Last week's financing information showed that DCG participated in a $500,000 seed round expansion financing from Portals Finance, a one-stop DeFi yield aggregator. Since completing a $2 million seed round financing in May of this year, Portals Finance has had a relatively smooth development. The number of API calls processed by Portals Finance has increased from 1.3 million in February to 8 million in June.

Portals Finance is a yield aggregator that supports one-click DeFi. Based on the composability of DeFi, similar to Lego, users can bundle multiple DeFi operations into a single transaction through Portals Finance, such as one-click exchange of interest, liquidity pools, treasuries, and other assets.

Aside from its user-friendly interface, Portals Finance's distinguishing feature may lie in its flexible and powerful API interface. Developers can access Web3 data from DeFi protocols, including liquidity pools, token prices, contract positions, and account balances, through the Portals API. Portals Finance charges a default fee of 0.3% for each transaction, but API users can adjust the fee between 0-1% according to their needs. The fees generated by API users are shared between Portals Finance and the API users.

Use Case

On the user trading interface, users can directly select the chain they are on and the currency they want to trade.

You can choose tokens through the protocol pool. Currently, Portals supports over 3,500 types of tokens.

After selecting the token, click on "swap" to complete the transaction.

Source: Portals.fi

Portals API

Portals Finance claims its special feature is its API functionality, allowing developers to easily integrate Portals API with just a few lines of code, compressing multi-step DeFi transactions into a single step. Currently, Portals API can provide comprehensive data on the DeFi ecosystem, including token prices, liquidity, APY, balances, and more. Additionally, users can retrieve quotes for exchanging any token or entering/exiting any pool, vault, etc. supported by Portals on any network.

Regarding token prices and balances, developers can customize their information search needs through Portals' search, filter, and sorting functions. For example, they can use the search and filter functions to find all Curve pools on Ethereum that contain the FRAX token, or the most liquid Balancer pool on Polygon. In addition, they can use the ID filter to find specific tokens and obtain their USD prices, as well as metrics such as APY and liquidity. For instance, they can obtain the price of staked ETH (aOptwstETH) wrapped in Aave V3 on Optimism.

Through the account endpoint, you can query and track the balance of any wallet or smart contract on any network, such as obtaining the balance of Vitalik Buterin's wallet on all networks, and tracking the balance of 1inch Treasury Safe Multisig on Ethereum. The Portals API tracks the EOA (Externally Owned Account) and smart contract balances of all supported tokens. These balances represent the amount held at a specific address at the time of the request. All account balances are returned from a single endpoint and can be filtered across networks. Account objects consist of native tokens, base tokens, and LP token objects, as well as the amount of the token held, the USD balance of the token held, and the original amount of the token held.

PortalsV2: "Gasless One-Click DeFi Entry"

In July, Portals Finance announced the launch of PortalsV2 Milky Way, with "the best way to experience the exchange of any token" as the highlight of this upgrade, claiming to lay the foundation for future "Any-to-Any DeFi". Portals' upgrade is divided into three parts: Galaxy Hub, which supports any type of ERC token, Galaxy Indexer, which can run in real-time, and Galaxy Broadcasting System, which simplifies the trading process.

Galaxy Hub

Galaxy Hub provides the best routing solution beyond traditional token pairs such as USDC and DAI. It enables seamless routing between any ERC20 tokens, including LP tokens, vault tokens, and yield-bearing tokens, expanding the range of assets that can be easily exchanged. Additionally, the exchange fees of Galaxy Hub are capped, ensuring cost-effectiveness for users regardless of the exchange amount.

Developers can benefit from the powerful routing capabilities of Galaxy Hub, and the internal routing algorithm "Warpdrive" based on weighted graph infrastructure allows developers to assemble arbitrary routes between tokens, thereby promoting multi-functional token exchange. Use Hub's functionality to create applications that seamlessly handle various types of tokens and transactions to meet different user needs. Currently, Portals V2 supports licenses (EIP-2612), intents (via EIP-712), and smart contract signatures (EIP-1271), allowing users to execute gasless transactions without using ETH, Matic, BNB, or any other native tokens in their wallets. In the future, Galaxy Hub will support ERC-20 and ERC721/1155 swaps.

Galaxy Indexer

Galaxy Indexer is built using Rust and Kafka, with a response time of less than 200 milliseconds. It can run in real-time and continuously consume blocks to determine key data such as asset prices, reserves, trading volume, APY, and account balances. With the help of Galaxy Indexer, Portals API can provide faster response times at lower infrastructure costs, allowing Dapps to benefit from integration endpoints that provide DeFi information across all networks. Developers can leverage the capabilities of Galaxy Indexer to enhance their applications, covering over 35,000 tokens.

With the expansion of the Portals ecosystem, Galaxy Indexer will support more platforms that Portals can accommodate, such as Curve or Balancer, helping to increase the complexity and breadth of order types that Portals can route. Portals has launched more than 40 platforms in seven networks, including Ethereum, Polygon, Avalanche, BNB Chain, Fantom, Optimism, and Arbitrum. In addition, Portals will invite the community to launch their own platforms, further enriching the Portals ecosystem.

Galaxy Broadcasting System

GBS (Galaxy Broadcasting System) simplifies the trading process and ensures timely execution, representing DeFi users to handle on-chain order submission processes and minimizing waiting time. GBS uses account abstraction to support any ERC20 token as gas, eliminating the user's dependence on native tokens. Based on GBS, Portals allows users to execute any transaction without worrying about the risk of gas failure or blockage, and users do not need to hold the native token of the chain being used. GBS works automatically in the background and can be used with any protocol, including exchanges executed on Curve.fi, Uniswap, or Balancer, or zaps executed on protocols such as Gearbox or Convex.

Team and Financing

Portals Finance was co-founded by Suhail Gangji (@cryptonomik) and Nabi Ozberkman (@nozberkman). Suhail Gangji was previously a co-founder of the DeFi asset management platform Zapper, while Nabi Ozberkman is a member of the OlympusDAO team and has extensive experience in the DeFi space.

On May 4th of this year, Portals announced the completion of a $2 million seed round of financing, led by Lightshift Capital with participation from Poolside, Basement Labs, LongHash Ventures, Daedalus Angels, and Mechanism Capital. Portals Finance stated that with the support of the $2 million seed round of financing, they experienced "explosive growth and achieved great success".

Last week, Portals Finance announced the successful completion of a $500,000 seed extension financing round, with participation from Bankless, DCG, and Founderheads. Founderheads expressed their excitement about the financing, stating, "We are thrilled to be a part of Portals' journey to enhance the DeFi experience."

One-click DeFi yield aggregator is not a novel narrative. As early as 2020, Bella Protocol, a one-click DeFi aggregator and asset management platform, announced the completion of millions of dollars in financing. The potential for Portals Finance to make new possibilities on this path remains to be tested by time.

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