A DEEP DIVE INTO YIELD BANK DeFi PROJECT
To start with, there is a need to explain what the concept of Defi means and also have some background information for those who are just coming across the term. Well, DeFi is an abbreviated form of the word decentralized finance, which typically applies to digital assets and electronic financial contracts, protocols, and decentralized apps (DApps), many of which are based on Ethereum. In simpler words, it's blockchain-built financial applications that can be stitched together just like Money Legos.Decentralized Finance (DeFi) is the project that consolidates decentralized systems to develop traditional financial products into protocols that are secured and open and operate without counterparties. DeFi is more or less an intersection between crypto and finance.
As the concept "decentralized finance" begins to sprout up in editorials and in several discussions with high prevalence, its short form, DeFi, may begin to sound like a hollow word. However, that is far from just a catch phrase. DeFi is an increasing network of real-working services and algorithms that provide functionality to so many users who utilize the system every day for transacting digital assets that can amount to huge amount of money. Some of the most common applications in DeFi includes but not limited to:
⃣Compound Finance
⃣MakerDAO
⃣Synthetic
⃣Uniswap️
⃣Balancer️
⃣Yearn.Finance️
⃣Curve Finance
Aside these applications, there are also other features of DeFi that has made it to be exceptional.
BASIC FEATURES OF DeFi
🟥 An Open System
The frameworks are also universal, which means that this hybrid financial system has no boundaries and can be accessed by anyone. It's more like the internet, but the same is changing with money rather than data being distributed internationally, effortlessly and dynamically. This is the web of value.
🟥 Absolute Decentralization
This is one of the stand out quality of DeFi. DeFi protocols are developed on public blockchain such as Ethereum. Millions of endpoints-computers running the blockchain's software-run these blockchains, the tracks to this modern financial system is distributed worldwide, so it is practically futile to encrypt or avoid them. No centralized entity may seize ownership of funds arbitrarily or alter the rules of the system. DeFi systems are designed to be operated and not centrally managed by a network of users. Consumers become managers of their financial applications; they may take part in significant decisions, including by making improvements on their own, and profit from their development and performance.
🟥 Non-Custodial in Nature
Even without using third parties such as financial firms, these distributed networks allow people to have leverage of their own information and assets and transact value. The only individuals who have access to their wallets and manage their funds are consumers.
🟥Transparent
For everyone to see and audit, the script for these financial applications is available. This is vital because everyone can validate and monitor precisely where their cash is and how the apps and protocols operate.
YIELD BANK'S DeFi PROTOCOL
Essentially, together with the yield farming ecosystem, the Yield Bank framework aims to enhance and integrate several of the shared functions DeFi has to deliver into one network.The crypto-currency sector has been reshaped by decentralized finance. The financial future of personality-money management, yield farming and financial economics has been transformed by developers and work groups far beyond conventional cryptocurrency trading. Defi has paved the way to financial opportunities that were not visible to the regular consumer and the world of cryptocurrencies. The iYield team hopes to bring these opportunities to the members of the crypto-currency community to market. In combination with high durability, Yield Bank will be targeting mass acceptance to become the ultimate decentralized finance yield aggregator in existence.
The Yield Bank aims to provide DeFi with real worth and offer it in an intuitive manner in the meantime. Recently, in a stronger way than it has ever been, a demand for LP tokens has tried to make its way into the DeFi phase. With its finance history, Yield Bank recognizes how these markets can be introduced to the community and knows how to execute them efficiently. In addition, let it be on the record that yield bank is the first to offer off chain trading, exchanging on other cryptocurrency blockchains and outside the Ethereum blockchain. Similarly, by integrating top rated off-chain technologies in combination with different price oracles, they have also disrupted another world's-first with real world commodities and Forex market trading techniques, going further than any DeFi protocol within the cryptosphere, a great feat indeed. It is these kind of achievements that has clearly separated yield bank from other DeFi projects, indeed they are setting the pace!
In addition, another problem that is peculiar to some of the major DeFi protocols is that of user interface experience which has kept many out of DeFi. Aside from being poorly designed, the UI is not user friendly thus discouraging so many users. Mass adoption cannot be feasible when such challenges exists and that is why Yield Bank is bringing a solution that will mitigate this challenge. The goal is to allow the ordinary crypto user to join Yield Bank and be able to acquire DeFi 's provision of financial independence effectively.
CONCLUSION
Across all DeFi, the yield bank ecosystem provides the most structured solution, therefore encouraging market buying and keeping while dissuading sales. For the first time in DeFi, we have a project that is "people oriented" . DeFi shouldn't just be about the name but rather about functionality and this is what Yield Bank has been able to. Yield Bank is not "Talk and Mute" but rather "Talk and Do"
Get more information for yourself by visiting any of the platforms below for updated information:
Website: yieldbank.finance
Medium: medium.com/@YieldBank
Twitter: twitter.com/YieldBank
Telegram: t.me/YieldBank
Telegram Announcement Channel: t.me/YieldBankAnnouncements
Discord: discord.gg/4DrKFzJ
Email: [email protected]
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