MadFish
MadFish develops open-source DeFi products for the Tezos ecosystem, including Temple Wallet, QuipuSwap AMM DEX, and Yupana.Finance lending protocol. It serves global crypto and DeFi users via a product-led, community-driven, open-source distribution model.
- Company typePrivate
- Founded2017
- HeadquartersTórtola, Spain
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What MadFish does
MadFish (legal name MadFish.Solutions) is a private blockchain technology company that develops open-source decentralized finance (DeFi) products for the Tezos ecosystem. Founded in Q4 2017 originally as an outsourcing firm, the company pivoted in 2021 to a pure-product model focused on three interconnected DeFi protocols: Temple Wallet (a non-custodial cryptocurrency wallet available as a web browser extension and mobile app for accessing Tezos-based DeFi), QuipuSwap (an automated market maker / AMM decentralized exchange that creates token liquidity pools instead of traditional order books), and Yupana.Finance (a non-custodial lending and borrowing protocol for digital assets executed via smart contracts). Together these products form a vertical stack covering wallet custody, token swaps, and on-chain credit for Tezos users.
The company is primarily developer- and community-led rather than sales-led: products are distributed as self-serve web extensions, mobile apps, and web interfaces, and customer acquisition runs through open-source GitHub repositories, Telegram developer chat channels, a technical blog (story.madfish.solutions), and Twitter (@madfishofficial). Revenue mechanics are transaction-fee based, generated from trading fees on QuipuSwap liquidity pools and lending protocol fees on Yupana.Finance; pricing is not publicly disclosed and is determined by on-chain market dynamics. MadFish has been funded historically through grants from the Tezos Foundation (Q4 2019 and Q1 2021) rather than traditional venture capital, and maintains a development team of approximately 30 people based in Ukraine. The end-user customer base consists of crypto/DeFi users globally who interact with the Tezos ecosystem, with no named enterprise customers and a horizontal segmentation approach.
MadFish firmographics
Firmographics- Name
- MadFish
- Legal name
- MadFish.Solutions
- Website
- https://mad.fish
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- MadFish develops open-source DeFi products for the Tezos ecosystem, including Temple Wallet, QuipuSwap AMM DEX, and Yupana.Finance lending protocol. It serves global crypto and DeFi users via a product-led, community-driven, open-source distribution model.
- Ownership category
- akta.pro rank
MadFish industry classification
Industry- Product category
- Decentralized Finance (DeFi) Software
- NAICS
- Securities and Commodity Exchanges (523210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Liquidity Management & Market-Making Protocols (FSADAMAH)
- akta.pro secondary industries
- Decentralized Lending & Borrowing Protocols (FSADAMAA), Money Markets & Collateralized Debt Positions (CDPs) (FSADAMAM)
Keywords
Where MadFish is headquartered
LocationHeadquarters
- HQ city
- Tórtola
- HQ country
- Spain
- HQ region
- Europe
Offices1 record
Markets served
MadFish business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations
Revenue model
- DeFi Protocol Fees: Revenue generated from QuipuSwap AMM liquidity pools and trading activities on the Tezos DeFi ecosystem
- Lending Protocol Fees: Revenue from Yupana.Finance lending protocol operations
- Acquisition Revenue: Australian Vintage Ltd acquired MadFish as part of portfolio expansion strategy, suggesting MadFish generates revenue through product licensing or service provision to parent company
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
MadFish product offering
Product offeringCore offering
MadFish develops and operates open-source decentralized finance (DeFi) software products built on the Tezos blockchain. Its product portfolio consists of three core offerings: Temple Wallet (a non-custodial cryptocurrency wallet for interacting with Tezos DeFi protocols), QuipuSwap (an automated market maker / decentralized exchange using liquidity pools instead of order books), and Yupana.Finance (a non-custodial lending protocol for borrowing and lending digital assets). All three products are distributed free to end users, with the company generating revenue through protocol-level transaction fees.
Product overview
MadFish is a blockchain technology company developing open-source DeFi products for the Tezos ecosystem. The company operates a portfolio of interconnected DeFi products: Temple Wallet serves as the primary user interface providing cryptocurrency wallet functionality for accessing DeFi protocols; QuipuSwap serves as the core DEX infrastructure enabling token swaps through automated market making with liquidity pools; and Yupana.Finance provides lending and borrowing services. Together, these products form a comprehensive DeFi stack enabling users to store digital assets, trade tokens, and access credit through a decentralized lending protocol.
Differentiator
Problem solved
Functional benefit
Brands
- Temple Wallet: A cryptocurrency wallet for interacting with DeFi protocols and tokens in the Tezos ecosystem, available as web extension and mobile apps.
- QuipuSwap
- Yupana.Finance
Products and services
- Temple Wallet A non-custodial cryptocurrency wallet for interacting with DeFi protocols and tokens in the Tezos ecosystem, distributed as a browser web extension and as iOS/Android mobile apps. Designed for self-directed users who want to manage Tezos-based assets and connect to protocols such as QuipuSwap and Yupana.Finance.
- QuipuSwap DEX A Tezos-based Automated Market Maker (AMM) that powers decentralized token exchange by creating liquidity pools instead of traditional order books. Includes a DEX v2.0 release with token-to-token pools, a Curve-like Stable DEX, and farming opportunities to support trading and liquidity provision on Tezos.
- Yupana.Finance An open-source, decentralized, and non-custodial liquidity protocol on Tezos that lets users securely lend and borrow digital assets via smart contracts. Described as the first Tezos lending protocol, targeting users seeking on-chain credit markets within the Tezos ecosystem.
Companies that use MadFish
Customer profileSegments1 record
Ideal customer profiles2 records
MadFish technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature3 records
MadFish partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Tezos UkraineminorRegional Tezos ecosystem development partner based in Ukraine, likely supporting local community and development initiatives.
Scale indicators2 records
Recent moves7 records
Expansion highlights5 records
MadFish competitors and assessment
Company assessmentEmerging players
- Balancer: AMM DEX offering customizable liquidity pools (analogous to QuipuSwap's token-to-token pools and DEX v2.0). Comparable AMM architecture with potential to expand onto Tezos and compete for liquidity.
- SushiSwap: Multi-chain AMM DEX with broad token-swap coverage and an established cross-chain footprint. Comparable product-market fit to QuipuSwap's DEX ambitions and could deploy to Tezos as an emerging competitor.
Broad incumbents
- Uniswap Labs: The dominant EVM AMM DEX and the category standard that QuipuSwap's AMM architecture emulates. A potential multi-chain expansion threat to QuipuSwap on any chain it deploys to, including Tezos.
- Aave Companies: Leading decentralized lending/borrowing protocol and the category benchmark for Yupana.Finance. Multi-chain Aave deployments represent the principal competitive ceiling for Yupana.
- Curve Finance: Specialized stable-swap DEX whose stable-pool architecture is the direct inspiration for QuipuSwap Stable DEX. Competes for stablecoin swap volume and liquidity-provider yield.
- Compound Labs: Pioneer decentralized money-market protocol and category benchmark for Yupana's lending/borrowing model. Multi-chain expansion represents a significant long-tail threat to Yupana.
- PancakeSwap: High-volume AMM DEX on BNB Chain and other networks with a consumer-facing product strategy similar to Temple+QuipuSwap. A potential multi-chain competitor if it expands into Tezos.
Direct peers
- Youves: Tezos DeFi protocol for synthetic asset issuance and trading; listed as a MadFish technology/integration partner. Competes for the same Tezos DeFi user wallet share as Temple and Yupana.
- Plenty DeFi: Tezos-native AMM DEX and DeFi hub that directly competes with QuipuSwap for swap volume and liquidity on Tezos. Operates in the same ecosystem with overlapping user base and product primitives.
- Kolibri (kDAO): Tezos-native DeFi protocol offering a kUSD stablecoin and liquidity-mining products that integrate with QuipuSwap pools. Direct ecosystem competitor with overlapping lending/stablecoin primitives vs. Yupana.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
MadFish social profiles
Digital presenceMadFish financial estimates
Financial estimateRevenue estimate
Valuation estimate
MadFish leadership team
Management profileNumber of profiles
Profiles5 records
MadFish funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MadFish M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MadFish
What does MadFish do?
MadFish develops and operates open-source decentralized finance (DeFi) software products built on the Tezos blockchain. Its product portfolio consists of three core offerings: Temple Wallet (a non-custodial cryptocurrency wallet for interacting with Tezos DeFi protocols), QuipuSwap (an automated market maker / decentralized exchange using liquidity pools instead of order books), and Yupana.Finance (a non-custodial lending protocol for borrowing and lending digital assets). All three products are distributed free to end users, with the company generating revenue through protocol-level transaction fees.
Is MadFish a public or private company?
MadFish is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was MadFish founded?
MadFish was founded in 2017. It employs 11 to 50 people.
Where is MadFish based?
MadFish is headquartered in Tórtola, Spain, in the Europe region.
How does MadFish make money?
Three revenue lines are on record. DeFi Protocol Fees are the primary driver. The others are lending Protocol Fees and acquisition Revenue.
Who are MadFish's main competitors?
Emerging players on record are Balancer and SushiSwap. Broad incumbents are Uniswap Labs, Aave Companies, Curve Finance, Compound Labs and PancakeSwap. Direct peers are Youves, Plenty DeFi and Kolibri (kDAO).
Does MadFish have an API?
No public API is recorded for MadFish.
What industry is MadFish in?
MadFish's product category is Decentralized Finance (DeFi) Software. Its primary akta.pro industry code is FSADAMAH, Liquidity Management & Market-Making Protocols, with a secondary code of FSADAMAA, Decentralized Lending & Borrowing Protocols. Its NAICS code is 523210 and its SIC code is 6200.