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Use Cases of DeFi

A new system or way that is introduced to leverage the decentralized networks for the complete transformation of old or traditional financial products to a transparent and trustless ecosystem is known as DeFi.

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Use Cases of DeFi

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  1. Use- cases of DeFi

  2. Borrowing and Lending Peer-to-peer borrowing and lending is the most widely used application of DeFi ecosystem.DeFi allows users to take a loan without any applications review or a bank account. In some DeFi apps, the borrower need not find a lender, instead of the smart contract itself acts as lender, and interest is calculated based on supply and demand.In some other DeFi apps, a fixed interest rate is made for the loans.DeFi makes the process of lending and borrowing much easier and time-saving.

  3. Asset Management With DeFi, you are the only custodian of your own crypto assets. You can securely interact with decentralized applications for buying, selling, and transferring your cryptos by using crypto wallets such as MetaMask, Gnosis, Argent, and more. For Example MetaMask stores your password, seed phrases, private keys in an encrypted format that you can access anytime.

  4. Gaming The significance of DeFi has made product developers build DeFi protocols directly for various verticals. Ethereum based games are becoming popular for the use-cases of DeFi because of their innovative incentive models. For Example, PoolTogether is a no-loss DeFi audited game that enables users to purchase lottery tickets by depositing DAI stable coins.

  5. Identity Management The DeFi protocols paired with identity systems based on blockchain are ways to help locked-up users to access a globally true economic system.DeFi is key that reduces the people's collateralization requirements and helps assess creditworthiness through reputation and financial activity instead of income and homeownership. This DeFi solution provides data privacy of personal identifying information along with open access. This implies that anyone with internet access can access DeFi applications from anywhere with complete control over their data and assets.

  6. Predictive Markets This is all about betting on something that happens or not happens in the future, which includes decentralized prediction markets, insurance, and on-chains which is fully automated. Today these protocols are used to insure the bugs in a smart contract. For example, Augur a DeFi protocol is a betting platform, features prediction markets, sports games, election results, and much more.

  7. HELLO! Get sign our DeFi project with the best DeFi Development Company, Bitdeal.

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