Blockchain platform IOST has stepped into a partnership with a Decentralized Finance Protocol, NEST. The partnership will let IOST foray in DeFi, a growing sector with immense potential. IOST tweeted that NEST has over 10,000 users with $6 million in transaction volume currently.
IOST has struck a partnership with NEST, a decentralized finance (DeFi) protocol, that allows developers to build launch DeFi solutions. NEST already has over 10,000 users with over USD6 million in transaction volumes. #IOST $IOST #blockchain #cryptohttps://t.co/zx1uSzePYU
— IOStoken (@IOStoken) May 5, 2019
Decentralized Finance is a budding sector, and many established traditional finance companies have very well recognized this. The JPMorgans and HSBCs of the world have already implemented blockchain tech in their operations, with the former also introducing its own digital token, the JPM Coin. In the crypto space, platforms like YouHodler and Nexo are already providing crypto-based loans to users.
The decentralized economy focused DLT platform also shared a blog post, posted on medium.com, which states that NEST’s Ethereum DApp has over 3,000 collateral loan contracts. It further states,
With NEST’s proven success on Ethereum and IOST’s next-generation high-speed, decentralized infrastructure, the IOST Foundation is confident that this partnership will create a wealth of opportunity for both parties in the area of decentralized finance.
Cryptocurrencies are expected to be the future of monetary systems, and hence future of finance will also depend on them. Several small and big business enterprises are investing in digital currencies in order to secure themselves from future market trends. Moreover, in countries devastated by the traditional style of economy, like Venezuela, the use of cryptocurrencies is even more fruitful.
Also, there are many central banks of various countries which are thinking over the idea of securing their currencies with Bitcoins, which will be a huge step forward for the crypto space. In such expectations from the future, it is only apt that a platform like IOST partners with DeFi projects.
IOST has been on a dream run ever since its launch in February earlier this year. Within weeks, the platform overtook Ethereum in terms of daily transactional volume. That itself was a major feat, given the fact that Ethereum has over 2,000 DApps on its platform while IOST had only 11.
On the other hand, NEST DApp is a decentralized crypto asset mortgage lending platform based on the Ethereum blockchain. It allows users to borrow Ethereum and lend Ethereum, in return for interest payable and receivable respectively.