Definance
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Definance

After COMP, another DEFI 100x coin has come.

As LINK, COMP, LEND, UMA, and more DeFi projects continue to refresh people’s perceptions with 10x, 100x increase and more, DEFI has undoubtedly become the hype train of cryptocurrency this year. Although the price trend chart of these projects looks beautiful, they have become the playground of whales now. Many newcomers entering the market will play the game of “Merry go round”, and be dumped on. Therefore, rather than fomo-ing, the right thing to do is invest in the next 100x project.

Some may wonder if there is already a decentralized oracle system like LINK in the DEFI ecosystem, with distributed lending COMP and LEND, and a decentralized financial contract platform UMA… Will there still be opportunity left for a new 100X coin.

The growth of bitcoin is testament to such a story, we have seen Bitcoin has been around for more than 10 years. Yet we still see the growth of Ethereum and more. It can be said that we are early in the entire cryptocurrency industry. Therefore, the current crypto market still has ample opportunities for entrepreneurial teams and investors. Everywhere, there still remains untapped opportunities to be filled, especially in today’s DeFi Landscape.

First, let’s look at what DeFi is. DeFi, also known as Decentralised Finance. It is an open sourced system not controlled by a single central institution. Its purpose is to reduce the intermediate costs of traditional finance through blockchain technology. However, many people now still rely on Centralised exchanges and custody services, to process cryptocurrencies transactions. This is obviously contrary to the original intention of Decentralised Finance and Blockchain.

From buying USDT to currency trading, many users have to deposit and withdraw from centralised exchanges. Currency and user wallet, not truly owned by them. This is a risk control issue, from a centralised point of view, as accounts can be blocked at any given time. Based on the current problem of Crypto and Fiat transactions, Defiance is a team that wants to implement the novel principle of matching and settlement of crypto assets, on-chain. What are the advantages of Definance, how can it become the next 100x potential coin in the DeFi Space?

Image source: www.defitech.io

Without an intermediary, transactions will be more convenient.

Although the existing cryptocurrency trading system plays a key role in the crypto ecosystem, it is taking the old path of traditional finance. Regardless of whether it is a first-line exchange or a second / third-line, there have basically been numerous cases of asset theft. Incidents such as downtime and “unplugging the server status” during transactions have also caused constant criticism of centralized exchanges. At the same time, malicious behaviors such as stealing assets from users have also occurred. In fact, the original intention of blockchain was to establish a peer-to-peer transaction system. To some extent, this is also the reason why Definance was created.

Definance intends to establish a portal to help users buy or sell cryptocurrencies using local payment methods through a one-stop experience. In order to merge local payment networks to accept transactions with various encrypted assets, Definance will aggregate from liquidity providers and ensure compliance with local regulatory requirements. Its ultimate goal is to provide an instant buying and selling experience without the need for an order book or waiting for order execution. In the Definance system, both parties to the transaction can directly trade through the ETH wallet, without the need to deposit the tokens in the Definance nor repeatedly convert the tokens to obtain the tokens they want. For example, if a user holding USDT wants to purchase tokens issued by a certain project, but has not opened a USDT trading pair, the Definance system will match the transaction itself and complete the transaction through their respective wallets.

Simplifying transactions to reduce costs.

In a centralized exchange, if you want to buy tokens issued by certain projects, you must first purchase BTC, ETH, USDT or platform currency, and then transfer the assets from the wallet to the exchange before trading. Not to mention the trouble, every purchase requires a corresponding transaction fee, and the inconvenience of third-party transactions must have been experienced by my friends. In order to make transactions simple and straightforward, Definance directly integrates with trusted liquidity partners and can trade in its own wallet, reducing the dependence on unknown buyers/sellers. In addition, users can integrate their web 3.0 wallet directly with the platform without depositing their assets in a third party.

While the transaction link is reduced, it will also bring about a reduction in transaction costs. And through its on-chain agreement to directly match, trade, and update the custody balance over time. In comparison, the fee is much cheaper than the third-party exchange. The system only charges 0.3% for each transaction, while the current transaction fees are generally between 1–3%. If it is a low-frequency small transaction, the difference is not very large, but when the transaction frequency is high, or the amount is large, the transaction cost is considerable.

Avoid account closure due to local compliance

For a long time globally, the supervision of certain groups using the encrypted market for money laundering and fraud has been very strict. Some time ago, China has strengthened its control and control, and a certain exchange has caused many user accounts to be blocked due to risk control issues. Complaint. And it cannot be resolved in the short term. At the same time as the heart is congested, it may also bring considerable losses due to missed opportunities.

In response to this situation, the Definance team knows that complying with local regulations will be an important step in integrating various payment methods. Therefore, a simple “Know Your Customer” (KYC) and Anti-Money Laundering (AML) agreement will be signed with the user. The payment method is only open to regions that comply with local regulations. This greatly avoids the trouble for users due to compliance issues.

In summary,

As a new experiment, the biggest value of blockchain is to break the existing operating mechanism and provide people more room for imagination and independence. Therefore, it also brings a lot of opportunities for a new decentralised movement to be created. Even today, when the electronic payment technology of various countries is quite mature, the government has begun to establish a new digital currency system based on blockchain technology. You can carefully review the reasons behind it.

The creation of the Definance project is precisely because of the various problems in the traditional trading system. Its ultimate goal is to transform a trading market where a third party plays a key role in a truly fast and convenient trading market that can bring benefits to users. C2C market. When global encrypted users are included in its operating system, its prospects are naturally self-evident, and another DeFi movement may soon be created.

DFIN Website| Telegram | Twitter | Github | Beta

Official Contract Address: https://etherscan.io/token/0x84f42Bc7Cab3932BdF1C77bb08528Bff20A44180

Whitepaper: https://docsend.com/view/dghmpzh7a8f4ibwc

For enquiries for support/partnership/liquidity providers, do contact info@definancetech.io

#DFINMOON

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Definance

DeFi Technology Service Provider. For more information about us at defitech.io. Telegram Announcement: https://t.me/definancenews