Growth of DeFi
DeFi is allowing for a new set of financial instruments/services to be developed that are automated, decentralized and immutable. This is achieved by the use of Smart Contracts and Blockchain tech that removes unnecessary overheads making it more accessible for everyone across the globe.
Lending and Borrowing
The amount DeFi has grown
Total Value Locked in DeFi Products
Smart Contracts and Interoperability
Decentralized Smart Contract platforms such as Wanchain help in the facilitation of Cross-Chain DeFi products by enabling different blockchains to be bridged creating a financial superhub with increased liquidity. Simply put, they are connecting Traditional Finance (TradFi) to DeFi.
Currently, Wanchain is the world’s most advanced blockchain interoperability platform helping to create a truly Open Financial Network by providing Real World applications such as:
- Cross-Chain DEX
- Cross-Chain Mobile Payments
- Connected Enterprise Blockchain
- Decentralized Financial Applications
Payments and Remittances
The current global payments system is cumbersome, disparate and costly. RippleNet a payments network developed by Ripple allows for near real-time international settlements/RTGS and removes the need for nostro/vostro accounts. This is achieved by using their digital asset XRP as a bridging currency to source on-demand liquidity. Some of Ripple’s customers are:
Ripple are helping to create the Internet of Value (IoV) where money can be moved as freely as information does today, and this is being made possible by their underlying XRP Ledger (XRPL) technology.
Exchange and Conversion of Digital Assets
- Payment Gateways
- Decentralized Funds
Currently, Kyber is the most used liquidity protocol in DeFi.