The creation of decentralized finance (DeFi) kicked off a revolution on top of the Ethereum blockchain which expanded to other blockchain networks. Through DeFi protocols, users can take out crypto-backed loans, earn considerable interest, and take out insurance policies.
While to some people these things are easily accessible in the traditional financial world, to others these types of services used to be completely inaccessible due to a lack of infrastructure, or because the services were denied based on specific analysis.
Demand for these services has been so great that over $64 billion are locked in DeFi on the Ethereum blockchain. The figure is down from nearly $90 billion before the recent cryptocurrency market crash.
DeFi projects are taking away some of the control centralized financial institutions have over people, but they are still on the road to making it possible for people to truly control their own wealth. Several problems currently hinder these platforms.
For one, the Ethereum blockchain – and other smart contract networks for that matter – are rather transparent, so if an entity still wants to censor an individual, they can still track their behavior on the blockchain and cut them off. On top of that, transaction fees have grown to the point smaller investors are left out of the DeFi ecosystem.
The solution to these problems could be ADD.xyz, a full-stack DeFi aggregator plugging multiple products and applications into one single platform. Let’s dig a bit deeper.
What is ADD.xyz?
ADD.xyz is, as mentioned above, a DeFi platform plugging multiple products into a single application that focuses on user experience, design, and privacy. By aggregating multiple DeFi protocols into a single application, it allows users to save on transaction fees, since they do not have to move funds constantly.
This means ADD.xyz makes DeFi more accessible and powerful both for individuals and enterprises. Its focus on privacy and anonymity essentially means users remain safe both on and off-chain while lending, borrowing, trading derivatives, and even when purchasing insurance.
The platform has integrated most major DeFi protocols, including Aave, Compound, Curve, bZx, and Yearn.Finance. It has also signed partnerships with major cryptocurrency exchanges including Poloniex, Changelly, and 1Inch to ensure liquidity.
ADD.xyz’s flagship product is the “Lend & Earn” platform, which aggregates multiple decentralized finance protocols to allow users to receive the best rates without having to search through multiple platforms. Users’ portfolios can then be applied on protocols like Compound and dYdX, and accessed through an easy-to-use interface.
Third parties can also integrate their protocols into the ADD.xyz protocol to improve their functionality. It’s worth pointing out that ADD.xyz’s native platform is decentralized and non-custodial.
While the project’s flagship product is all about lending, a lot more is being developed by the ADD.xyz team to ensure users get as much value as possible. One of its other upcoming products will allow users to access their DeFi dashboard on the go through a mobile application for both iOS and Android, for example.
The ADD.xyz team is also adding both BL3ND3R and Tornado.Cash to its platform to allow users to protect their identity online and access DeFi protocols without being identified. Other projects being incorporated include decentralized exchange and decentralized insurance platforms.
In the future, users will also be able to pay at millions of stores with the gains they have gotten from DeFi lending thanks to the ADD.xyz debit card. While not a lot of information has been revealed about it, it will likely compete with other crypto debit cards in the market offering its users different rewards.
The $ADD Token
At the heart of the platform’s ecosystem is the $ADD token, which can be staked by users to earn an extra bit of revenue through decentralized finance. $ADD token holders can vote on governance proposals and help the project grow in time.
On top of that, staking the token allows them to be rewarded for simply being a part of the project’s governance structure. Their limited supply may mean that if demand grows enough, their price will go up. $ADD staking rewards will be calculated based on the number of tokens staked and how long they have been staked.
You can learn more about the project on its website.
Important information: This is a sponsored story. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice. Tax rules can change and the value of any benefits depends on individual circumstances.