DeZy - SGD DeFi platform

[cassowary18]

https://dezy.sg/
Anyone seen this platform before? Saw their ad on Facebook.

 

[xRenol]

Are you regulated by MAS?​

DeZy is not currently licensed by MAS.
We do not handle custody of any of your money. In financial systems, a custodian is a financial institution that holds customers' funds for safekeeping.
All transactions through DeZy are processed using automation and programmatic processes. We have worked with our Singapore based legal team to ensure that our service is well structured. Instead we use technology as a means to secure, and distribute your funds across a range of high yield decentralised finance protocols.

Frequently Asked Questions

 

[hwmook]

I might as well do it through Crypto instead of letting them earn right?

 

[wira]

you can stake stablecoins like USDC in HODLNAUT and earn like 12% APY

 

[reddevil0728]

you can stake stablecoins like USDC in HODLNAUT and earn like 12% APY

How much does HODLNAUT charge for withdrawal into FIAT?

 

[ashethen]

Crypto.com giving 10% for USDC. $25 to withdraw, 1:1 usd to usdc for deposit

Don't bother with this DeZy scheme. They let you hold all the risks of the stablecoin, and they take roughly 50% cut of your earnings. You also hold the risk of them running away with your stablecoins

 

[wira]

How much does HODLNAUT charge for withdrawal into FIAT?

they are not an exchange so you cannot withdraw into fiat.
you need to transfer to exchange and then sell to get fiat.

 

[yiron]

How much does HODLNAUT charge for withdrawal into FIAT?

Hodlnaut cannot direct off-ramp to fiat. But can route through a crypto exchange to withdraw in USD, not that difficult actually.
For USDC, hodlnaut charges 10 USDC (i.e. US$10) per withdrawal. But the 12% APR (12.7% APY) more than makes up for it.

DeZy is good in that it allows direct on/off-ramp to fiat, and can do so in S$.
In exchange for convenience and avoid USDSGD exposure, the yield is much lower at 5.25%. And capped at S$5000 (for now).

I'll stay with Hodlnaut - the underlying risk are pretty much similar, and the extra yield more than covers the hassle of lack of direct on/off-ramp and USDSGD exposure.

 

[psyfy]

Hodlnaut cannot direct off-ramp to fiat. But can route through a crypto exchange to withdraw in USD, not that difficult actually.
For USDC, hodlnaut charges 10 USDC (i.e. US$10) per withdrawal. But the 12% APR (12.7% APY) more than makes up for it.

DeZy is good in that it allows direct on/off-ramp to fiat, and can do so in S$.
In exchange for convenience and avoid USDSGD exposure, the yield is much lower at 5.25%. And capped at S$5000 (for now).

I'll stay with Hodlnaut - the underlying risk are pretty much similar, and the extra yield more than covers the hassle of lack of direct on/off-ramp and USDSGD exposure.

Hi, which exchange do you off-ramp to convert to USD?

 

[yiron]

Hi, which exchange do you off-ramp to convert to USD?

PMed you

 

[reddevil0728]

PMed you

can share also?

 

[yiron]

can share also?

PMed you

 

[yiron]

Hey everyone! DeZy here Thank you for taking note of what we're up to and we definitely love seeing the discussion.

Just jumping in as we thought it would be helpful to clarify a few things.

Firstly we're definitely big fans of the team at Hodlnaut! They're doing some great things and are a great option for anyone who is either a crypto native or generally comfortable with having direct exposure to crypto assets.

What we're aiming to do at DeZy is to keep DeFi as simple as possible for non crypto natives and for those who are looking for a simple passive yield opportunity structured around stablecoins which are chosen due to them not having the fluctuations of other crypto assets.

In addition to handling things like forex and transaction gas fees, in the near future we'll also be using DeFi insurance protocols to insure user funds without our customers having to take any further action to benefit from that coverage. Again just trying to keep things simple for users.

DeFi is a massive space and we encourage people to dive in after they do their research and gain a level of familiarity and comfort. Our goal is to help bridge the gap and lower the barrier of entry for those who need a bit more help or want to keep things automated.


Early days for us and lots more features to come. We appreciate questions and feedback along the way!

Thanks for sharing on DeZy's preposition.
Is DeZy applying for a license from MAS? It would go a long way in establishing credibility.
Also hard to imagine that MAS would allow DeZy to scale up without any form of regulation when its preposition is similar to that of financial institutions taking in SGD deposits.

 

[dezyfinance]

Thanks for sharing on DeZy's preposition.
Is DeZy applying for a license from MAS? It would go a long way in establishing credibility.
Also hard to imagine that MAS would allow DeZy to scale up without any form of regulation when its preposition is similar to that of financial institutions taking in SGD deposits.

HI @yiron ! Great question and comments.

We are not currently licensed as was highlighted earlier in this thread from our FAQ on the website. Clarity on this subject is very important to us as we do not want to misrepresent towards our users. Currently we do not handle fiat directly as this and the KYC is done by a 3rd party we're integrated with and we are also not engaged in custody services, payments, etc which are definitely areas that would require more regulatory clearance.

DeZy simply facilitates the flow of stablecoins through a programatic tech stack from users onwards into DeFi and vice versa.

Nonetheless though we want to scale and we want to add more features in the future but we are mindful of what we can and can't do at the moment. Step by step

 

[CrashWire]

DeZy simply facilitates the flow of stablecoins through a programatic tech stack from users onwards into DeFi and vice versa.

Is your "tech stack" transparent?

 

[dezyfinance]

Is your "tech stack" transparent?

Good morning @CrashWire !

There are two parts to that.

We are primarily targeting non-crypto users or those who are looking for a more passive yielding opportunity and so we haven't yet built out blockchain level tracking mechanisms for customers as frankly most of our customers may not be comfortable or familiar with how to do that.

In terms of the underlying yield, we do not currently share the DeFi protocols we integrate with as that list periodically changes based on market conditions. We are however only integrating with battle tested, long standing and audited protocols.

We are also not involved in any form of trading or leverage activities.

Hope that answers your question!

 

[Shiny Things]

G'day Dezy team; great to see you reaching out on the forums here! This is more "unsolicited advice" than anything else, but a couple of notes:

• Pitching Dezy as comparable to fixed deposits is potentially quite a difficult thing. You and I both know that DeFi lending is a lot riskier than sticking your money in an SDIC-insured fixed deposit, but your customers might not know that.
• "100% transparency" is a bit of a tricky proposition to be advertising on your website if you're not going to open the kimono entirely on where your customers' funds are going; there's an inherent tension between those.
• This isn't something your customers will care about, but I've had to do a lot of thinking about this in previous roles: your regulatory status is a liiittttllleee unclear. Are you going for a model like Compound or Aave, where they're trying to just build a protocol rather than becoming a deposit-taker themselves, and the protocol gets subsidised by transaction fees? Or are you going for a model like Blockfi or Celsius, where they're touching the money and getting paid in spread?
  This might make a lot of difference for how you end up getting regulated, and I'm not sure there's an avenue between the two. At the moment, it looks like Dezy's getting paid in spread, because you're borrowing at 5.25 and lending at x > 5.25, which is very difficult to do if you're not somehow touching the money.
• Also this is just me having FX brainworms, but who takes the losses if USDSGD weakens?

That all said, this is great; I think for people with the appropriate risk appetite, and a company that has the appetite to do this within the regulatory bounds, there's absolutely an opportunity here to bring together lenders and borrowers.

 

[CrashWire]

In terms of the underlying yield, we do not currently share the DeFi protocols we integrate with as that list periodically changes based on market conditions. We are however only integrating with battle tested, long standing and audited protocols.

Are you able to simply say that one of these protocols got "hacked", and run off with everyone's money?

Since none of them are named, after all.

 

[dezyfinance]

Are you able to simply say that one of these protocols got "hacked", and run off with everyone's money?

Since none of them are named, after all.

As shared earlier in the thread, to further protect user funds we're exploring introducing DeFi insurance in the very near future. We may eventually share the list of DeFi protocols we work with as well once that list stabilises.

We are not an anonymous team and the business is registered in Singapore. No, we can't simply claim there was a hack and then "run off" with the money.

 

[dezyfinance]

G'day Dezy team; great to see you reaching out on the forums here! This is more "unsolicited advice" than anything else, but a couple of notes:

• Pitching Dezy as comparable to fixed deposits is potentially quite a difficult thing. You and I both know that DeFi lending is a lot riskier than sticking your money in an SDIC-insured fixed deposit, but your customers might not know that.
• "100% transparency" is a bit of a tricky proposition to be advertising on your website if you're not going to open the kimono entirely on where your customers' funds are going; there's an inherent tension between those.
• This isn't something your customers will care about, but I've had to do a lot of thinking about this in previous roles: your regulatory status is a liiittttllleee unclear. Are you going for a model like Compound or Aave, where they're trying to just build a protocol rather than becoming a deposit-taker themselves, and the protocol gets subsidised by transaction fees? Or are you going for a model like Blockfi or Celsius, where they're touching the money and getting paid in spread?
  This might make a lot of difference for how you end up getting regulated, and I'm not sure there's an avenue between the two. At the moment, it looks like Dezy's getting paid in spread, because you're borrowing at 5.25 and lending at x > 5.25, which is very difficult to do if you're not somehow touching the money.
• Also this is just me having FX brainworms, but who takes the losses if USDSGD weakens?

That all said, this is great; I think for people with the appropriate risk appetite, and a company that has the appetite to do this within the regulatory bounds, there's absolutely an opportunity here to bring together lenders and borrowers.

These are great comments and we appreciate the banter on this thread. No doubt everyone has the same goal in mind which is to only see quality services available in the market with an emphasis on consumer protection.

In terms of your specific comments and questions...

1) Agreed, DeFi is not a banking product and obviously carries different risks. We are doing our best to educate users on that but of course that is an iterative process. More educational content is needed and even once we introduce insurance protocol coverage, we do not intend to make the claim that DeFi is equivalent to a bank as things currently stand.

2) This is a fair point! The team is actively discussing when and how to release the list of DeFi protocols we work with. We're just waiting for that list to stabilise a bit and for our insurance strategy to finalise. You are right, we list transparency as a focus of ours and we must live up to that.

3) We're focused on the tech stack / API piece. At least for the time being we have no intent to directly manage or engage with user funds. The regulatory piece of this industry is something we are very mindful of.

4) As part of our effort to simplify DeFi for non-crypto natives and those looking for passive yield opportunities, DeZy absorbs forex as well as blockchain related transaction costs (and the eventual insurance coverage).