The crypto industry has opened the doors to a long list of awesome products and services, but there is no denying that decentralized finance (DeFi) is one of the finest.
Riding on the concept of decentralization from blockchain, DeFi comes with dozens of benefits that you cannot get from the traditional financial systems. However, the biggest is removing third parties from the financial services.
So, DeFi users enjoy more control over their financial processes. They can enjoy higher interest for lending assets, tokenized savings, and facilitating better borrowing deals. The possibilities with DeFi are endless.
Take the example of Ethereum (ETH). It is associated with long wait times, transaction fees, and network congestion. Now, there is one blockchain that is powered by Bitcoin Blockchain and it is providing an excellent alternative: DeFiChain.
Bitcoin Blockchain-Powered DeFi
DeFiChain uses a different strategy compared to Ethereum or other top blockchains we know of today. Instead of integrating DeFi applications on the blockchain, DeFi-related use cases are programmed natively. Each very financial application is embedded in the blockchain so that changes only take place through hard forks.
Therefore, DeFi protocols are more decentralized, with DFI (the native currency) acting as the government token for every application on the blockchain. No developer on the blockchain can make decisions that deviate from individual masternodes. With DeFiChain, you can do all blockchain-related activities, including:
- Liquidity mining.
- Offering synthetic stocks, precious metals, commodities, and stable coins.
DeFiChain uses wrapping power to provide interoperability. This means users are able to take advantage of other crypto assets, including Ethereum and Bitcoin. It also provides gateways and bridges for people to exchange USDC, Bitcoin, Ethereum, and Dodge, among other coins.
Work from One Platform for Better Results
The DeFiChain team holds the view that focusing on one application only makes it easy to perfect it as opposed to targeting everything. They aim to be industry masters.
Prasanna Longanathar, one of the DeFiChain engineers, pointed out that they want to focus on a single platform so that they can provide users with diverse portfolios for most asset classes in a decentralized manner.
Recently, DeFiChain implemented decentralized assets such as commodities, stocks, and indices. Next, they want to target futures and options trading in blockchain.