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📚📚WHAT IS DEFI 1.0?
🔎DeFi stands for ""decentralized finance,"" a type of finance that is regulated by the community supporting DeFi crypto initiatives rather than by central authority.
🌿There is no clear definition of 'DeFi 1.0,' however it typically refers to traditional DeFi protocols introduced in 2020 or earlier.
💧Instead of going to a centralized bank to acquire a loan, you would go to a dApp (a decentralized application, or simply - a DeFi project) that specializes in loans and borrow money from there. This money would be provided to you by the project's community, and you would be able to engage with the dApp anonymously. Everything would be regulated by smart contracts, which eliminates the possibility of human mistake or a single person's judgment.
☣️Liquidity pools are a critical component of DeFi that you should be aware with. A liquidity pool is a repository for all cryptocurrency tokens that may be exchanged and are offered by liquidity providers. A liquidity pool enables a project to attract additional liquidity providers, who will then put in two sorts of tokens: a project token and some sort of leverage, such as Ethereum or DAI.
🖼However, there is a major issue with DeFi 1.0 that has to be addressed by developers and investors, but we'll keep that for another time!
#PanCakeFi #DeFi #Ethereum #BSC #crypto
🔎DeFi stands for ""decentralized finance,"" a type of finance that is regulated by the community supporting DeFi crypto initiatives rather than by central authority.
🌿There is no clear definition of 'DeFi 1.0,' however it typically refers to traditional DeFi protocols introduced in 2020 or earlier.
💧Instead of going to a centralized bank to acquire a loan, you would go to a dApp (a decentralized application, or simply - a DeFi project) that specializes in loans and borrow money from there. This money would be provided to you by the project's community, and you would be able to engage with the dApp anonymously. Everything would be regulated by smart contracts, which eliminates the possibility of human mistake or a single person's judgment.
☣️Liquidity pools are a critical component of DeFi that you should be aware with. A liquidity pool is a repository for all cryptocurrency tokens that may be exchanged and are offered by liquidity providers. A liquidity pool enables a project to attract additional liquidity providers, who will then put in two sorts of tokens: a project token and some sort of leverage, such as Ethereum or DAI.
🖼However, there is a major issue with DeFi 1.0 that has to be addressed by developers and investors, but we'll keep that for another time!
#PanCakeFi #DeFi #Ethereum #BSC #crypto
🖼🖼DeFi 1.0 projects' only chance of keeping their investors over the long term is to strive to make a great and alluring project. Investors would then be encouraged to continue investing on the platform even after the first liquidity mining phase has ended.
☪️But as you can undoubtedly guess, coming up with an original and ground-breaking initiative isn't always simple. Traditional, DeFi 1.0 projects struggle to keep long-term investors, thus some crypto enthusiasts have come up with really creative and fascinating solutions to get around this problem entirely.
☣️This selection brings us to DeFi 2.0.
#PanCakeFi #DeFi #crypto #Blockchain #NFT #BSC
☪️But as you can undoubtedly guess, coming up with an original and ground-breaking initiative isn't always simple. Traditional, DeFi 1.0 projects struggle to keep long-term investors, thus some crypto enthusiasts have come up with really creative and fascinating solutions to get around this problem entirely.
☣️This selection brings us to DeFi 2.0.
#PanCakeFi #DeFi #crypto #Blockchain #NFT #BSC
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