What is Firepot?

Firepot Finance has one simple goal: Become the de facto standard decentralized finance (DeFi) alternative to Binance — the current king of centralized finance (CeFi). You shouldn’t require an underlying understand of crypto mechanisms to operate in the universe of crypto the way it was meant to be, with full custody of your assets and data. Our mission is to establish a simple one-touch Web3 experience through decentralized custody, so that you can operate the universe of crypto without switching chains or giving up custody.

Many people do not even know what tokens are in the first place, much less the bridging of tokens, how to manage their private keys, or how to make trades between different chains. Of course, there are tools and exchanges out there to do the job — but this only appeals to the most experienced and technically inclined users. But that's not everyone, and it's specifically not the next 100M users. We are creating a product everyone with a phone and an internet connection can use and understand.

True DeFi is precisely about not giving up control of your assets and at Firepot, our customers do not give us any custody. We provide simple interfaces for you to interact directly with smart contracts without an intermediary third-party. Your assets are always in your control, because you actually own them.

DeFi is Hard

Wherever you look, it seems the only comprehensive, accessible options for cryptocurrency are centralized exchanges with custodial solutions, like Coinbase or Binance. This is because DeFi is hard and the technologies are still maturing. Removing the intermediary and making it easy for the customer is a new type of problem that hasn’t been solved before.

Many threats are looming during the onboarding process of DeFi (technical terms hard to understand, extensive digital interaction required, KYC and privacy concerns, bad UX design), and losing first-time users is an easy thing to do, especially for something as important to people as their funds. The most important incentives are the ones that are not explicit, such as a good onboarding experience.

Everyone talks about onboarding the next 100M users to crypto, but the focus is always on how to convince them to give up custody of their tokens. For newer users, it’s not about custody – it’s more about convenience. If the onboarding process is too complicated or frustrating, newly onboarded users simply won’t stick around and will continue missing out on the benefits of DeFi.

Defy DeFi and Lose It’s Greatest Benefit

Recently, and especially after the FTX crash, there’s been a clear push towards regulating centralized finance (CeFi) crypto platforms, and it may surprise you to find out that we believe this is actually a really good thing!

Regulating CeFi crypto platforms is absolutely necessary because there’s an intermediary handling and controlling customer’s funds that can’t always be trusted. DeFi on the contrary is self-regulating through open and transparent smart contracts that are directly interacted with without an intermediary.

CeFi crypto platforms are the antithesis of crypto itself. Crypto was designed for the explicit purpose of removing the intermediary. This is one of its greatest benefits that also goes way beyond token ownership.

Reviving Satoshi’s Vision

Crypto is all about freedom through self-custody.

Just weeks after the 2008 Financial Crisis was caused by reckless centralized institutions, Satoshi Nakamoto released a whitepaper on October 31st, 2008. A decentralized peer-to-peer payment system was born, Bitcoin. For the very first time in history, a centralized institution could be replaced by decentralized rules written in computer code, removing the need for an intermediary.

Today, centralized finance (CeFi) platforms such as Binance transact five to ten times more crypto token volume than their DeFi counterparts. This directly violates the problem that Satoshi set out to solve — removing the risk of a centralized intermediary.

Unfortunately, just over a decade after the financial crisis, we’ve once again witnessed negligence and fraud with billions of dollars of customer funds lost from the insolvency of Celcius, FTX and many other CeFi platforms.

It’s time to revive Satoshi’s vision to give people direct control and ownership of their money instead of trusting third parties. This is exactly what Firepot will give you the tools to do.

The Problems We’re Trying to Solve

Introducing: One-touch Crypto

1. Ease of operation. Transact, earn and farm with a single touch.

2. Omnichain experience — lowering the barrier of entry dramatically.

3. A single wallet for all chains. No extra hardware, seed phrases or passwords.

4. True DeFi means no hand-over of custody.

5. Safe non-custodial ownership through social recovery.

One-touch crypto is a new way to manage your digital assets. Users interact with smart contracts through an intuitive interface that simplifies the process and makes it easy to understand and execute the actions in just a few taps.

We want to take back space that crypto was positioned to occupy in the first place — which is trustless freedom, privacy and accessibility. And it’s no longer just for tech experts or investors; everyone should benefit equally from secure and accessible financial tools, and that’s why we’re building True DeFi by putting together the best pieces available in the space.

We know you shouldn't reinvent the wheel, so we've taken the time to build on top of the existing solutions out there to create a user-friendly interface that anyone can use to manage their assets with ease. It's a one-click solution for all things related to the management of your cryptocurrencies, with the added benefits of not needing to trust centralized services and the regulation or lack thereof surrounding them.

Why Are These Problems Important?

We believe a great user experience and true, decentralized/self-custody are the keys to mass adoption in crypto. While platforms like Coinbase have made getting to grips with cryptocurrency easier for many, [owning] maintaining custody of your crypto is still complicated and very technical, with only the most experienced investors being capable of truly taking control of their digital assets and deploying them in a self-custody manner. This is especially true when it comes to transacting in different blockchains. Navigating the complex interfaces of the different protocols and tokens used across multiple chains can be very confusing and time-consuming.

Unlike existing solutions on the market that are either centralized and custodial or simply too confusing for new users to understand, Firepot focuses on keeping everything simple and accessible for everyone — not just those with a working knowledge of blockchain or crypto. We believe these are the missing links that will make DeFi a true game-changer in the world of finance and beyond.

How Many Chains?

The problem of interoperability is another one we’re looking to tackle. Switching between chains to transact a token on its native network is antiquated and impractical, and having more than one wallet is unreasonable for a user looking to start in crypto. And with all the recent bridge insecurities, exploits and CEX collapses, it becomes more and more apparent that tokens belong on their native chain or should be deployed in an omnichain manner moving forward. The ideal solution would be to have all your assets in one place, accessible whenever you want without having to juggle between multiple wallets and keys.

No one wants to trade the track-record of Ethereum for a chain riddled with security vulnerabilities and no proper way of recourse when security is compromised. This is why we’re building our solution to be platform-agnostic and able to work with multiple blockchains so that users can control their assets where they are safest.

With omnichain DeFi it is no longer necessary to switch between various chains or bridge tokens. All of your assets and positions among chains are displayed together along with the actions available to them. This creates a unified DeFi experience where new wallets for each blockchain are generated on a universal Web3 account. Users can directly trade any token from its native chain without even thinking about it.

The Matter With Custody

Self-management of keys is, for most, a bad idea. People forget their passwords extremely easily, now imagine what the outlook is like for a sixteen to twenty-four-word phrase you must keep off computers. Aside from cold wallets (which still carry many risks), on-chain contacts and social recovery are the next generation of secure self-custody. These allow users to recover lost keys and tokens from trusted friends, family members, and acquaintances while maintaining their privacy and anonymity at all times.

Think of your favorite social media platform like Twitter or a Facebook messenger account but for your private keys. A trusted network for a trustless world. Multi-party computing allows for smart contract interactions without a private key ever even being constructed or any sensitive information stored on or offline. In addition, it opens up the possibility to use a single wallet for every blockchain and distributed ledger.

The Pragmatic Benefits of Data Ownership

The most obvious impact of Web3 is the creation and ownership of novel tokens. However, one of the most important consequences of Web3 is the accessibility of data liberated through self-custody. The decentralized nature of Web3 creates a new paradigm shift in the way data is accessed and consumed. This moves the ownership of personal data away from corporations and back to the person to whom it truly belongs, transforming all remaining data on the Internet into a public good.

Some frustrating consequences of centralized data silos that we can all vividly understand are the dozens of messaging apps or the hundreds of logins among various apps and services. Personal data is controlled and restricted in silos, owned and monetized by corporations.

Through open and standardized data access provided by NFT-like interfaces, all online messages are owned and shared between various messaging apps. People will no longer need to use one specific messenger app to communicate with specific friends; instead, they will be able to send private messages to any friend using a variety of apps.

You simply choose a single messaging app personalized to your needs from your teleporting profile on your universal account, accessed by your single Web3 wallet. Someone else can choose a different messaging app with all messages shared between the entire messaging app ecosystem. This is the digital future Web3 enables, and we now have the tools to build.

The Beautiful Package on Top of It All

If DeFi is continues to be harder to use than CeFi, then most people will continue using CeFi despite the limitations and risks. The user experience must be redesigned to simplify the use of smart contracts and the management of tokens across all blockchains. That’s why managing assets will be simplified through the use of a universal Web3 account dashboard that connects users to their digital assets across all chains. It’s all brought together in one app with an easy to use interface, beautiful and satisfying with every tap. Everything else falls into place from there.

At the end of the day, the goal is to provide users with the most complete decentralized financial toolkit ever created, so they can become their own bank and be in control of their money whenever and wherever they want it — the way it was meant to be!

Amplify your wallet through the new global economy of crypto finance with Firepot.
Empowered. Liberated. True DeFi.