The way blockchain technology has altered the global investment space across multiple industries is certainly a big highlight of the 21st century. Not only has it provided ways to invest, retire, and save, but it also helped individuals fight against financial emergencies. Moreover, the technology is way ahead of its time, and with features such as smart contracts, multi-chain access, and data sourcing, it is definitely here to stay.
One of the innovative evolutions of this revolutionizing technology is introducing decentralized financial apps to the blockchain ecosystem. These apps have already made an impact on traditional financial institutions as people are on a mission to evade the sloppy work of customary financial institutions. The fact that generation Z and beyond shows less brand loyalty compared to its predecessors doesn’t help the more established financial giants. However, the current solutions to develop these applications are either expensive or brittle. To resolve these key issues the blockchain industry faces, it is important to intensify research and development tasks. Hence, it is understandable why growing investment through strategic partnerships and fundraising campaigns is essential to the industry’s growth.
Recently, a promising DeFi project, PolkaFoundry, raised an oversubscribed $1.9 million through multiple leading blockchain investors. The organization is enchanted by the support they have received so far, but the bigger picture in the investor’s eyes is the reliability of the PolkaFoundry platform for DeFi app development. The project is backed by some big names in the industry, including Sigma Capital, Master Ventures, Duck DAO, AU21 Capital, Magnus Capital, X21 Digital, Block Dream Fund- the recently established OKEx’s venture capital and others.
What are DeFi applications?
DeFi is a globally open monetary framework for modern times. In contrast with the current banking and other traditional money management systems, it is an alternative that is secure, firmly controlled, and held together by decades of research and expansion. In contrast to the average neighborhood banking choices, DeFi introduces various global options for a customer. That is why it is safe to say decentralized apps give you more control and permeability over your cash.
In short, DeFi brings financial services and tools that make money management possible for anybody with a web connection. Services that are slow and error-friendly in customary investment institutes will reduce noticeably with the introduction of DeFi applications.
It is a delight to learn how much funds PolkaFoundry raised simply through its ambitious vision for tomorrow- a total of $1.9 million. The financial support witnessed from multiple chief blockchain investors in the PolkaFoundry project has enhanced the momentum of current development tasks. The company is determined to enter the next growth phase.
More than 20 legitimate investors, known VCs in the blockchain industry, have committed their support and consideration towards PolkaFoundry. Overall, the contribution to this private venture is worth almost $2 million. The solid assist from the blockchain community’s leading names, the campaign output oversubscribing the target by over ten times is a solid reason to take PolkaFoundry seriously. The massive interest and trust mirrors the enthusiasm around PolkaFoundry’s dApp-service production team. A dedicated platform comes with built-in services and tools to create a functional DeFi application on Web 3.0.
These funds will be utilized to support the continuous innovation and advancement of the dApp integration program of PolkaFoundry. It will also be used to fuel experimentation and research with Polkadot and several other blockchains. Further, the organization understands the necessity of promotion and other improvement initiatives. Moreover, the financing declaration matches with PolkaFoundry’s recent partnership with Momentum 6; therefore, the former can obtain full advantage of the growth and marketing accelerator.
Use cases of DeFi applications
Since its inception, dApps have opened doors to create valuable monetary assets. This is an ever-increasing marketplace. Here is a list of things that can be achieved by designing and building DeFi apps on the PolkaFoundry platform. The following are some of the popular use cases of DeFi applications currently being discussed in the market aligned with Polka Foundry,
- Access to stable money
- Self- develop a portfolio
- Manage your portfolio independently
- Exchange tokens
- Get assets with a guarantee
- Get funds without security
- Purchase insurance
- Send cash around the world
- Start crypto reserve funds
- Stream cash around the world
Superior Solutions for Open Finance
Controlled by Polkadot, dApps created on the seamless PolkaFoundry platform can impeccably relocate assets, cross-communication between other blockchains, swap data, administer identities, and guarantee privacy on both open and private chains. It must be highlighted that, according to Polka Foundry, these DeFi apps are capable of overseeing complex and high-volume DeFi exchanges. Without these extensions to the client-claimed monetary framework, it is not easy to achieve the desired success by changing the outlook of the decentralized monetary services.