Theia Chooses Fordefi’s MPC Wallet to Pursue Small Cap Token Investment Strategy
Read Time 3 mins |
Written by: Crest Saechao
We’re excited to announce that Theia, a blockchain investment fund, has chosen Fordefi as their MPC wallet to support ongoing multi-chain token strategies. Theia sought an MPC wallet equipped with robust DeFi-specific features such as MEV protection, transaction simulation, and robust multi-chain connectivity. We look forward to working with Theia at the forefront of DeFi investing to ensure that Fordefi's MPC wallet continues leading the industry in securing institutional investment in DeFi.
“We established Fordefi with the primary goal of offering a secure, world-class infrastructure for leading DeFi-focused funds like Theia. Our commitment to supporting clients like Theia aligns perfectly with our mission to continuously innovate and deliver a top-tier product for industry leading institutions.” - Steve Horvath, VP of Sales at Fordefi.
Theia: Applying The Principles Of Prudent Investing To Blockchain
Theia was established in 2021 by co-founders John McNiff and Felipe Montealegre. Theia seeks to identify mispriced small-cap tokens that generate cash flow to token holders. John and Felipe share a common background in private equity and have extensive experience conducting investment diligence and working with portfolio companies. Theia’s investment strategy requires a flexible and reliable MPC solution that allows Theia to respond to on-chain opportunities as they arise.
Fordefi was purpose-built with the aim of safeguarding DeFi-native funds, aligning perfectly with Theia's search for a wallet solution. Fordefi met each of Theia’s requirements for a wallet provider, setting Fordefi apart from other MPC wallet platforms in the market.
“As an investment fund focused on small-cap projects and special situations in decentralized finance, we understand that we can be a difficult client for MPC providers and custodians. We frequently find ourselves working at the edge of the Internet Financial System and need our providers to be safe and responsive while operating at the highest level. We found Fordefi after trying almost every alternative in the market and will recommend it to every liquid fund we know.” - Felipe Montealegre, Cofounder and CIO at Theia.
Theia Wallet Challenges
Theia’s on-chain activities have been a rigorous test of Fordefi’s capabilities. As a DeFi native fund that frequently engages with novel on-chain applications and protocols, Theia requires reliable, proactive security measures and a secure MPC (Multi-Party Computation) signing solution to safeguard their private keys. Theia also requires reliable MEV (Miner Extractable Value) protection to ensure that they are not overcharged for on-chain transactions. Theia tested multiple wallet solutions and decided that Fordefi was the only solution that could meet their many requirements.
One of Theia's significant frustrations was their inability to proactively verify smart contract addresses before signing transactions. Before Theia moved to Fordefi, they would need to invest substantial developer resources to verify smart contract function calls and simulate transactions before signing them. Since most MPC and custody solutions only show a raw binary representation of a transaction, Theia had to work extensively to screen every transaction. Fordefi’s transaction simulation capabilities show Theia’s team the contracts, functions, and parameters they are signing.
Miner Extractable Value (MEV) Protection
Theia’s focus on small-cap tokens and less explored areas of decentralized finance means the fund is frequently exposed to actors and algorithms who want to extract value from their transactions. Investors in low liquidity markets are prone to exploitative strategies like frontrunning and sandwich attacks. Fordefi’s built-in MEV protection enables Theia to operate its strategies without fear of the most blatant MEV attacks that can sum of tens of thousands of dollars per year.
Proprietary Cross-Chain Wallet Extension
Theia desired a seamless wallet extension experience with robust user interface and reliable connectivity. Many of the most prominent wallet interfaces have frequent connectivity issues with small applications and upgrades. These issues could cause trades or strategies to be delayed by days. Theia has found Fordefi’s proprietary browser extension offers a seamless wallet experience across chains. Fordefi’s browser extension has allowed Theia to interact with the native application UI layer after years of interacting with decentralized finance through time-consuming inhouse command line interfaces (CLIs).
Theia was initially onboarded through Fordefi’s trial experience and, quickly impressed, converted to a full subscription within the week. As a cutting-edge DeFi-only fund, Theia encountered a challenge where many existing wallet solutions in the market were not tailored to meet the specific demands of their strategy. Furthermore, the teams behind these platforms often struggled to address DeFi-specific roadmap requests in a timely manner. However, in Fordefi, Theia discovered a collaborative, crypto-native team deeply dedicated to building the best DeFi wallet available.
We're excited to continue collaborating closely with Theia as we add new features and functionalities, further tailoring our product to the needs of institutions transacting in DeFi. For more information on how Fordefi's MPC wallet and security platform can enable your business to safely transact in DeFi, reach out to firstname.lastname@example.org today.
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