoming white paper set to be shared closer to the launch.
Dyor recently crossed over 420,000 signups on the waitlist. How does that compare to your initial expectation?
The response was quite remarkable. Initially, we had anticipated having fewer than 100K users by the time of our launch, and we have quadrupled our expectations. Our initial goal was 10K users by December 2023, so surpassing that 40 times is remarkable.
Can you glimpse some other products you/Dyor are working on?
We’re crafting a fresh design and incorporating gamification elements into the upcoming Dyor app, set to be unveiled by the end of Q1. While the specifics of other features are still under wraps, rest assured that exciting developments are underway behind the scenes.
What are you most excited about for the future of Dyor and the Web3 industry?
I’m genuinely excited about the enhancements in user experience throughout our diverse range of products being constructed on-chain. These improvements aim to make the overall user interface more accessible and user-friendly, presenting a viable alternative to traditional finance solutions in a non-custodial framework.
Dyor is part of this movement, specifically designed with the end-user in mind – not exclusively for those deeply immersed in online activities. Our commitment is to continue refining and tailoring our platform for a broader audience. It’s gratifying to witness the industry moving in this direction, benefiting us all and contributing significantly to the shared goal of widespread adoption, potentially reaching the following 100 billion people on-chain.
Are there any unexpected challenges or lessons you’ve learned since launching Dyor?
The primary lesson learned is that it is more challenging than it seems. There are many moving elements within a company, even at this stage, and there will be much more. Fortunately, We have an incredibly supportive team that has been instrumental throughout our journey, especially during challenging periods like the bear market.
We persevered, considering the prevailing sentiment when nobody talked about crypto and that it would not survive. Our resilience during such times was unexpected, but we’re proud to have pushed through. So yeah, that was unexpected, but we are glad we pushed through, and I guess that’s what makes us unique as well.
