The DeFi Ecosystem on ThunderCore!
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Intro to Decentralized Finance (DeFi)
DeFi (Decentralized Finance) has always been an important sector among the crypto landscape. There are a lot of blockchains and crypto projects that aim to become (or already are) decentralized. Similarly, DeFi is a key form of giving power to the people by providing them with endless opportunities to achieve their financial goals through a variety of tools. The traditional financial industry is extremely centralized; with the emergence of blockchain technology, decentralization and DeFi applications, more individuals have a chance of improving their quality of life through these financial tools. With blockchain, cryptocurrency and decentralization; the power is given to the people.
Importance of DeFi
While the crypto and blockchain user base has been steadily growing, a majority of these users aim to achieve financial freedom; as a result of an increased user base there will be a demand for more DeFi products. The name “DeFi’’ may sound fancy, however, the concept directly addresses the flaws in our current financial system by directly giving power to the people so that we can decide where and how to invest their assets to achieve financial freedom through high return products.
Benefits of DeFi
- Open / Ease of Access
Getting access to decentralized financial products can be easy, as you can simply create a crypto wallet through which you may access it. Compared to the traditional financial industry — banks for example take roughly an hour or more just to open a bank account, after which you’ll still need to spend time to apply for the financial product that you’re interested in. On the contrary, with the power of crypto and blockchain, anyone anywhere can get open and direct access to financial tools by simply creating a crypto wallet.
- Transparency
It can be extremely troublesome to invest in various financial projects. However, with DeFi products spread out across several blockchains, as a user, you can get direct information about their APY/APR and calculate the yields by doing some research on your own.
- Flexibility
Since blockchain and crypto are very transparent, as a user you get easy access to information about different projects and DApps. Another great benefit of DeFi products is the flexibility that they offer. If you decide to stake your crypto on a lending protocol such as Ram Protocol, you can withdraw it anytime with no lockups and no strings attached! This way, you have full control over how long, how much, and where you want to invest your crypto.
However, with great power comes great responsibility! Please note that this article does not provide any financial advice and we recommend you to do your own research!
BUIDL on ThunderCore
ThunderCore itself also features a growing list of DeFi DApps, including TTFarm, Ram Protocol, Acorn Finance, TTSwap, TTMining, and many others! The list of DeFi DApps has been growing real fast, but there is alway a need for more!
Here’s a short list of DeFi DApps on ThunderCore that we recommend you check out:
1. Ram Protocol — A lending protocol built on ThunderCore
2. TT Farm — A cute animal buying service with multiple investment methods.
3. Oolong Finance — A portfolio investment DApp with yield farming.
4. Zippy — A gambling DApp with yield farming.
5. EggDex — A DEX built on ThunderCore with a yield farming section.
The current list of DeFi DApps is definitely not sufficient on ThunderCore. ThunderCore currently has over 5M wallets on the chain! As user adoption grows, we’d expect ThunderCore to have a lot more users, resulting in a growing need in the demand for DeFi products.
Why is DeFi Important to a Blockchain’s Ecosystem?
DeFi DApps attract a lot of assets in general, which facilitates the total value locked (TVL) on a blockchain to grow. Ethereum currently has a TVL of $154B, on the contrary ThunderCore at the current moment has a TVL of $6M. As a blockchain which is currently growing, DeFi DApps are extremely important as it not only facilitates the TVL on a blockchain, but also actively drives users to these DApps spread across different blockchains.
Why choose ThunderCore?
DeFi-related applications typically involve a lot of transactions which correlate directly to the gas fees. A typical crypto user faces a lower entry barrier when on ThunderCore due to its extremely low gas fees. On Ethereum, making one simple transaction with a DApp or even for sending a small transaction from one wallet to another costs you high gas fees which are typically over $100! On the contrary, you can make a transaction on ThunderCore for a fraction of the cost at <$0.00001 in gas fees! As a result, the entry barrier is much lower when learning and interacting with DApps and for making transactions on ThunderCore. Gas fees are a big concern when interacting with DApps, as a DApp may have multiple smart contracts which may lead to even higher gas fees.
ThunderCore is an optimal place for both crypto users and developers interested in DeFi. For Developers, ThunderCore is a great place to deploy your DeFi DApps, since it offers extremely low gas fees (<$0.00001), and has a very fast transaction rate which processes 4000+ TPS (Transactions Per Second); whether you’re planning to develop new DApps or whether you’re planning to migrate your DApps from Ethereum / BSC or any other blockchain, do consider deploying on ThunderCore. Also, while you’re at it, do apply for the $10M Developer Growth Fund to help you scale up your DApps on ThunderCore.
