The crypto industry has a lot to offer the world, but it is undeniable that decentralized finance (DeFi) is one of the most valuable innovations.

Through the inherent decentralization of blockchain technology, DeFi offers users many of the benefits of traditional finance, such as generating passive income through lending, but with one major benefit: the elimination of third-party intermediaries.

By removing the intermediary, DeFi users will have greater control over their financial operations. They can earn higher interest rates on lending assets, facilitate a better deal when they borrow, or simply earn higher returns on token holdings. The possibilities are endless, but they are also limited by many of the leading DeFi networks.

Ethereum (ETH), for example, is associated with transaction fees, long wait times and other side effects of network congestion. However, a blockchain offers an alternative to Ethereum and other DeFi applications that use Bitcoin (BTC) for all things. This blockchain is DeFiChain.

Bitcoin-based DeFi
When it comes to decentralized financial applications, DeFiChain follows a completely different strategy compared to Ethereum or other popular blockchains. Instead of integrating DeFi as decentralized applications (DApps) on the blockchain, each use case associated with DeFi is programmed on the same chain.

Thus, any financial application is so deeply rooted in the blockchain that changes can only happen through the hard fork. In short, DeFi protocols are more decentralized, local currency DFI acts as the government token for all DeFi applications, and no single developer can stand over individual Masternode solutions.

DeFiChain brings together all the well-known DeFi applications – staking, liquidity recovery and lending – which offer decentralized synthetic stocks, commodities, decentralized stack coins (dUSD) and precious metals in a single blockchain, firmly anchored in the blockchain.

However, the DeFiChain network operates completely separate from Bitcoin, but uses the same proven principles to ensure high security. DeFiChain has higher transaction flow and lower fees, so users can really enjoy decentralized financial applications. Unlike Bitcoin, this is a Proof of Stake protocol.

More information about errors here
From there, DeFiChain harnesses the power of encapsulation to ensure interoperability. Users can leverage bitcoin, ethereum tokens or other supported cryptocurrencies so that people can access decentralized financial applications while keeping bitcoin or ethereum in their wallets. DeFiChain offers several gateways and bridges to exchange Bitcoin, Ethereum, USDC, Dodge and more for dBitcoin, dEthereum, dUSDC and dDodge.

Master of Finance
The team believes that focusing on one type of application ensures that they can offer the best possible experience to their users. They do not want to be a one-stop DeFi platform, they want to be a master of decentralized finance.

According to one of the platform’s architects, Prasanna Longanathar, “DeFiChain integrates all major DeFi applications on a single blockchain, allowing users to create diversified wallets that cover almost all asset classes in a completely decentralized way.”

The DeFiChain team works hard to develop new offerings for their users. The latest success is the introduction of decentralized assets such as stocks, commodities and indices. In the upcoming update, DeFiChain will be able to offer its users decentralized futures and options.

Source: CoinTelegraph

LEAVE A REPLY