3 Ways pNetwork Is Instrumental for DeFi’s Growth
The inception of Bitcoin first introduced blockchain to the world in 2009. But the novel technology didn’t find a significant application base until recently. The DeFi ecosystem’s onset provided a much-needed shape and direction to blockchain’s limitless potential and has led to the cryptocurrency economy embarking on a whole new path altogether. The numbers are a testimony to this fact.
With $45 billion worth of funds locked in different protocols, the blockchain-based financial ecosystem has logged more than 70x growth year on year. DeFi is creating a paradigm shift in how we access financial instruments such as loans, insurance, bonds, and other fund investments. Its growth trajectory is enormous, and the future pretty bright. However, to keep the momentum going, DeFi needs to undergo a radical transformation.
For DeFi to truly thrive and experience massive growth and adoption, other blockchains should have access to the distributed finance activity mainly constricted to Ethereum. Our secure cross-chain composability system makes DeFi apps universally accessible.
Three ways in which we make this happen are:
- blockchain bridges
- cross-chain interoperability across DeFi dApps and transfer of NFT and unique digital assets between different blockchains
- and eidooCARD.
Let’s take a look at each of them in detail.
Seamless DeFi Accessibility on Multiple Blockchains Through Bridges
To truly experience explosive growth, DeFi protocols need access to liquidity. Our primary objective is to build an inter-connected and multi-faceted ecosystem in which DeFi dApps and users of these dApps can access liquidity across multiple blockchain networks along with their functionalities.
We are giving shape to this idea by building technically sustainable bridges across numerous blockchains. This way, pNetwork is setting the global standard for the best Defi practices.
Cross-Chain Portals for Transferring Digital Art Collectibles and Other Digital Assets
It is said that money makes the world go round. But tokenized digital art has somehow disrupted this conventional idea. As seen in the past few months, their valuations have been soaring through the roof!
Per Nonfungible.com, the aggregated volume of all non-fungible tokens (NFTs) has pushed past $440 million. Only three years ago, this number was $42 million. Recently digital artist Beeple created history by selling his artwork for $69 million. These numbers really are a reflection of where the NFT market is headed. Therefore, our goal is to enable cross-chain NFT transferability — making them accessible on multiple blockchains.
Our team believes that everyone in the blockchain space must be allowed to own NFTs. Through our meticulously designed bridges and portals, it is now possible to transfer Ethereum-based non-fungible tokens to the Binance Smart Chain at the moment. Recently, we started a collaboration with Binance to deploy our pNetwork-powered BSC-Ethereum bridge to enable tokenization of BTC, ETH and other ERC-20 tokens for use on the BSC.
Apart from this pNetwork allows users to capitalize on the offerings of different DeFi dApps through a robust and meticulously designed cross-chain interoperability model.
Enabling Decongested DeFi Access With eidooCARD
Our native token $PNT is well-integrated within the Eidoo ecosystem and provides access to various services, such as the eidooCARD, its cashback program, and the Atomic Swap feature. Now here’s where things get interesting!
eidooCARD is connected to Ethereum, which hosts all major DeFi applications.
Thanks to Loopring, a Layer 2 solution for Ethereum, eidooCARD users can now enjoy a smooth, hassle-free experience by performing transactions that are superfast and save a lot of time.
To be precise Loopring’s zkRollup technology can process around 2,000 cryptocurrency transactions per second, and the best part about this solution? All transactions happen “off-chain” but are immensely secure, given the nature of robust Layer 2 cryptographic security.
If you want to learn more about how pNetwork is redefining the NFT and Defi ecosystem, join our community!
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