Bradian Muliadi and his co-founder, Lorenzo Ampil, met at Entrepreneur First and founded Hawksight, a crowdsourced trading signal platform, that pulls data, dissects them, and extracts actionable insights for users.
They soon found that while their platform brings a broad suite of AI-powered signals catering for a wide variety of users who trade anything from global stocks, FOREX to even cryptocurrencies, 95% of them were, in fact, active crypto adopters.
It became clear that demand for cryptocurrency trading was high, and their natural next step was to build a DeFi app to tackle the bottleneck and make DeFi more accessible to the masses.
“This is very much in line with the renaissance of sorts that’s happening in the cryptocurrency market, thanks in part to the widening use cases from DeFi, GameFi to Web3 – more people can enter this space; it’s no longer just exclusively for crypto investors,” tells Bradian.
DeFi, in particular, is gaining quick traction, with hot money flooding in.
By connecting digital wallets to these decentralised apps (DApps), anyone can access standard bank functions on the go. Assets deposited on such decentralised platforms have grown from US$1 billion in mid-2020 to US$100 billion by mid-2021.
This is in part driven by many other blockchains with other native cryptocurrencies looking to compete with ether on the DeFi market. The Solana market, for instance, grew by 12,000% and is now the fourth largest cryptocurrency globally.
Growth on Ethereum DeFi networks seems to have slowed, driven mainly by the price of ether, not actual trade volume.
However, as DeFi gains more prominence, it’s also catching regulators’ attention due to the high incidence of fraud. Many of the more notable hacks were due to DeFi theft and fraud, amounting to over US$10 billion in 2021.
“People are jumping on to dabble in this fast-growing DeFi space but this is still an immature and highly risky market. While decentralised, those running the apps are anonymous, it’s harder to sift out the reliable ones,” adds Bradian.
“The knowledge gap there is real. Additionally, a fragmented market also results in poor user experience, and despite the novel technology, moving into crypto still often involves going through a long list of complex and cumbersome manual processes.”
As such, Bradian and Lorenzo decided to take on the mantle to accelerate mainstream DeFi adoption by building fresh solutions to overcome these obstacles for more people to be able to capture the excess returns relative to standard market indexes in a simplified manner.
“We are on a mission to mint the next one million new DeFi users,” tells Bradian.
“And our game plan is an extreme obsession on building a superior product and the most passionate, dynamic, and diverse crypto community.”
The team grew their AI Engine and Signals Platform to 500,000+ users in 3Q 2021 and then doubled it by the end of 2021. They also clinched a $4.2 million Strategic funding round with leading strategic partners like Solana Ventures and Terraform Labs.
“We chose to collaborate with Solana Ventures and Terraform Labs because their platforms help bring our mission to life. Solana, one of the most scalable platforms out there, will power our ability to facilitate affordable and quicker transactions for our users, while Terra enables us to bring amazing financial products for our users to profit from higher yields.”