VCRED evolved from a prototype at a hackathon demonstrating flashloans to automate DeFi strategies such as arbitrage maximising yield, and streaming payments. Our goal is to deploy our bots, contracts on Avalanche ecosystem in our upcoming launch.
Vision: Our vision is to automate DeFi i.e. bot driven DeFi simplifying UX, enabling real world use cases like streaming payments.
Tell us about yourself?
I am a software developer with several years of experience in C, Python, ML forecasting models, and in general backend. I participated in hackathons, and built trading bots, really liked the energy and speed in web3 space. Although I am a founder I still write and review code, its amazing to be a part of the DeFi space.
If you could go back in time a year or two, what piece of advice would you give yourself?
My advice would be not to wait to join a web3 startup full time from a regular company job. I could have quit in early 2020, but waited till early 2021 before I quit my day job and founded VCRED.
What problem does your business solve?
VCRED attempts to solve the following problems:
- UX: Make User experience really easy allowing users to stake tokens and participate in strategies such as arbitrage. Make it easy for businesses to interface, and use our product for payroll etc.
- Automation: A lot of repetitive tasks are performed by users, and enterprise customers trying to pay salaries etc. In addition existing flashloan or other strategies require developers to write scripts and use contracts. Instead we offer a package or automation suite.
What is the inspiration behind your business?
My inspiration was the several failed attempts I had in using some of the bluechip projects which had frustrating UX, and also required me to pay very high gas(in Ethereum). I wanted to solve it not just for developers but for retail users.
What is your magic sauce?
Our magic sauce is 1. Team: Myself and everyone on the team is hands-on and product driven. 2. Product: We are not just forking or copying existing projects, and instead innovating with best practices, and enabling automation. 3. Potential: This is a new space in DeFi, and there is lot of scope to innovate to a new DeFi 2.0 paradigm
What is the plan for the next 5 years? What do you want to achieve?
We aim to bridge the gap between Traditional finance, and web3 by onboarding a large number of users & businesses to use VCRED and achieve the grand vision of Virtual CREDit i.e. any transaction which requires temporary credit whether streaming, staking or purchasing an e-commerce product should be using our gateway.
What is the biggest challenge you’ve faced so far?
The biggest challenge we have is that since it’s a new space, we have to constantly refine our strategies, and models based on a fast changing DeFi landscape. So its ability to adapt, and react fast which we are improving.