How do I get started?
No. You only need to store your private key if you want to trade with that account. If you import an account without private keys, you can use our app in read-only mode to see your historical swaps, stats, keep track of your portfolio, etc.
Defly uses your smartphone’s underlying secure storage mechanism to store the private keys. On Apple iOS this is Keychain (the private key is not synchronized on iCloud), and on Android this is EncryptedSharedPreferences (auto backup in the cloud is deactivated).
Never. Defly uses your private keys only to sign swaps and transactions locally on your smartphone. The private keys are never sent to Defly servers or anywhere else, nor are they backed up. If you lose your device and don't have them written down somewhere else, they are gone forever.
Yes. You can create, for example, a new account in MyAlgo or Pera, and import it to Defly without deleting the account from MyAlgo or Pera, or vice versa. Both apps can be used simultaneously without conflict.
The slippage can be set in the preferences. Go to the wallet screen and click on the gearbox icon on the top right to get started.
Defly does this automatically after every swap. Defly does not have a manual redeem feature.
This can happen for multiple reasons:
- Price Impact: Limit orders are mostly filled from liquidity in AMMs which suffer from price impact. That is, the higher the amount that a user trades, the less the user receives in return. For example, at the time of writing, for 1 ALGO a user gets 53.6 DEFLY but for 1k ALGO a user gets only 53.4k DEFLY. Even though the input has increased by a factor of 1000, the output hasn't due to price impact. If a user places a sizeable limit order, the price impact is non-negligible and that may delay order-filling.
- Fees: Say a user creates a limit order to exchange 1000 ALGO for 500 USDC. To fill the order, a bot needs to trade the 1000 ALGO for slightly more than 500 USDC to cover for various fees. If the order is filled with AMM liquidity, pool fees and price impact need to be covered. In addition, the Deflex protocol used to create and fill orders also charges a small fee.
- Liquidity locked in non-composable protocols: Limit orders cannot be filled with liquidity from Tinyman V1 pools since Tinyman V1 is not composable and hence does not allow atomic swaps that are required for limit orders. If most or all of the liquidity that is necessary to fill a limit order is kept in a Tinyman V1 pool, Deflex cannot fill the order.