DeFi Pulse

Decentralized Finance Tracker ‘DeFi Pulse’ Launches New System

Analytics site DeFi Pulse today releases a new system to accelerate the listing of decentralized finance (DeFi) protocols. According to the co-founder Scott Lewis, DeFi Pulse, the team’s new listing process will go live today. With the new system, the prospective project, rather than the site itself, will code the required adaptor using the DeFi Pulse’s software development kit (SDK). As a result, it will feed statistics into the site’s leaderboard without fail.

What the DeFi Pulse co-founder further says?

Scott Lewis, the cofounder at DeFi Pulse, further says that the open-source protocol Aave was the first to go through the updated procedure. And, it will appear on the leadership board as soon as the new system goes live. Similarly, four other projects [dForce, DeFi Saver, Numerai, and Robo Advisor for Yield (RAY)] are also building their project adaptors and will soon be listed.

The update is meant to streamline the listing process to cope with the growth of the DeFi ecosystem that’s occurring today. Lewis adds to his comments.

What’s the Problem with the Old Listings?

While discussing old listings, Lewis says “With the old listing process, the DeFi Pulse team has to interview prospective projects one-by-one. They have to learn how their smart contracts work. And, then move to code the project adaptors to get high-level statistics like total value locked.”

As a result, it can take up to two weeks to add a new protocol depending on how complicated the smart contract is. Lewis says to the media.

For example, Nexus Mutual was easy to add. Because one can find the value locked by simply reading the ether balance in its smart contract. However, with protocols like InstaDApp, each user has their own set of DeFi positions. The DeFi Pulse team would then have to trace the user’s activities on other protocols like Maker or Compound to find out how much value locked is associated with that one account.

Furthermore, Lewis comments that “It created a large time burden on both the projects to give us these lessons. And then also we have to learn and code when the best experts on how these smart contracts work are the team members themselves”.

Upon Receiving Update

The new listing process, on the other hand, lets prospective projects code the adaptor themselves and eliminates the need for DeFi Pulse to learn their smart contracts.

DeFi Pulse would first make a curation decision depending on whether a project fits the criteria of decentralized finance and whether it has a high-level of user adoption. Approved projects would then start building their own project adaptors using DeFi Pulse’s SDK.

“This process removes us as a bottleneck for adding new projects onto DeFi Pulse,” Lewis said.

Right now, DeFi Pulse’s decision-making regarding which project to list relies on a mix of the team’s own intuition and the consensus of the community, he added. Although the team plans to come up with a public guideline going forward.