CeFi Failure & Collateral Damage : Where is Crypto heading To?
With all the disastrous failures lining up in the crypto space, serious concerns regarding the survival of the entire industry have surfaced.
The massive bridge hacks & rug pulls of 2022 alone had compelled many to exit the space, but the contagions have left even deeper scars on the entire space. Has it shaken the conviction of believers too? Certainly yes! However, that is not the whole crypto landscape but a part of it.
Portal is taking the space on rewind to filter out facts and highlight aspects worth believing in the technology than panicking about the widespread fud!
DeFi is about True Decentralization.
The crypto space is established on the foundation of a decentralized, transparent, self-sovereign, trustless, secure, and anonymous market/system as introduced first in Bitcoin Whitepaper.
Every decentralized innovation post Bitcoin Whitepaper release promotes & follows this ethos. Anything that defies each of these pillars can not be considered a part of the space like CeFi — exchanges, bridges, third-party dApps, and others.
CeFi platforms are widely denied to be decentralized market promoters for many reasons. As they are not an on-chain entity, they promise no transparency either. There’s no promise of user anonymity, trustless setup, or any operation records. And worse of all, they take user assets in custody.
True decentralization means true transparency so that the people who make the community also make crucial decisions per the demand of time and circumstances. This is what CeFi resists and has fallen in hot water, as seen with multiple failures lately — FTX, Voyager, Celsius, 3 Arrow Capital, etc.
Centralization has various fatal flaws, which are the cause of their fall. Consecutive CeFi failures have certainly affected the entire industry but not entirely.
Portal to Reset & Bring the Real Decentralization to the Space!
Returning to the core ethos of blockchain and decentralization. Trust no third party and continue to promote the fundamental pillars of a free & transparent market.
Portal, a Financial Internet Built on Bitcoin, is marching strong to bring true decentralization in the DeFi & the crypto space. It eliminates the need for third parties as bridges and wrapped tokens completely and brings a stable and self-custodial DeFi on top of the safest crypto network, Bitcoin. To achieve this, Portal is implementing atomic swap transactions to simplify and secure cross-chain operations without taking assets in custody.
With Bitcoin as the base layer, Portal is leveraging the security DeFi, and the entire crypto space lacks today. It also bestows Portal to provide the space with a transparent, open, and p2p market for the masses that Satoshi promised in the 2008 Whitepaper.
With Portal, the crypto space will achieve a decentralized, transparent, self-sovereign, trustless, secure, and anonymous in the true sense.
The Portal project is a peer-to-peer, trust-minimized application running on top of Bitcoin. It allows users to access a decentralized network right from their wallets. In addition, users can now manage multiple blockchain assets and financial services from within their wallets. The project is backed by Coinbase Ventures, ArringtonXRP Capital, Republic Capital, B21 Capital, and several other big names in the crypto and DeFi space.
With Portal, DeFi becomes a service that anyone can provide, maintaining anonymity for a competitive fee within open, transparent markets, with a security model as robust as Bitcoin mining. And because it is built on Fabric, it comes with privacy, speed, and security. A Financial Internet Built on Bitcoin ✈️