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= DeversiFi = DeversiFi is a decentralised cryptocurrency trading exchange which facilitates trades and swaps of coins and tokens, primarily Ethereum-based assets. The project is one of several decentralised networks and applications that offer financial products via a peer-to-peer structure, without conventional middlemen or central authorities.

DeversiFi is an Ethereum scaling solution, meaning it inherits the security features of the main Ethereum blockchain but is capable of processing and validating transactions independently. The project says this enables users to avoid the gas (transaction) fees found on the main blockchain.

Like many other Ethereum-based projects, DeversiFi has its own token, DVF. Holders can ‘stake’ their DVF tokens (return them to the project) in return for governance rights, primarily the ability to propose and vote on changes to the DeversiFi protocol and treasury.

History
DeversiFi was launched in 2019 by Will Harborne, Dan Yanev and Ross Middleton.

Harborne, a graduate of Cambridge University, previously worked for cryptocurrency exchange Bitfinex before starting an Ethereum-focused subsidiary, Ethfinex. Middleton and Yanev subsequently joined the project, working across both Bitfinex and Ethfinex.

Whilst at Ethfinex the trio developed a minimum viable product (MVP) for a decentralised exchange, designed to capture the growing popularity of decentralised finance products.

In September 2019 Harborne, Middleton and Yanev left Ethfinex and Bitfinex to launch DeversiFi as a completely new, independent company. In June 2020 DeversiFi launched on StarkEx, a scalability engine for crypto exchanges. In fact DeversiFi the first product to go live using StarkWare - a technology that enables developers to launch decentralised applications using smart contracts and promises unlimited scalability.

DeversiFi’s governance token, DVF, launched in June 2021. The project currently has over 4,000 token-holders.

Trading
In addition to order-book trading (which matches bids from buyers and sellers), DeversiFi plans to introduce algorithmic automated market makers, or AMMs. These will be based on liquidity pools, which are filled by community contributions.

Technology
DeversiFi is hosted on ‘layer 2’ - a theoretical layer of semi-autonomous projects hosted on top of the main Ethereum blockchain.

Specifically, the project is known as a ‘rollup’, meaning that it processes and validates in bulk (or ‘rolls them up’) before sending a single ‘proof’ of the entire batch to the Ethereum blockchain, using StarkWare. The founders claim this is quicker than processing each transaction individually.

DeversiFi validates transactions using a mechanism known as zero-knowledge proofing. This method challenges ‘provers’ (the party wishing to prove the validity of the transaction) to solve complex mathematical puzzles that demonstrate their possession of the requisite information, without revealing any potentially sensitive data.

Investors
DeversiFi announced a $5m sale of DVF tokens to strategic investors in May 2021.

The round was led by Parafi capital. Investors also included DeFiance Capital, Delphi Ventures, Lightspeed, Blockchain.com ventures and Fenbushi Capital.