Hello and welcome back to another Discovery of the Day holiday special! MarketSquare is now in its Open Beta, meaning you can sign up for a profile and enjoy all the site has to offer. From Monday to Friday we bring you our top picks from across the cryptosphere. In today’s special edition, we take a look at some of the awesome Decentralized Finance (DeFi) projects we featured here on MarketSquare in 2021. Let’s go!
The Evolution of DeFi
There are tons of DeFi protocols to choose from—Uniswap, PancakeSwap and SushiSwap are a few names that come to mind. At present, most DeFi is built on top of the Ethereum Blockchain, and in all honesty, this is somewhat problematic. First and foremost, if DeFi is meant to be ‘decentralized,’ then existing primarily on top of a single (and rather inefficient) Blockchain isn’t going to cut it. Even Vitalik Buterin, the wunderkind behind the Ethereum Ecosystem, has said that Ethereum needs to ‘expand beyond just trading tokens and helping to create other tokens’ if a collapse and regulatory nightmare is to be avoided. If tokens are being created on top of others without adding any real utility, the entire system isn’t going to make it in the long term.
Another aspect of DeFi that needs addressing is its accessibility and concerns around the security. Earlier this year, on August 10th, the biggest DeFi hack yet went down when PolyNetwork saw more than $610 million worth of tokens stolen from the Ethereum, Polygon (formerly Matic) and Binance Smart Chain platforms. A huge amount of controversy emerged after this incident and the appearance of a ‘white hat’ hacker that helped to return a large portion of the funds with many calling it an inside job.
This is literally what hackers look like…just sayin’
In all honesty, in order for DeFi to succeed, it has to move away from being based on a single Blockchain and address a number of issues that have caused so many problems in the past. In the past months I’ve had the fortune of talking to and creating content with some amazing DeFi projects from different Blockchains, and all are working diligently to create platforms that lower barriers to entry, reduce costs and make the experience far less stressful for both experienced and new users. Let’s dive right in!
Having launched its Mainnet on 29th September 2021, Polkadex is a fully Decentralized Exchange (DEX) built on Substrate. In essence, Polkadex combines the best of Centralized Exchanges (CEXes) with DEXes, providing end-users with a DeFi experience second to none. The platform boasts a number of features including:
- Trustless Cross-Chain Transfers - Bring any Blockchain token to Polkadex in a trustless and non-custodial manner
- On-Chain Trading Bots - High-Frequency Trading (HFT) for both retail and institutional investors
- Offchain State Commits - Operators can maintain the Polkadex Orderbook via a Layer 2 Trusted Execution Environment (TEE)
- Unmatched Performance - Polkadex boasts 500,000 transactions per second (TPS), ensuring an unparalleled trading experience
Since its launch, Polkadex has gone from strength to strength, and as of December 11th 2021, there are over 1,000 nominators actively staking their $PDEX on the the Polkadex network and earning more than 60% APY. Now that’s some impressive returns!
There’s still a lot on the cards for Polkadex. As such, the team is hard at work implementing several fixes to the protocol including UI fixes for PolkaIDO as well as design improvements for the Orderbook web application. See for yourself:
There’s little doubt that Polkadex will continue to add to its utility and functionality as 2022 progresses. I encourage you to follow the protocol on Twitter and check out their official website for more detailed information about Polkadex’s capabilities.
In the very near future, Opdex will be releasing the first DeFi protocol in C# executed by the .NET CLR. For those of you who don’t know, Opdex is the first set of Decentralized Exchange (DEX) protocols within the Stratis ecosystem. Opdex protocols gives users the ability to engage in trustless token swaps, provide liquidity, mine and stake, all in an entirely gas efficient and non-custodial manner. Sounds exciting, doesn’t it?
On November 25th 2021, Liquidity Mining became available on the Opdex Testnet (which went live on November 21st), meaning users could start mining all-new test governance tokens to stake with or provide additional liquidity. Check it out:
Check out my MarketSquare DeFi Spotlight to learn more about Opdex and the team behind it
More recently, on December 16th 2021, Opdex announced the upcoming release of $ODX, Opdex’s governance token providing the necessary power for DeFi staking, liquidity mining and more:
$ODX is slated for Mainnet release on Cirrus in January 2022.
Read more about $ODX in this informative Medium article by Opdex
Having been part of the Stratis community for quite some time and talked to Tyler Peña, the founder of Opdex, I am pretty confident in Opdex’s capacity to achieve everything it hopes to. 2022 promises to be a very busy year for Opdex and the Stratis Community, but based on the support the protocol has received and the expertise of the people behind it, I’d be lying if I said I wasn’t a little excited about what’s on the horizon.
Tyler was actually one of the first people I interviewed for MarketSquare. You can watch the full interview over on the official MarketSquare YouTube channel
DeFi in 2022 and Beyond!
It’s been nothing short of a rip-roaring year for crypto, and I anticipate that 2022 will mirror or even exceed much of the energy we’ve seen throughout 2021. Both Polkadex and Opdex have extremely competent teams behind them and enthusiastic and motivated communities providing them with the support they need. While there are many DeFi protocols out there, few have the right mix of elements to succeed in the long run. I’ve no doubt that 2022 will bring further developments for both of these amazing protocols, and I hope to cover their progress as they continue to build their offerings and bring DeFi to a wider audience.
That’s it for today everyone. If you haven’t signed up for a MarketSquare profile yet, you’ll want to get registered ASAP so you can enjoy all the site has to offer. Thanks for joining me today - may you all have a very Merry Christmas and a Happy and Prosperous New Year! Take care Blockchain fans!
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