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Elastos DeFi Building Blocks
Elastos, a fully decentralized internet, where users own their identity and data, has emerged with a robust ecosystem in the world of decentralized finance (DeFi). The Elastos ecosystem has birthed many cutting-edge DeFi projects that are changing the game with cross-chain liquidity, decentralized credit ratings, automated market making, and more. From the lending and borrowing platform FilDA to the decentralized credit rating service CreDA to the cross-chain bridge ElkNet and the automated market maker and staking platform Glide Finance, Elastos is making a significant impact in the DeFi space.
These innovative projects demonstrate Elastos’ commitment to creating a secure, fast, and low-fee multi-chain ecosystem that offers users access to a broad range of DeFi applications. With a vibrant community and an ever-growing list of DeFi protocols, Elastos is stacking up the building blocks of the DeFi revolution, and its future is bright.
FilDA is a lending and borrowing project that uses smart contracts to realize a cross-chain money market. The platform features a liquidity pool and algorithmic interest rates that supply and demand determine. Users can deposit assets and earn interest, while dApps, institutions, and exchanges can gain incremental returns. Borrowing tokens requires over-collateralization, and there is no time limit for borrowing. However, there is a risk of liquidation when the value of the borrowing assets is above the collateral ratio.
FilDA’s primary use cases include allowing users to supply their assets and earn interest at low risk, enabling quick borrowing of utility tokens without waiting for token buy orders to be filled on exchanges, and conducting ICO investments by borrowing ETH using existing ETH portfolios as collateral. Additionally, the platform allows for short selling. Overall, FilDA’s business model revolves around providing a user-friendly and accessible lending and borrowing service through smart contracts and cross-chain compatibility.
CreDA is a decentralized credit rating service that provides on-chain credit ratings for the blockchain world by utilizing real-world and blockchain data to compute a user’s credit score. The CreDA protocol enables DeFi platforms to offer personalized rates and services to their users, making them more competitive in the industry. CreDA’s credit rating system is based on the decentralized identifier (DID) protocol and uses artificial intelligence (AI) to compute user credit scores through its proprietary CreDA Credit Oracle.
The platform provides low-cost, trustless solutions for DeFi platforms and end-users through its decentralized credit rating system. Through participation in the CreDA protocol, users can benefit from preferential margin rates, improved credit ratings, and a range of incentives based on their credit scores. CreDA also allows users to increase their leverage ratio without over-collateralization, enabling them to secure loans without requiring over-collateralization.
CreDA’s mission is to bring the concept of credit into the decentralized finance (DeFi) space by providing a trustless and decentralized credit rating system. The CreDA protocol can compute a user’s credit score, which is minted into a non-fungible token (cNFT) that can unlock preferential rates and incentives for across various DeFi use cases. This credit score computation will increase broad market participation, asset utilization rates and establish a foundation of credit that did not exist in the blockchain universe.
In addition, CreDA aims to provide benefits for users and DeFi platforms, such as increased saving rates, reduced borrowing rates, increased liquidation thresholds, targeted marketing, and revenue. In addition, the protocol’s credit scoring methodology uses the CreDA Credit Oracle. This AI-based system assesses user activity across multiple chains based on the decentralized identifier (DID) protocol.
Glide Finance is a decentralized exchange, automated market maker, yield farming, and staking platform that operates on the Elastos Smart Chain. The platform aims to enhance the adoption of the Elastos ecosystem by serving as a source of liquidity for users and the projects built on it. Glide Finance has its native token, GLIDE, which serves as a governance token, and it also supports diverse farms, a built-in bridge, and more features that will be added in the future. The exchange is based on Uniswap V2 and enables any combination of two tokens to be swapped.
Users can earn trade fees and support the growth of the Elastos ecosystem by depositing their assets into liquidity pools. They can also earn GLIDE tokens for liquidity mining and staking or other tokens by providing GLIDE to unique partnership pools with other projects built on Elastos.
Elastos offers secure, fast transactions with low fees and is a multi-chain ecosystem part of the Elastos SmartWeb. On this fully decentralized internet, users own their own identities and data. Glide Finance has chosen to build on Elastos to support the ecosystem’s growth, and it includes novel features that merge DeFi technology with decentralized identifiers (DIDs).
ElkNet is a cross-chain bridge that enables the transfer of tokens between multiple blockchains and supports cross-chain messaging. It has a proof-of-concept beta version that includes a Dex on each chain, farms, and staking. ElkNet is also working on Farming-as-a-Service and Bridging-as-a-Service, allowing developers and projects to create farms for liquidity pools on the ElkDex and build their own bridge on top of ElkNet.
ElkNet partnered with Elastos to connect ElkNet to the Elastos Smart Chain (ESC) and provide staking and farming opportunities for DeFi users. ElkNet has also secured a liquidity support grant from the Cyber Republic to improve the value transfer into ESC from its connected blockchains. In the future, ElkNet hopes to see Elastos projects with fragmented tokens and ESC-only protocols spread their wings and open the doors to users from all blockchain networks. In addition, the Bridge-As-a-Service (BaaS) SDK will be available to allow near-instant access to ESC via ElkNet for asset, value, and messaging transactions.
Elastos is creating a secure, fast, low-fee multi-chain ecosystem that offers users access to cutting-edge DeFi applications. The innovative projects that have emerged from the Elastos ecosystem, such as FilDA, CreDA, Glide Finance, and ElkNet, are a testament to the incredible potential of decentralized finance.
Elastos DeFi brings the utility of cross-chain liquidity, decentralized credit ratings, automated market making, and more, and doing it in a way that is accessible, user-friendly, and highly efficient. As we look to the future, it is clear that Elastos is stacking up the building blocks that will transform the way we think about finance, data ownership, and personal sovereignty. With a vibrant community and an ever-growing list of DeFi protocols, the future of Elastos is bright.