The Elrond Network, a leading blockchain provider with its native token EGLD, will now be accessible to the masses through DeFi 2.0. The Founder and CEO, Beniamin Mincu, stated that Elrond is set to transform the future of Finance by reducing the complexities around Decentralized Finance (DeFi). The module will deliver higher scalability and can be used for carrying out international transactions, and its services will be available at reduced costs.
The DeFi system plays an instrumental role in bridging the gap between financial transactions like remittances, money transfer, trading, etc., and its availability on online platforms. The DeFi 2.0 module will feature automated swaps, liquidity pools, borrowing, lending, and synthetic assets. Users of Elrond will generate yield with fast and inexpensive transfers facilitated by its blockchain. The module will simplify DeFi, and make it accessible to a billion people with the help of an Internet-scale performance, global transfers, and inexpensive transactions, all executed on a fuss-free and intuitive interface.
The market capitalization of Defi has risen above $40 billion. The market has grown despite many issues like poor user experience (UX), higher costs, and longer processing time, to name a few.
The most interesting part of the module is the LaunchPad, which will speed up the process of deployment of applications from around the globe that are supported by the Elrond ecosystem. This will help raise funds and strengthen the user-base. Additional tools including meta transactions, smart accounts, ESDTs, NFTs, and Elrond’s distributed name service will help Creative innovators tap into the full force of the Elrond network and use it to their advantage. The program is set to go live in separate phases in a few weeks.
The Elrond network is the first to present a viable solution to implement all the three aspects of sharding – state, network, and transactions at once. Elrond provides a very high level of performance on a network made of inexpensive computers, resulting in a very low cost per transaction.