Onchain composability plays a pivotal role in Defi’s evolvement for both end users and developers. Despite the recent growth of Defi, it occupies less than 8% of the total market cap of crypto (see Fig.1).
Many investors passively holding ETH and/or BTC without any intention of utilizing them in Defi. In most cases, the main reasons always come back to : Complexity, Time and Risk.
Figure1. Total Defi MK/Total Crypto MK
That being said, those three factors are no strangers to the current DeFi’s users, which leads to the fact that only a small portion of Defi adopters are frequent users. As said by a Defi veteran: “a high percentage of their onchain tasks, strategies or new protocol construction requires interoperations across multiple protocols combined with calculations & data monitoring.” To optimize his capital efficiency, one has to overcome all operational complexities by investing a large amount of time or… what if there was an alternative?
Figure2. Operational complexity in Defi
Genesis
Previously owner of a sizable Crypto Asset Management business, the founders of OnePiece had to design a tool to ensure the maximum efficiency of their most intricate tasks.
Around 2020, Luffy and his team started to work on this system as a response to the ever growing complexity across DeFi. The system had such efficiency that many large investors and financial institutions start manifesting their interest in the product. This is when they decided to shift company’s focus primarily to OnePiece, the first multi-chain middleware layer that provides large scale on-chain automation tools to both end users and developers to fully utilize the potential of onchain composability & interoperability.
The Goal
OnePiece aims to render swift & automated access to onchain applications & onchain composability. In specific,
- For end users, OnePiece aims to reduce their operational complexity by up to 70% in most operation use cases, and increase their capital efficiency by up to 50% in general.
- For developers,
- a. As Infura is saving developers effort for node setup & maintenance, Onepiece wants to save comparable amount of effort when developers access Dapps;
- b. Onchain data requires considerable effort in processing & structuring before they are ready for use, even for data provided by “The Graph”. Onepiece saves that for developers.
Automation
To end users, Onepiece tries to vastly reduce user’s operational complexity through defining a set of automated onchain Task Types (operation scenarios) that will cover most of users’ operation cases:
1.Intelligent Loan
A) Provide protection against liquidation:
Keep user’s collateral ratio to preset target through auto rebalancing across his lending position & farming/staking positions.
B) Increase users’ capital efficiency (up to 50%): When the collateral ratio drops below preset standard, it will return to the target collateral ratio by auto borrowing extra to increase user’s predefined farming/staking positions
C) Save much of user’s manual execution for tasks involving interoperations between multiple protocols through automation & auto data monitoring.
2. Flash Repay
In case of rapid collateral ratio rise, part of the collateral is sold via Flashloan to return to the target collateral ratio to avoid liquidation.
3. Position Building
Users can build complex investment positions across multiple protocols in a few clicks.
Many other tools will be added shortly after the official launch, including :
4. Auto Claim
5.Portfolio Rebalance
6. Flexible Compound
7. Leverage Farming Protection
8. And much more….
Foundation
3 building blocks lay the foundation for Onepiece’s improved onchain accessibility:
- Protocol Integration: Integrating major Dapps on mainstream blockchains;
- Data acquisition, processing & structuring for all integrated protocols;
- Automation.
Figure3. OnePiece Platform Structure
The Future of DeFi
Crypto in general is still at an early stage. There is no other financial avenue in which you can find “veterans” with only 3–4 years of experience. This reality is exponentially true when it comes to DeFi. Both entities are meant to grow in symbiosis over the next few years, and as DeFi’s adoption rise, the need for security and automation will proportionally increase.
With the aim of being first Defi operating system, OnePiece plans to expand rapidly across all mainstream chains to bring their tools to all end-users and developers. The philosophy behind OnePiece is, as the name suggest, based on unity and mutual growth.
In order to build a powerful ecosystem, OnePiece would love to hear your feedback and suggestions. To do so, you can join their discord, and most importantly, everyone is welcome to jump aboard.