The centralized financial system can be considered closed. Some limitations make it impossible for everyone to participate. For example, a significant population globally is unbanked because they do not meet specific set requirements. These requirements disqualify most people from accessing financial services that are important in general development.
On the other hand, the open finance world caters to everyone. The rules are created and enforced by the community as the entire financial setup is decentralized. defire wants to connect companies to the open finance world popularly known as decentralized finance or DeFi.
Understanding DeFi
DeFi refers to a range of blockchain protocols building open financial infrastructure that is accessible to all. A quick look at the current DeFi market reveals various applications of the technology regardless of the industry. Finance, healthcare, NFTs, and education are just some of the available DeFi application options in the market.
Their allure is the elimination of the middleman typical in the centralized financial systems. DeFi connects the service provider to the client directly without any intervention from third parties that negatively influence the trading experience. By so doing, it potentially reduces the cost of the products or services by creating an efficient trading system. This led to the rise of DeFi applications in 2020.
It is also important to note that, despite their blockchain basis, DeFi applications have different degrees of decentralization. Some have some centralized aspects that are still necessary for their operations, though they are gradually phased out.
A developer’s convenience and a user’s delight
defire.io plans to configure its platform to serve developers best as they bridge the users and the platform. Developers will get SDK that will allow them to execute transactions with a single line of code. Some of the possible transactions include:
- Trade — trade any crypto asset without the need of a middleman.
- Margin — trade on margin opening short or leveraged position.
- Lend — earn by depositing funds into the market.
- Borrow — get access to loans and assets by using crypto holdings as collateral.
- Stake — earn rewards by holding tokens to support blockchain operations.
- Invest — invest in tokens and retain full ownership and control.
- Bet — get rewards for predicting future events correctly.
All these processes are made possible to developers through defire’s SDKs. Users can integrate DeFi into their projects and experience all the listed transactions and even more through an innovative application of defire’s services.
For example, a supply chain company seeking to diversify their revenue stream can integrate their business through the provided SDK tools to stake, lend, and invest through defire. Moreover, the same company can still access the other listed financial services such as borrowing whenever required.
Conclusion
defire provides a working alternative to the nearly obsolete financial system that the world is currently operating with. With its convenient SDKs, defire can help the world explore the vast possibilities of DeFi technology.
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