What is Defibox (What does Defi mean)
What is Defibox? According to official sources, Defibox aims to provide one-stop
What is Defibox? According to official sources, Defibox aims to provide one-stop services for DeFi. Users can easily create their own DeFi projects and access various DeFi products through Defibox.
It is understood that currently, Defibox supports mainstream cryptocurrencies such as BTC, ETH, and various ERC20 tokens. It also integrates NFT platforms, liquidity mining, decentralized exchanges, and other dApp ecosystems, including lending protocols, synthetic asset issuance, derivative issuance, and trading applications.
What does Defi mean
According to Defimarketcap data, as of September 27, 2018, the total value of locked assets in DeFi projects on the Ethereum blockchain has reached $3.57 billion in the past 7 days. In the past year, decentralized finance applications (DEFI) on Ethereum have become one of the most active and participatory areas in the blockchain ecosystem. From the current development status, DEFI is developing rapidly. But what are its basic concepts?
Firstly, there is smart contract. Smart contracts are a permissionless and auditable way of executing code. Through smart contracts, fund transfers and settlement transactions can be conducted. Based on blockchain technology, the system does not require anyone to verify its accounts correctly or incorrectly. Therefore, users can complete deposit and withdrawal operations by depositing cryptocurrencies into the account, or lend them to third-party custodians to realize loan business.
Secondly, there is decentralized exchange (DEX), which is a network platform that allows arbitrary digital wallets to send and receive digital tokens. DeFi protocols aim to solve problems such as high interest rates and price manipulation in the current market. Among them, Uniswap is the largest DEX, with over 1 million token holders and more than 1,000 liquidity providers, bringing significant growth to numerous crypto startups.
Finally, decentralized derivative exchange (dFx) has also gained attention. It leverages leverage to help people obtain more returns and allows them to use their tokens for arbitrage trading.
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