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Kapil Sinha

Natalie Chea
Product / Strategy Lead & First Employee

About PrivaDEX

PrivaDEX simplifies navigating the multichain DeFi ecosystem. We automate the tedious process of cross-chain trading and investing, both of which currently require constant monitoring and manual involvement.

The Problem

Short-term, DeFi on Polkadot is frustratingly fragmented: On Polkadot (which consists of 30+ parachains), 80% of DEX users trade on a single parachain – and are thus limited to 10-35% of available trading opportunities. That’s because executing a cross-chain swap is a cumbersome 5 minute endeavor that requires several DEX swaps, manually bridging tokens, and waiting for all the transactions to be processed. The entire DeFi ecosystem – staking, yield farming, vaults, etc. – face the same fragmentation problem.

The Solution

Although Polkadot is an ecosystem of interoperable chains, there still exists no cross-chain DEX aggregator because the requisite (cross-chain messaging) tooling is fairly recent. We have built the cross-chain DEX aggregator for Polkadot. The end user sees a simple Uniswap-like interface that allows them to swap across chains with one click, and our protocol handles all the steps on the backend. We plan to extend this to be a more generic automation DeFi framework for example, users can automatically collect staking rewards on Moonbeam, swap into HDX on HydraDX, and provide liquidity to HydraDX Omnipool.

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