Decentralized finance has gradually evolved from one of the trends which followed Bitcoin’s inception to an integral part of business and finance. Permissionless, decentralized and blockchain-based financial solutions are emerging at an exponential pace.
Impressively, decentralised Finance (DeFi) has exploded in popularity, with cross-chain integrations on several blockchains like Ethereum, Polygon, Binance SmartChain, OkexChain, etc. Key DeFi service providers such as Uniswap, Compound, Maker, Yearn offer decentralised ways to swap tokens, provide liquidity, borrow and lend.
DeFi Trends in 2021
Decentralized finance is gradually becoming vital to Small and Medium Enterprises especially in creating core financial products which can help them cut costs and boost profitability. Some of the DeFi products and services include borrowing and lending, payments, money issuance, insurance, trading, and asset management, automated market makers (AMMs), staking programs, and yield farming. 2021 started with increase in the use of advanced defi protocols for liquidity mining, cross-chain functionality, increased stablecoin demand, NFTs and gaming.
Most SMEs face the challenge of boosting profitability and avenues for cutting costs; DeFi integration into business operations will assist them in achieving profitability goals.
“DefiBridge” – DeFi integration in your THRESH0LD wallet
THRESH0LD integrated DefiBox to simplify access to access any DeFi protocol, saving you time of moving funds in and out of your Thresh0ld Wallet. Digital asset businesses that use the THRESH0LD MPC wallet now has the advantage of scaling better with the instant access to DeFi. DeFiBox allows you to access all the revenue enhancing and operationally transformative benefits of DeFi without compromise.
With DefiBridge you get:
- Instant access to DeFi directly within THRESH0LD
- THRESH0LD’s underlying wallet security and operational controls
- Frictionless access to DeFi protocols across multiple chains – Ethereum, Polygon, Binance Smart Chain, Huobi EcoChain, OkexChain
- Full control over which DeFi contracts are authorised
- Flexibility to use WalletConnect
- Freedom to call in the DeFi protocol of choice
There are three key methods of participating in DeFi using THRESH0LD DefiBridge;
- User Interface – Users can connect using a manual operation method, this involves calling an ABI (Application Blockchain Interface) directly from the THRESH0LD User Interface. This is a similar approach to using an Integrated Development Environment (IDE) such as ‘Remix’ to interact with the blockchain.
- API – Technical users / DevOps teams can connect through an API that allows the wallet to send an ABI request to DeFi.
- Wallet Connect – DefiBridge allows users to ‘inherit’ past DeFi operation methods and interact with DeFi directly through the walletConnect protocol.
These different methods allows THRESH0LD to seamlessly interact with any DeFi protocol.
How DefiBridge works in 4 simple steps:
- You set up the contract rules.
- Interact with DeFi through either the User Interface (UI), API or using WalletConnect.
- Your team approves the operation according to your approval rules.
- THRESH0LD broadcasts your submitted DeFi operation to the blockchain.
THRESH0LD supports Layer2 and related ‘smart chains’ including Ethereum, Polygon, Binance Smart Chain, Huobi EcoChain, OkexChain, Arbitrum, Optimism.
DeFiBOX simply gives you access to all the revenue enhancing and operationally transformative benefits of DeFi without compromise, within your THRESH0LD wallet. Don’t miss out on any DeFi benefits today!