According to the World Bank, 31% of the global population are unbanked and this has denied this huge percentage of the population many financial services which can only be enjoy through banking like loans for businesses and so on. This huge disparity between banked and unbanked is yet to be addressed by World Bank, Central Banks, United States Treasury and other centralized finance institutions and this has deepened the level of poverty globally because unbanked population can't access numerous benefits associated with banking.
One of the reason why Satoshi Nakamato built distributed ledger and cryptocurrency is to assist in reducing the gap thereby bringing banking experience and financial inclusion to more than two billions unbanked people globally by making use of decentralised features of blockchain which makes it to be efficient in cross border payment and remittance.
This article will focus on a blockchain project names ETNA which is decentralised lending platform that incorporate in-game NFT assets with decentralised finance with one aim of bringing banking experience and its benefits to everyone while making used of blockchain and its decentralised currency.
ETNA is a decentralised lending platform built by Cyclop Finance team on the binance smart chain. They make use of blockchain technology and the thriving DeFi section with an infusion of NFTs asset to be used as collateral on the lending ecosystem.
ETNA as DeFi platform offers lending/borrowing services to its users with an amazing annual percentage yield (18% APY) for lenders that deposited their stable coin into the platform. This is an extraordinary percentage when compared to what a fixed deposit depositor can enjoy in conventional bank sector which can't be more than 4 to 5% annual interest on an average.
Aside from this huge yearly APY, a depositor will also enjoy additional bonus of 50 ETNA which is the platform utility token for 500usd worth of deposited stablecoin and by depositing the platform token, you will be able to earn up to 27% yearly APY.
With all I have written above, it is very important to let my readers also know that this is the first DeFi that allow the use of NFTs as collateral on its platform. You can collaterized your NFT and use it to borrow funds within the platform, now the question should be what are NFTs and this will lead us to the next paragraph.
NFTs are non fungible tokens that are used to represent digital arts and collectibles. Fungibility means a nominal value of an asset is the same in anywhere for that same type of asset for example, 1 unit of Ethereum has the same face value with one unit of another Ethereum. NFTs are not fungible which means 1 NFT does not have the same value as another NFT. NFT can be termed as digital tradable assets. It could be an art, music or video file that is embedded on the blockchain which can be exchange or buy.
Lending/Borrowing Platform (DeFi Lending): ETNA focus is on bringing banking services and its benefits to the unbanked globally. They are doing this by creating a platform where users can borrow funds for business and other sundry issues and also for those who want to keep their funds.
Hybrid Decentralized Marketplace: Hybrid decentralised marketplace feature on the protocol bring together conventional LIQUIDITY protocol with ETNA protocol and this is know as automated market maker (AMM) which ensures easy exchange among token pairs while taking advantage of the liquidity with a more broker-buyer type trading method with a functionality that makes it possible for users to trade multiple tokens with just a single wallet.
This is the native currency of the the platform which fuel its operation. It used to incentivize activities within the platform and it is created on binance smart chain network.
ETN DeFi ecosystem is truly a platform for financial inclusion for many globally especially the unbanked population. It offers a platform where anyone can secure loans and also a high yielding investment for users who are willing to stake their funds to earn tangible annual APY. With ETNA, the future is brighter for crypto-currency, blockchain and ETNA platform users, why not take advantage of this and open an account with ETNA.
https://debank-lb.etna.network/
https://t.me/EtnaNetwork
https://twitter.com/EtnaNetwork
https://medium.com/@EtnaNetwork
https://www.etna.network/assets/ETNA.pdf
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