Blockchain technology and digital assets have helped to revolutionize the financial industry. Since the development of Bitcoin (BTC), the first blockchain, the application of blockchain technology has increased.
Several cryptocurrency blockchains have been developed to improve existing blockchains. This article will look at three crypto projects working hard to succeed in the coin market.
Avalanche (AVAX) blockchain
The Avalanche blockchain was created by a group of individuals known as Team Rocket. These individuals collaborated to build a proof of stake blockchain that satisfies the blockchain trilemma.
The Avalanche (AVAX) blockchain accomplishes its decentralization, scalability, and security by being a proof-of-stake blockchain.
The proof-of-stake protocol helps the Avalanche (AVAX) blockchain maintain an eco-friendly blockchain with low transaction fees.
Transaction fees within the Avalanche blockchain are covered with AVAX, its native cryptocurrency. Transaction validators within the Avalanche blockchain are rewarded using AVAX tokens.
Ethereum-based DeFi Lending Protocols
Blockchain-based DeFi lending protocols allow users to lend and borrow crypto assets. These platforms do not require third parties to mediate the transactions.
Compound (COMP) DeFi Lending Protocol
Compound is one of the numerous DeFi lending platforms on the Ethereum (ETH) blockchain. Compound (COMP) is a multi-asset lending protocol. Through it, users can take out collateralized loans using any cryptocurrency without selling their tokens.
These users can utilize these tokens across any blockchain that supports the loaned cryptocurrency. COMP users can act both as lenders and borrowers.
Lenders deposit their tokens into liquidity pools to facilitate the functioning of the Compound ecosystem. Lenders can also take out loans up to the value of their deposited crypto assets.
Borrowers within the Compound ecosystem can receive collateralized loans depending on the loan ratio of the loan currency. This loan can be in any cryptocurrency supported by the Compound protocol.
COMP lenders are incentivized to continue providing liquidity to the platform. When borrowers repay their debts and the additional interest, lenders receive part of this interest proportionally to the percentage of their deposited tokens in the liquidity pools.
Hypaswap (HYPA) DeFi Lending Protocol
The Hypaswap DeFi lending protocol is similar to the Compound (COMP). Both Ethereum-based platforms offer decentralized, collateralized loans to their users.
However, Hypaswap (HYPA) is a more recent innovation. It has been designed to fix several flaws in preexisting DeFi lending protocols. One of the flaws fixed by the Hypaswap ecosystem is its cybersecurity protocols.
HYPA has made concerted efforts to make its platform as secure as possible.
Some of the security measures put in place include:-
- Over-collateralized loans: Over-collateralization is vital to the Hypaswap (HYPA) ecosystem. It ensures that lenders’ funds are secured from fraudulent borrowers who default on their loans.
- Bug bounty program: As part of its security system, Hypaswap utilizes its users’ help to ensure its ecosystem remains secure. HYPA tokens incentivize bug hunters to inspect its protocol and report any loopholes critically.
- Regular audits by external personnel: From the developmental stage of the Hypaswap DeFi protocol, it welcomed external auditors to inspect it. The Hypaswap development team swiftly addresses any flaws identified by these auditors, ensuring the safety measures of the ecosystem are maintained.
- Governance DAO: Hypaswap (HYPA) will be a decentralized autonomous organization-managed platform. This DAO will be made up of its stakeholders.
Among the three cryptocurrencies discussed in this article, Avalanche (AVAX) and Compound (COMP) tokens have already been introduced into the coin market. However, the Hypaswap (HYPA) token is still in its presale phase. This is the best time to become part of this next-generation DeFi lending protocol.
As an added advantage, the presale phase has several layers of reward opportunities for participants. Presale participants who use the Solana token receive a 10% bonus. Hypaswap (HYPA) presale participants also receive a 50% bonus on their second purchase and a 6% bonus on stage 1 of the presale.
Users who invite others to the presale will also receive a $50 bonus. Once invited users have purchased $200, both parties receive this bonus.
Decentralized finance is taking over the crypto space. The Hypaswap (HYPA) token provides next-generation utilities to its users. Its numerous features make it the best cryptocurrency to buy in 2022.
Website – https://hypaswap.io/
Telegram – https://t.me/HypaSwap