The Start of the Definitive DeFi Platform
As OIN starts on its journey to becoming gateway into decentralized finance (DeFi), we would like to kick off with our introduction into what exactly we mean by becoming the definitive gateway. Simply put, you will be able to lend, borrow, and provide liquidity on multiple platforms starting with our own and Ontology.
The Advent and Growth of DeFi
As the hype around DeFi has been garnering the attention of blockchain enthusiasts worldwide, it has revitalized the industry to new heights. Due to the advent of cryptocurrencies, financial applications of the technology have always been a talked about but never fully realized dream of the community. The space was limited to simple transactions, with exchanges bringing new features such as derivatives.
DeFi has been making headlines by its immense growth within this tumulus year, becoming a $5 billion industry. The cumulative value of tokens locked in DeFi applications has surpassed a milestone of $1 billion, with no end in sight. The COVID-19 pandemic, along with political turmoil around the world has put in question the security and stability of our financial infrastructure, creating even further interest in blockchain and cryptocurrency technology. Being a decentralized platform to provide essential financial services to a worldwide audience, the industry can alleviate some of the burden from the traditional industry. With new services and features being added to this industry at an unprecedented rate, the DeFi space is still developing to become the service that the general public can rely on.
How OIN Will Bolster the DeFi Space
Currently, the DeFi space is dominated by projects developing and utilizing Ethereum and its ecosystem. Services such as liquidity mining, P2P loans and the like mostly function only within this enclosed ecosystem, closing itself off to a large segment of the market. Although a user of altcoin-based products may also hop on to an exchange to purchase Ethereum to partake in the industry, this creates another layer of barriers. This also creates a more centralized ecosystem where the survivability, stability, and general functioning of the industry is based entirely on the welfare of Ethereum. For example, a flash-crash in ETH prices may cause the majority of loans outstanding to default, close out positions, and forcefully balance the books to protect the loaners and businesses. This creates a lot of uncertainty in the market, as blockchain and Ethereum in turn is still small relative to the traditional markets, and mechanisms to prevent such occurrences are not fully set in place.
Our answer to such problems, also addresses the question of accessibility. OIN will be the first DeFi platform to provide liquidity mining and loans on Ontology, and ultimately on other top platforms through cross-chain functionality. Our platform will build the bridge technology to seamlessly integrate Ethereum to start into our ecosystem, opening up to all of the current DeFi space. Cross-chain technology is crucial in DeFi and its growth as a legitimate financial infrastructure, after all, traditional finance also integrates the whole world, its currencies, and its different financial systems.
OIN and Our Beginning
As we start on this journey to become the gateway, the go-to platform of DeFi, we are excited to have you join us. As we progress, we will provide exciting updates on how far we’ve come and what to expect from us.
This is the start of our journey and our series on who we are, what we do, and how we will become the platform to allow value to flourish in the DeFi space. Stay tuned, and partake in the growth of DeFi into what we all imagined blockchain to be.
Homepage: https://oin.finance
Twitter: https://twitter.com/FinanceOin
Telegram: https://t.me/OIN_Finance
GitHub: https://github.com/timingex/oin
E-mail: team@oin.finance
