The growth in decentralized finance (DeFi) solutions has surpassed expectations. It has totally changed the traditional financial world through its innovative applications that give more priority to transparency, security, and scalability of users.
Here Are Some DeFi Development Solutions That Will Reach Greater Heights in 2021
Ren Protocol - It is an open-source platform that renders inter-blockchain liquidity for all DApps. The services of Ren are already being used by the likes of Bancor, Uniswap, Balancer, Curve, and Kyber Network. The robust smart contracts are used to trade in different tokens from various blockchain networks. The advantages include a faster pace than atomic swapping of assets, access to multi-collateral lending, integration with cross-chain assets, and cross-chain OTC trading facilities. Ren’s price is $0.56 now and has doubled in a month after trading at $0.25 on December 27. Its market cap has risen to $497 million. It has received an increasing number of assets locked on its platform and provides a good source of passive income for users. The token holders can make use of the darknodes, fetch more revenue from trading fees, and benefit from the rise in the price of the REN token.
DeFi Yield Protocol (DYP) - This platform uses smart contracts to decentralize liquidity provision for users. Investors can store their assets in secure automated vaults and do yield farming in partnership with the Ethereum mining pool. There is no chance of price volatility or manipulation due to a huge number of participating pools and trading pairs on DYP. It also has an integrated referral program that provides 5% rewards whenever DYP is staked by the referee. DYP can be staked for 30 to 120 days with the highest returns amounting to 35% per year. The DYP tokens can be used to participate in the governance of the platform through voting rights and community ownership. Its plans for 2021 are to provide yield farming facilities for miners, establish more partnerships with big companies, launch a New Ethereum mining pool due to Ethereum 2.0 running on the Proof of Stake consensus mechanism from the earlier Proof of Work (PoW), and enable insurance provision for all the DYP liquidity providers.
Band Protocol - It is a cross-chain oracle for the efficient sharing of data. It uses both on-chain and off-chain sources for obtaining timely information. The benefits comprise high speed, easy compatibility with multiple blockchain networks like Ethereum and Cosmos, efficient integration with smart contracts, and permissionless creation of new oracles on the platform. The main products offered by the Band Protocol are BandChain Node, BandCHAIN Explorer, and IBC Bridges. Different forms of data like prices of cryptocurrencies, stock movement, the value of commodities, sports scores, and weather conditions are provided by the inbuilt Oracle scripts. The main aim of the platform is to ensure better interoperability between smart contracts and traditional web applications. It has its own token named the BAND Token that can be staked, used to distribute rewards, process payments, and participation in the daily governance of the platform. BAND Token can be bought on the leading Crypto exchanges like Binance, Coinbase, and Huobi. The Band Protocol is an important part of the OpenAPI Initiative where an industry standard will be set for modern APIs in the future.
As seen above, the DeFi space is thriving with exciting and user-friendly projects. It is better to start now by joining hands with Blockchain App Factory, a pioneer in Decentralized Finance development for enterprises and industries. The highest technical standards will be implemented along with on-time project delivery and dedicated post-sales technical support.