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Defi crypto

How DeFi changed the way we see crypto

More users are interacting with DeFi technology thanks to advancements in blockchain technology.

by James Enajite
September 13, 2022
in Global, Wallet
Reading Time: 5 mins read
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The advent of blockchain technology and by extension cryptocurrencies has seen an uptrend of developmental projects in the financial sector of the global economy. 

This has gradually transformed the way of doing financial business in recent times with the development of decentralized financial (DeFi) systems.

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This system is gradually integrating financial services for potential investors to leverage their funds in a more profitable manner and subsequently growing the DeFi economy and its budding ecosystem. 

What is Decentralized Finance (DeFi)?

DeFi (or “decentralized finance”) is a collective term for financial services on public blockchains. The deployment of DeFi products enables one to do most of the things that are applicable in the traditional banking sector like earn interest, borrow, lend, buy insurance, trade derivatives, trade assets, and more.

Although, this is faster and doesn’t require paperwork or a third party. This is because cryptocurrencies generally are peer-to-peer (meaning directly between two people, not routed through a centralized system), pseudonymous, and open to all within a smart contract. 

How does DeFi work in principle?

A typical transaction with DeFi would involve the use of software called Dapps (“decentralized applications”), most of which are developed and deployed on the blockchain. Unlike the traditional bank system, there is no application to fill out or account to open. 

Here are some of the ways users are interacting with DeFi platforms daily: 

  • Lending: This is where an individual lends out crypto and earns interest and rewards every minute – not once per month like the traditional financial institution.
  • Getting a loan: An individual can obtain a loan instantly without filling in paperwork, including extremely short-term “flash loans” that traditional financial institutions don’t offer.
  • Trading: People can make peer-to-peer trades of certain crypto assets. Just like the way you could buy and sell stocks but without any kind of brokerage.
  • Saving for the future: Put some of your crypto into savings account alternatives and earn better interest rates than you would typically get from a bank. 
  • Buying derivatives: Make long or short bets on certain crypto assets. Think of these as the crypto version of stock options or futures contracts which are very profitable for those who have quality experience in trading such.

Some of the benefits of DeFi systems:

  • Open: DeFi grants anyone and everyone the opportunity to leverage the openness of the market such that you don’t need to apply for anything or “open” an account to get access. You simply get access by creating a wallet.
  • Pseudonymous: You don’t need to provide your name, email address, or any personal information. This gives the individual some level of privacy and freedom over their finance.
  • Flexible: You can move your assets anywhere at any time, without asking for permission, waiting for long transfers to finish, and paying expensive fees.
  • Fast: Interest Rates and rewards often update rapidly (as quickly as every 15 seconds) usually in block time and can be significantly higher than traditional financial markets.
  • Transparent: The blockchain which is an open ledger system grants everyone involved the opportunity to see the full set of transactions (This is not applicable to private corporations who rarely grant that kind of transparency to their customers)
Why do you need crypto wallets?

The core essence of crypto is to give freedom and power of custody of funds back to the people who are the rightful owners of their funds. 

This would only be feasible if there are wallet systems for holding these funds especially in a safe and secure way for the users to be confident in carrying out their transactions.

Therefore, there are many crypto wallet developers who have transcended various versions of the creation of crypto wallets for users globally. 

However, most crypto wallets have been flawed with issues of hacking and security breaches that has led to the loss of funds for users in a sizable proportion by cyber hacks. 

This is related and more common to centralized wallet systems where the users do not own the private keys for their wallets and when there are issues of cyber-hacking, the wallets are easily drained to the detriment of the wallets owners.

How does the Klever wallet serve as a DeFi platform?

The Klever Wallet was created with the users and investors in mind. 

Sequel to the projection of the whitepaper, it was specifically designed to enable people and users to be financially free from the financial intermediaries who tend to limit the opportunities associated with the crypto economy.

This has subsequently led to a massive improvement in the development of the Klever wallet from its various versions of the Klever 4 wallet (K4) to the Klever 5 wallet (K5) although currently in its Beta version. 

There are many opportunities for investors to use their funds efficiently and have a good return for their investment within the K4 and K5 wallet systems by using our staking model and so on. 

Tags: crypto walletdefi
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James Enajite

James Enajite

A passionate lover of crypto and mankind with an active mind to create content to educate everyone within my sphere of influence. An entrepreneur with an open heart to accommodate young aspiring individuals to achieve their best in a global space.

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