Decentralized Finance (DeFi) has quickly become a popular application of blockchain technology. And with continued crypto asset adoption, this trend appears poised to continue. By the end of 2018, there were 35 million unique crypto market participants. In 2017, this number was just 18 million – translating to a 94% increase in one year. This accelerated growth suggests that the distributed, immutable, transparent nature of blockchain is increasingly attractive to those seeking to develop alternative investment products.
These parties typically see decentralized finance as a way of overcoming problems that plague traditional financial markets such as:
Unequal Access: globally, there are 1.7 billion people without access to banking services. Blockchain transcends borders through the use of cryptocurrency and is an efficient gateway to financial markets.
Censorship: centralized financial institutions can cut off or limit access to financial services and funds. In a decentralized world, no intermediary holds this power.
Counterparty Risk: in every financial transaction there is a risk that one party may default on their financial obligations. Using blockchain-based smart contracts, counterparty risk is eliminated through automated contract conditions.
Lack of Transparency: current transactional data is held only by centralized entities such as banks. The transparent nature of public blockchains ensures every transaction can be traced and validated.
Applications of Decentralized Finance
Along with several others in the industry, platforms like Nuo continue to develop a diverse offering of decentralized solutions to overcome these systemic challenges. Understandably, navigating this space can be a bit overwhelming when faced with so many options. So before discussing how Nuo is changing decentralized finance, let’s explore the distinct market segments of this emerging use case:
Borrowing and Lending
Platforms like Nuo, Dharma, and Compound facilitate the borrowing and lending of crypto assets in a peer to peer market. Crypto holders can either lend funds and earn interest, or borrow funds and pay interest. However, the P2P marketplace is only one iteration of this concept. Alternatively, MakerDAO utilizes Collateralized Debt Positions (CDP). Borrowers put up their Ether cryptocurrency as collateral and receive DAI tokens as a loan. These tokens, known as stablecoins, are pegged 1:1 to the US dollar – protecting against price volatility.
Decentralized exchanges (DeEx) such as Kyber and Uniswap allow for the transfer of crypto assets directly on the blockchain. There’s no need to deposit your crypto to a centralized exchange to trade it. These DeEX protocols facilitate integrations with other decentralized applications (DApps) allowing for streamlined user experiences.
Platforms like dYdX and Nuo allow investors to trade on margin and short an assortment of cryptocurrencies. This functionality helps align the crypto asset class more closely with traditional financial markets.
Payment networks such as the Lightning Network and xDai were created to facilitate fast, cheap transactions between two parties on the blockchain. The Lightning Network is a system of smart contracts built on top of the base Bitcoin blockchain. xDai is built on top of the Ethereum blockchain and uses the Proof of Autonomy mechanism to facilitate transactions.
Crypto assets such as wrapped bitcoin (WBTC) and wrapped Ether (WETH) exist to bridge the gap between otherwise incompatible blockchains. Each of these crypto assets is pegged 1:1 with their native cryptocurrency to ensure continuity of value in the ecosystem.
What Nuo Does Differently in the World of DeFi
Within this diverse ecosystem, Nuo has created a versatile platform that offers unique functionality. But what exactly makes Nuo different?
A Beautiful User Experience
In the world of blockchain, it’s crucial that companies acknowledge their centralized incumbent’s competitive advantage. Offering superior value and functionality is not enough – the user experience dictates future adoption and retention. That’s why Nuo thoughtfully built its app to facilitate an exceptional user experience through a clean, simple interface.
In offering a Web 2.0 experience on Web 3.0 protocol, the company has extracted the inconvenience of using a blockchain solution. Cumbersome integrations with external wallets are a thing of the past – gas payments and block confirmations occur behind the scenes. Users can interact with the Nuo app without regard for background processes.
Offering Flexible Financial Products
Perhaps most importantly, the Nuo platform is non-custodial – they never hold your crypto. Instead, it’s locked in smart contracts on the Ethereum blockchain. And when it comes to borrowing and lending with Nuo, you have options. The platform currently support 9 crypto assets on both sides of the market. Inclusivity is an evident priority and Nuo platform delivers on this principle by giving you ultimate flexibility.
Beyond the functions of borrowing and lending, Nuo has expanded its services to include derivatives. Currently, it is the only platform that allows you to be long or short Bitcoin, Ether, and Maker with up to 3 times leverage. And while derivatives aren’t an entirely new concept on the blockchain, it’s never been easier to participate. Nuo has combined a beautiful interface with ultimate flexibility to deliver an unparalleled product anyone can access.
Nuo’s achievements to date
Blockchain and cryptocurrency have facilitated the transcendence of borders and localized monetary policy. For the first time, a global financial system that empowers people, not intermediaries, is within reach. And based on the results seen so far, there’s an overwhelming support for decentralized finance.
Since launching in February this year, Nuo has achieved great things. As of writing, the company has amassed over $605K in reserves while providing $249K in loans across 1,039 orders. As crypto asset adoption accelerates, Nuo appears poised to become an essential component of the decentralized finance ecosystem. The company’s beautiful, intuitive user interface is built on a robust offering of financial tools. Whether you’re new to decentralized finance or an industry veteran, their platform brings something new to the table. Try out Nuo 2.0 – you won’t be disappointed!
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Campden Wealth Partners with GDA Group to Enter Digital Asset Markets
Blockchain conglomerate GDA Group joins as Campden Wealth’s newest Corporate Partner for 2021. Based in Toronto, GDA group provides access to all verticals of the crypto capital markets to institutions and private investors. The two institutions once operated on different verticals, so the partnership indicates a new era of portfolio allocation and asset diversification. Digital assets, including bitcoin, are becoming a vital component of modern investment strategies. GDA Group provides multiple avenues for digital asset exposure, including trading services through their institutional trading desk Secure Digital Markets, including non-recourse lending up to $100M through GDA Lending, and private placements through their capital markets arm GDA Capital.
“Institutions have spent a decade on the sidelines, evaluating the risks of this burgeoning sector. Now, in less than 6 months we have seen billions in institutional and private capital enter the space,” says James Godfrey, FX and International Banking Advisor to GDA Group. “Our relationship with Campden will illustrate the maturation of this industry and where we are headed next. New stakeholders will need experience, resources and insights to navigate this new market and evaluate upcoming opportunities.”
“The Campden Community is constantly balancing the needs of wealth creation for the future, with wealth preservation…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…