Due to the ability of open finance and the minds committed to realizing it, the Defy market has developed at a dangerous pace. In 2021 alone, the total value of closed assets on the DeFi protocol has increased by more than 600%. Although it is impossible to ignore the explosion in altcoin prices and their effect on the exponential growth of the Defy market, indicators such as the number of DIFI users show the potential for appeal and more of such products.
However, for DIFI to advance itself and eventually emerge as a viable alternative to traditional financial methods, it must first be free from recurring restrictions, including the complexity associated with open finance protocols, the risks that come with them, and A clear lack of regulated gateways is included. . Experts believe that the rise of solutions that firmly meet the needs of mainstream investors or users by removing the above limitations will eventually usher in a new Defy era.
In particular, Defy 2.0 seems more attainable every passing day, thanks to notable efforts from developers to enable new layers of functionality. Many projects are on the verge of resolving recurring issues, perfecting existing technologies, and introducing new paradigms. It goes without saying that such an impressive explosion of innovation makes it very difficult for users to monitor development. And so, we have decided to combine 10 interesting projects designed to make tremendous progress in the DIFI scenario.
Here, we have based our list on the uniqueness and appeal of the project. The projects below have the potential to support new levels of development in the Defy market.
EQIFI is trying to ensure that open finance ultimately comes in such a way that democratization of global banking services reaches an achievable goal only by wishful thinking. Therefore, it has adopted a community-driven architecture to provide banking services and level the playing field. With the help of blockchain technology, the project has established advanced infrastructure for lending, borrowing and investing in Ethereum, ERC-20 tokens and selected fiat currencies.
Interestingly, the project is operated by a regulated and fully licensed bank, EQIBank. Unexpectedly, the team has leveraged this affiliation to enable direct legal integration and other features that Defy is set to normalize. Such products include multi-currency bank accounts and credit cards as well as fixed-term investment products. The goal is to reach banking and standard financial products to a global audience through blockchain technology. With the innovation of EQIFI, it took the team only ten days to achieve the funding targets set for the seed phase and other strategic rounds.
Like Eqifi, SmartDeFi is also expected to positively influence the adoption of DeFi. The team behind this project understands the risk factors that are currently preventing traditional investors from testing the waters. In response to this, they have developed a dynamic DFI investment app that considers their risk-taking ability before recommending a DFI strategy to users. The platform combines several DIFI products to establish an ecosystem where investors can mitigate risk exposure while generating high-profit margins.
Core to SmartDFI operations are its integration with Wire and Toru Labs. These integrations provide seamless channels for the infrastructure of Apple Pay and Google Pay. More importantly, SmartDeFi is offering a smart basket of investment products that represent the value of a combination of the underlying DeFi protocol and digital assets. In short, SmartDeFi users can enjoy what the team calls a decentralized exchange-traded fund (ETF).
3. Pera Finance
Another promising defi platform that is worth watching is Pera. The project is a revolutionary trade and yield farming protocol that combines deflation and inflation yield farming for optimal liquidity and trading volume. Unlike the existing DIFI trading architecture, Pera has opted to encourage both sides of the trading spectrum so that liquidity providers and traders receive rewards for their contribution to the stability of the platform.
The unique thing about this approach is to include a lot of lucrative opportunities not only for liquidity providers but also for traders. The protocol uses smart contracts that can log users’ trading volumes and reward the top 10 with the highest number of activities. In a way, it uses a system where users with the highest business contribution are adequately rewarded. The Gasless Yield is then distributed to everyone holding the PERA, the original token of the project.
Imagine the infrastructure needed to execute cross-blockchain transactions and operations seamlessly. This possibility and all the benefits associated with it have led to the creation of Hybrix, a multichan protocol that allows the interchange, storage and creation of digital assets across multiple blockchains.
The ecosystem consists of a Wallet 2.0 service, a multichan software development kit, and a native token, compatible with multiple blockchain networks. Currently, Hybrix supports more than 30 blockchains and 387 tokens. Thus, users can use a large number of DeFi services regardless of the nature of their underlying blockchain infrastructure. With Hybrix, it is now possible to explore the unique benefits of two or more blockchain ecosystems without worrying about compatibility.
Clever is completely establishing itself in the fundamentals of decentralized finance as a simple investment product. The project generates interest for CLVA token holders on a fixed cycle. The protocol uses an automated interest payment mechanism that generates 11% interest for CLVA tokens every 14 days. While this may not seem unique at first, it is the approach adopted by the developers of the project that sets it apart.
For one, the protocol adds interest. The second unique feature is the long-term nature of the investment product. The platform claims that it will have 888 14-day cycles, which will increase the period of interest-generating opportunity to 34 years. In particular, you do not need to place or lock your token to be eligible to receive interest. Also, the development team does not automatically have a portion of the token mined. Like, it is almost impossible to pull a rug.
6. Gravis Finance
Gravis Finance is another defi platform that has caught the attention of the public. The project focuses on providing decentralized exchange for NXT. While this functionality is impressive in itself, the team moves it up a notch and adds additional multi-chain capabilities. In short, users will not only have access to devices to trade NFT autonomously, but they can also facilitate exchanges between multiple blockchains.
In addition, the ecosystem comes with a cross-chain NXT market. With this, NXT users can create an NXT on a blockchain network and sell it on other networks without worrying about the muted nature of such ecosystems. Furthermore, like every other decentralized exchange protocol, Gravis Finance supports yield farming. However, in this case, it is designed for NFT tokens.
7. Dice Game
Dice Game is a new generation protocol that combines gaming and other key elements of decentralized finance for even more versatility and functionality. The protocol is based on the emerging phantom blockchain. Therefore, speed or network congestion is never a problem when using the protocol. You can either play a dice game to earn the platform’s original token, DICE, or provide liquidity to receive the DICE token as a prize.
In addition, the protocol provides a decentralized exchange facility that allows users to swap their FTM tokens for DICE. What this work does is the simplicity of the entire stage. The interface to a DeFi protocol is surprisingly simple.
For Jigstack, decentralized governance and functionality are Defy’s defining principles. While there is a vast list of protocols and applications developed within the Ethereum ecosystem, only a handful of people have fulfilled the promise of open finance and community governance. Therefore, Jigstack, a decentralized autonomous governance (DAO) system, is determined to develop a growing list of Ethereum-based DEFI applications that fix specific problems and interact seamlessly for even more advanced functionalities.
More importantly, they all operate under a single algorithmic governance model driven by Jigstack. In return, Jigstack redistributes governance rights and revenue to users. Think of it as a Defy group created to provide efficient services while generating revenue for active users. Some of the tools already operating under the Jigstack parasol are Athlink, a decentralized affiliate marketing solution, and Lemonade, a decentralized launchpad for prestigious DFI projects.
9. Pancake Swap
PancakeSwap is one of the many clones of Uniswap. However, developers have made considerable effort to add unique features since the establishment of Pancakescape in the decentralized exchange market. The Binance Smart Chain-based protocol comes with two yield farming mechanisms. It also supports simplification of business by implementing leaderboards and various milestones.
Another unique feature is the platform’s original auction market for NXT. With all these additional benefits, it is easy to see why Pancakeswrap is fast becoming a popular exchange for Defy users.
Literature describes itself as a cross-chain identity aggregating platform. The project focuses on managing decentralized identities spread across multiple networks. This in turn will provide developers or decentralized protocols with the appropriate data and resources to research and create new DEFI facilities.
The protocol provides decentralized identity management tools that allow other platforms to securely and privately verify the identities of users and other metrics. Note that these checks are instantaneous and on-chan.
There are a lot of projects, ranging from mediocre to a completely unprecedented, Daffy scenario. We have managed to select a handful of people prominently featured in the DIFI narrative in the second quarter of 2021. However, whatever we believe, be sure to do your research before investing in any crypto or DIFI related project.
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