Although many in the financial, business and media have expressed mixed feelings about the stability and feasibility of cryptocurrencies, just a few have in the past even gone on to dub bitcoin as "garbage." However, over time, this perception has changed so much that the few people who doubted cryptocurrencies' potential are now heavily endorsing and supporting projects entirely based on crypto. Just like, DEFIT (Digital Fitness), a unique and decentralized wellness live marketplace concept. A suite of powerful web and mobile solutions connecting people with health and fitness professionals across the world.
DeFi is a rapidly expanding sector of the cryptocurrency world. Today, many people have grown intrigued with DeFi after understanding that it may allow them to profit from digital assets wrapped up in ETH chains. Substantial capital in crypto investments, on the other hand, does not have the same profit potential. Millions of people have a small amount of money and wish to make 4%, 5%, or 6% on it.
There is a rising apprehension around DeFi, the biggest of them being that banks may be destroyed entirely. Further, the crypto community has predicted that Shiba Inu coin and Doge are unsustainable. Decentralized revolution is a reality and the fight for transparency and an egalitarian system is on the rise, resulting in the rise of the DeFi community. Recently "Don't defy DeFi," Musk wrote on Twitter, instilling hope in many DeFi token holders following a market-wide sell-off that saw most currencies lose a significant amount of value overnight.
DeFi is Now a Multi-billion Dollar Industry
The DeFi sector is estimated to be worth over US$140 billion. Smart contracts, which already dominate numerous major DeFi apps like Uniswap, Dodo, Compound and MakerDAO, offer decentralized protocols with automated lending and market-making. More Ether (ETH) is being locked away in decentralized financial contracts this year, while the amount held on centralized exchanges continues to fall.
Impulseven is a decentralized finance ecosystem with yield farming protocol that gives out Impulseven tokens at competitive yearly percentage rates. Yield Farming adds liquidity to the DeFi product, allowing it to grow even further. It is used to deliver a collection of yield farming assets that are financed. Users may also stake their native Impulseven tokens on Impulseven's website. The platform's staking system is set up such that all stakers get 80 percent of the fees collected from all Impulseven tokens transactions as dividends. Dividends are paid out every three days, and payouts begin as soon as Impulseven tokens are staked. The minted tokens are added to the tokens locked in smart contract, increasing the amount of Impulseven tokens staked over time.
The Rise of DeFi Lending in 2021
DeFi loans are much more accessible than traditional banking, which requires the consumer to go through a never-ending documentation procedure to establish their creditworthiness. To acquire a low-interest loan, the borrower must announce their intent to borrow and deposit collateral in any accepted cryptocurrencies. Other network players generally provide liquidity for borrowing by depositing monies into a lending pool governed by a smart contract. If the investors participate in the lending pool, they earn interest on their deposits.
The Impulseven lending network, a decentralized solution, can be used by individuals and businesses for seeking financing for running day-to-day operations. Users can borrow in stablecoins after submitting a variety of crypto assets as collateral on the website. The platform seeks to provide further ease to borrowers by charging low interest rates. Borrowers can now use Impulseven's Lending platform to borrow stable currencies and earn passive interest in the form of Impulseven tokens. Investors that stake or donate tokens to the lending pool receive stablecoins as interest or rewards. Businesses can use this to earn passive income on their idle cash sitting on the balance sheet.