Aha White Paper
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πŸ’±
Token Swap
πŸ˜‰ Currently in Stealth Mode
Exchanges occupy the center of the Defi, Crypto, Blockchain universe, and capture the lion’s share of the profits to be made. Exchanges for the most part are commodities and offer few differentiating features. Most exchange innovations are occuring in the DeFi space. The trend is for trading volume to shift from centralized exchanges (Cex) onto decentralized exchanges (Dex) that use some iteration of automated market makers (AMM) protocols.

Even with this shift, DeFi projects are by definition opened source, which allow for easy forking of protocol code or copying of innovative smart contract logic. An example of this is the Sushi protocol, which is a fork/copy of the Uniswap protocol.
🏰 The defensibility of DeFi projects, or moat, comes not from on-chain innovation, but off-chain user acquisition.
Aha’s DeFi defensibility will therefore come from not its on-chain innovations or features, but its off-chain customer relationship with students, youth, and Gen Z through its edtech features and apps.
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