ComplyDeFi is an easy-to-integrate tool that enables Web3 developers to launch permissioned DeFi protocols by connecting to ONCHAINID, the self-sovereign identity system.
The Problem
As DeFi protocols are ruled by smart contracts, it removes the counterparty risk of transactions, allowing everyone who has internet to participate. However, it raises a huge compliant issue as users do not know if other participants are legitimate (e.g. less than 18 years old, from North Korea…).
The Solution
ComplyDeFi adds a compliance layer to DeFi that verifies users' eligibility through their verifiable credentials in their ONCHAINID without compromising anonymity, allowing participants to interact with each other without knowing who they are, but are certain they are verified peers.
Protect privacy
Only verifiably credentials are provided through users’ ONCHAINID instead of actual information.
Safer & targeted ecosystem
Only users who meet participation criteria are allowed to join, making the ecosystems safer and targeted.
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Attract institutions
A compliant environment makes it suitable for large investors to join, increasing the Total Value Locked (TVL) in the DeFi.
How it works
ComplyDeFi provides a simple modifier, acting as a compliance layer, to link the decentralized identity system ONCHAINID to DeFi protocols.
Compliance & segmentation:
The DeFi protocol sets up criteria conditions for participants; the ComplyDeFi SDK will verify eligibility via users’ ONCHAINIDs.
Anonymous credentials:
ONCHAINID owners share verifiable credentials to the DeFi protocol for eligibility check.
