What is 99DEFI Protocol?
A Detailed Overview of 99DEFI Network Protocol
Over the last few years, decentralized Finance, abbreviated as DeFi, has taken the cryptocurrency industry by storm. The goal of the technology is to recreate the traditional financial system into a decentralized format uncontrolled by companies and governments. The result will be a global permissionless banking system. DeFi applications such as Bitcoin and Ethereum are controlled by networks of computers but not a central authority.
The use of cryptocurrencies such as Bitcoin as a store-of-value shields investors from inflation, while the adoption of Ethereum is instrumental in the operations of crowd funding startups.
Newer apps have come up in the DeFi space to offer a solution to the limitations of Bitcoin, most especially volatility. The volatility of cryptocurrencies is being addressed by pegging their value on mainstream currencies such as the U.S. dollar.
99DeFi is a decentralized P2P network meant to facilitate transparent and secured loans using Blockchain smart contracting technologies. Block Audit security experts have audited the platform to check for vulnerabilities to eliminate vulnerabilities and boost user confidence. The network adopts cross-chain communications for consensus management by allowing information exchange between multiple blockchains in a trustable manner. 99DeFi is built on Binance Smart Chain (BSC), which uses delegated proof of stake that allows more transactions at a lower cost per second.
The smart contract adopted by 99DeFI autonomously matches borrowers and lenders and computes the interest to impose on the borrower based on the borrowed amount and the supplied assets.
The 99DeFI network gives daily rewards to both suppliers and borrowers in the platform of 99DEFI plus Token. Suppliers or lenders can get someone to safely rent their crypto assets using a smart contract for escrow which helps them get liquid assets without selling their long-term holdings.
The 99DEFI platform went live in Binance Smart Chain (BSC) in August 2021 and is trading on Pancakeswap to ease staking, trading, and earning passive income from ERC-20 tokens. We envision having 99DEFI listed on the hotbit exchange on 10th November 2021 and then launching the platform by the end of 2021. We will also be able to launch the 99DEFI Yield Farming components and the DeFi Hybrid Lotto Launching platform by the end of 2021.
Key Takeaway Points
- 99DEFI is fully decentralized and governed entirely by 99DEFI token holders
- 99DEFI is governed by Decentralized Autonomous Organization (DAO)
- 99DEFI allow staking, lending, and borrowing tokens in its ecosystem
- 99DEFI Offers a global lending market based on permissionless lending and borrowing through smart contracting that automatically match borrowers to lenders and computes the interest to impose
For more information, check the 99DEFI website, and don’t forget to check on the whitepaper for details of the project.