If you are familiar with blockchain technology, you must acknowledge how DeFi is revolutionizing finance. Decentralized Finance or DeFi, is a spectrum of financial instruments and protocols that assists individuals to manage their money. It is a unique, secure, and simple system that decreases the reliance on customary financial institutions, such as banks, platforms, and fiat currencies.
This brand-new money management system empowers its users by providing a cutting-edge alternative against the slow and traditional banking system. Also, it fills up the loopholes that remain hidden in the current customary financial infrastructure. The process is entirely based on the transparent protocols of smart contracts which can be utilized in various tasks, such as asset purchase, renting, investing, etc. The simpler user interfaces and less time wasted are the biggest pro-factors for DeFi to breathe life into money management.
Finding a reliable DeFi Solution
There are various companies offering services to developers who are interested in creating DeFi apps. One such organization is PolkaFoundry that provides a complex and versatile platform that can be utilized by freelance and professional developers. By design, the platform is a single-stop solution for all dApp application developing needs.
Inherited from decentralized blockchain, DeFi applications are not governed by any central entity. This makes the interaction between two or more parties more transparent and higher operational security is guaranteed by the underlying smart contracts. This is one of the reasons why DeFi is favored as a great alternative and a competitor to traditional finance offerings.
The future is huge for DeFi applications. Introduced in 2019, the applications themselves have many use cases for the masses, as well as their development frameworks, provide greater flexibility for the ever-increasing number of blockchain developers. A few benefits that ensure a progressive market for these applications in the future are:
- DeFi is automated and reliable.
- Accessible to nearly anyone with an internet connection
- No geographical restrictions
- No KYC required
- No centralized entity
- Can create massive ROI for investors
PolkaFoundry explained
The PolkaFoundry is a production platform for DeFi and other blockchain applications. Its advanced algorithms and interoperability provide insane benefits to its users. This dApp factory works seamlessly with the blend of Web 3.0 ecosystem and DeFi workspace.
The following outlines few key attractive features of why PolkaFoundry platform is a powerful platform to build DeFi apps,
- Users can directly benefit from the true scalability of Substrate and Polkadot.
- It consists of built-in special DeFi-services that ensure that the created application manages to access data, identify identities, and store data.
- The unique UX-feature, when enabled, showcases the dapps to a greater number of audiences.
- The platform is also EVM-compatible; users can directly switch from ETH.
Popular Use Cases of the Platform
The dApp factory can be utilized to develop applications for a variety of business use cases. The list below outlines a few specific use cases the PolkaFoundry platform is best known for;
- Decentralized Loaning Platforms: PolkaFoundry links the apps to trustworthy vetting sources to automate loan decisions.
- Marketplaces or Auction Center: PolkaFoundry is UX- enabled. This assists the DeFi tool to tempt a bigger population interested in the dApps, such as collectors and artists.
- Cross-chain DEX: Via authorized bridges, DEX can be interchanged with cryptocurrencies, such as BTC, ETH, NEO, etc., and tokens on parachains.
- DeFi Solutions: As mentioned previously, PolkaFoundry provides users incredible interoperability and exceptional scalability. Thus, the EVM support can directly be employed to involve ETHEREUM derivatives applications into the Polkadot network.
- Decentralized Insurance: The dApps created by a user can incorporate PolkaID for identification, verification, and even automated insurance payment in case of an actual-life event.
- Prediction Markets: PolkaFoundry’s dApps can calculate data instantaneously and the randomness in the output is trustworthy for determining any measurable prediction.
Final Thoughts
In the past three years, the value of crypto assets under DeFi protocols has increased 4,500%, with the total value locked in DeFi exceeding $40B. These exponential growths suggest a promising future for these tools and dApps. Currently, multiple crypto-based businesses are launching their DeFi applications and other dApps to boost their market value and overall turnover.
The future looks great for PolkaFoundry as it gears up to deliver a working DAO before the end of 2021. Although various DeFi tools and dApps genuinely provide financial freedom to its users, one should always be aware of scams and dysfunctional applications. Therefore it positions PolkaFoundry in a pretty good place to deliver value in a rapidly developing marketplace.