In recent times, Even Though the Decentralized Borrowing Finance technology changed global financial services, there are still a few hurdles that users encounter when they use the technology and more traditional users are still very susceptible when it comes to transaction fees and scalability problems.
Most major outdated blockchains such as Binance and ETH have seen growing transaction times over the last several year. Network congestion and fees paid affect how long a transaction will take to complete.
Mining almost always happens in the order in which the most expensive transactions are validated. If you’re not spending a lot of money, you will be put to the end of the line. The problem here is that you have all the advantages of a decentralised network, like not having to deal with third parties, but still being costly since only the rich can afford it.
Instead of being subjected to the delays and high fees of other platforms, wouldn’t it be more equitable to be able to use a lending DeFi platform with quicker transactions and cheaper costs that provides three times as much money to users? To be clear, the creative team did everything, including setting the wheels in action, to bring their vision to existence.
How is that possible?
Deswap is an algorithm-based lending ecosystem that was developed from the bottom to the top to power the Polygon Chain with decentralised finance-based lending and financing ecosystem. The Polygon Chain offers an easy-to-use, cheap, and safe environment for our users, and the result is that Deswap gets a big, diversified network of covered tokens and a lot of liquidity. It also comes with YAI – a synthetic stablecoin built on the Polygon Network.
Due to the sidechain additional layer that works in parallel with the ETH blockchain its performance is improved to the point where it can run up to 80,000 transactions/sec.
This is what we call a real innovation – benefiting both the users and the developers. DeFi services get more affordable, and the mass adoption of cryptocurrencies is closer to the surface.
How can users use the product & what are the ways to get involved?
People can supply and borrow loans and can make passive income also we do have stable coin minting . With holding DAW people can mint our synthetic stable coin and people can also stake in our platform.
Simply : WITH THE SAME INVESTMENT , IF USER MAKES 5$ from AAVE, With DESWAP THEY CAN MAKE 15$ .
The YAI Stablecoin
To ensure that the project is not prone to bear markets, the team created the YAI stablecoin, pegged to the price of $1 – thanks to the existing collaterals.
As stated in this litepaper, “The Deswap Protocol(DAW) will allow users to mint YAI (YAI), a synthetic stablecoin pegged to the price of $1 USD, by using the yTokens from the underlying collateral already submitted to the protocol. Users may borrow up to 50% of the remaining collateral value in their yTokens to mint YAI.Stablecoins on the Deswap Protocol can be created synthetically and added as a proposal through Governance. The protocol’s default stablecoin will be YAI, which can be created using collateral previously committed in Deswap.”
Everything is happening gradually to ensure the quality of the DeFi project. In the first half of this year, the team is ready to launch the decentralized banking ecosystem . The last half of 2021 is dedicated to launching the voting feature and the DeFi user financial profile history management systems. And 2022 will come with token rewards and a Polygon-centered DeFi wallet.
Ready to give it a chance? Then join the private presale of Deswap held on Cafeswap Launchpad on July 9th, 2021 and get your DAW tokens!
The post Deswap: The worlds first synthetic stable coin lending protocol built on polygon chain appeared first on Blockonomi.