How HALO Network Is Revolutionizing The DeFi Space
The financial sector has gone through several phases in its transformation; the disruption of DeFi is just one of those.
Initially, the financial sector had one focus: dropping the chains of an analog setup for the cloak of digitalization. Though the sector succeeded in that regard, it wasn’t expecting what happened next — the rise of DeFi dapps.
The DeFi Boom And the Blockchain Connection
The DeFi boom only started after blockchain gained traction. Bitcoin Network, the first blockchain, received a massive dose of attention, spiraling into other blockchains rising from the ashes.
Ethereum, one of the first blockchains to cater to the whims of DeFi, came with the highly ambitious Ethereum Virtual Machine (EVM). And the rest became history for DeFi protocols.
While Ethereum’s impact on the growth of DeFi protocols is well-known, the blockchain wasn’t built with these disruptive hubs in the picture. More blockchains have since entered the fray but didn’t change the future of the DeFi space until now.
How HALO Network Is Most Supportive Of DeFi Growth
HALO Network might be a newbie compared to some existing blockchains, but that supposed weakness is converted to its greatest strength. The blockchain combines the attributes of existing networks, providing an architecture that’s perfectly suited for DeFi. It’s similar to how someone builds on the work of others to deliver a product that’s exactly what the market yearns for.
Though HALO Network’s effort appears unoriginal from afar, the blockchain has some innovative features that will surely catalyze the continued growth of DeFi.
Here’s a breakdown of how HALO Network is providing the enabling environment for DeFi protocols to thrive:
Compatible With Ethereum
Most DeFi protocols use the Ethereum chain thanks to that blockchain’s first-mover advantage. This explains the reliance on Ethereum by many DeFi dapps. To service these DeFi hubs, HALO Network provides an ecosystem that’s compatible with the Ethereum chain. Such a move makes the former quite attractive to DeFi projects interested in a multichain capability.
Robust DeFi Framework
On HALO Network, DeFi protocols enjoy a robust framework that’s not seen on any other blockchain. The digital ledger’s framework is one of a kind that supports the effective utilization of DeFi tools.
HALO Network’s support for DeFi protocols stems from the adaptability of the blockchain’s framework. Most blockchains cannot deliver on the different needs of DeFi protocol such as speed, interoperability, scalability, and more. HALO Network has all these covered through its many components.
HALO Network’s DeFi infrastructure consists of its HALO Virtual Machine, Oracle, Storage. They work together to ensure DeFi hubs aren’t short-changed compared to their counterparts on other blockchains.
A clear case of how HALO Network is DeFi friendly can be seen in the blockchain’s oracle. Thanks to HALO Oracle, these decentralized finances are assured of accurate data through the balanced contribution from off-chain and on-chain data sources.
A Supportive Consensus
The consensus mechanism of a blockchain also determines its suitability for the optimal performance of DeFi protocols. HALO Network uses an HPOS consensus, a twisted form of the popular PoS consensus.
Built for the DeFi ecosystem, HPOS ensures protocols operating on HALO Network can handle large volume transactions since a high TPS is supported. This is quite important if these DeFi protocols are to meet the expectations of users.
Aside from the HPOS consensus support for a large number of financial transactions, there’s the decentralization angle. The consensus makes it possible for multiple nodes as much as 99 to be online at the same time. Having that large number of nodes available every time deepens the blockchain’s lack of a central authority, which is what DeFi protocols need.
DeFi hubs are often the target of different attacks, so any supporting blockchain needs to be impermeable to such threats. HALO Network’s HPOS consensus ensures the blockchain is resistant to Spam, DOS, and others, reducing the attacks aimed at De-Fi protocols.
HALO Network’s DeFi Components
HALO Network bests many blockchains in being suitable for DeFi. The digital ledger has a diverse array of DeFi components that’s supportive of these financial products. Some of these De-Fi components include:
Like most blockchains, HALO Network has its main DEX, HOSWAP. Nevertheless, this decentralized exchange embodies the future of finance. The DEX uses both the AMM (automated market maker) model and HMM (nodal market maker model), which tackles the flaws of many existing DEXs.
DeFi hubs can’t exist in isolation; cross-chain transactions are part and parcel of the operations of these protocols. HALO Bridge makes these cross-chain transactions possible. The smart contract dependent bridge delivers fast and transparent cross-chain activities, making it ideal for DeFi hubs.
HALO Network is perhaps the only blockchain that revolves around the DeFi ecosystem. The blockchain’s array of components and infrastructure sees the blockchain leading the charge towards a more efficient DeFi space.
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