all of those problems are 'easily' solvable or some projects are already working on it. so the question is how soon or will this symbol thing will be able to compete with them?
this is like in the ico hype days where any ideas seems good but never got implemented.
Topic: What are DeFi projects lacking? Symbol from NEM aims to solving it. Opinion? (Read 138 times)
August 30, 2020, 10:21:27 PM
August 30, 2020, 08:19:50 PM
Will Symbol become the first token designed on the NEM platform or will it be a fork of the NEM blockchain. it is true that DEFI products lacks values in the blockchain platform and the only reasonable usercase is to store or lend and wait for the price to go up. apart from that, they have no other value to the blockchain.
August 30, 2020, 08:13:44 PM
Are you saying DeFi projects should move to NEM blockchain? I doubt that will happen. It would be great if Nem could create their own to compete against the DeFi of ETH, that way the cryptocurrency space will have a healthy competition and bring the best out of the two chains.
August 30, 2020, 09:41:28 AM
Currently there are currently 3 main barriers to full adoption for organisations seeking to participate in DeFi:
1. Scalability
Symbol can provide significantly more transaction throughput to help cater to the significant volume of DeFi users, from individuals to small businesses.
Because Symbol is a hybrid of both public and private blockchain, and it is designed for solutions to help enterprises avoid unnecessary cost and complexity, Symbol can help to avoid the poorly-scaling high fees of Ethereum smart contracts.
With its plugin-based business functions, Symbol is tested and instantly usable, making it easy to build quickly and cost effectively.
Using Symbol will help to overcome the scalability challenge that can be experienced when building DeFi products and services.
2. Liquidity and Collateral
DeFi is collateralised by Ethereum as well as Dai and USDC. However, this over reliance on Ethereum means that bringing other collateral types to DeFi, such as Bitcoin, via sidechains is an obvious answer to this bottleneck.
Symbol is built for cross-chain interoperability and, through atomic swaps and multi-level multi-sig features, can provide a ready made solution to assist with collateralising the DeFi system.
3. Reducing Volatility
Today, the primary use case for DeFi remains the facilitation of ‘longs’ on Ethereum – just buying the token and waiting for it to rise up in value. DeFi will only have broken through and created real value when more P2P
lending goes mainstream (think microfinance, small business lending, seed funding, etc).
Symbol is the most effective enterprise ready blockchain today. Designed for real world use, Symbol is the connector between business and blockchain because it is easy to work with and build from for any business seeking to create innovative DeFi products.
In summary, Symbol is a great option to help maximise the potential of DeFi and to achieve the ambition of helping to make financial systems accessible to all quickly, efficiently and cost effectively.
The combination of interoperability, ease of use, and hybrid private and public chain allows for secure, quicker and cheaper transactions at scale, and puts Symbol at the forefront of the next phase of DeFi development.
Thoughts?
1. Scalability
Symbol can provide significantly more transaction throughput to help cater to the significant volume of DeFi users, from individuals to small businesses.
Because Symbol is a hybrid of both public and private blockchain, and it is designed for solutions to help enterprises avoid unnecessary cost and complexity, Symbol can help to avoid the poorly-scaling high fees of Ethereum smart contracts.
With its plugin-based business functions, Symbol is tested and instantly usable, making it easy to build quickly and cost effectively.
Using Symbol will help to overcome the scalability challenge that can be experienced when building DeFi products and services.
2. Liquidity and Collateral
DeFi is collateralised by Ethereum as well as Dai and USDC. However, this over reliance on Ethereum means that bringing other collateral types to DeFi, such as Bitcoin, via sidechains is an obvious answer to this bottleneck.
Symbol is built for cross-chain interoperability and, through atomic swaps and multi-level multi-sig features, can provide a ready made solution to assist with collateralising the DeFi system.
3. Reducing Volatility
Today, the primary use case for DeFi remains the facilitation of ‘longs’ on Ethereum – just buying the token and waiting for it to rise up in value. DeFi will only have broken through and created real value when more P2P
lending goes mainstream (think microfinance, small business lending, seed funding, etc).
Symbol is the most effective enterprise ready blockchain today. Designed for real world use, Symbol is the connector between business and blockchain because it is easy to work with and build from for any business seeking to create innovative DeFi products.
In summary, Symbol is a great option to help maximise the potential of DeFi and to achieve the ambition of helping to make financial systems accessible to all quickly, efficiently and cost effectively.
The combination of interoperability, ease of use, and hybrid private and public chain allows for secure, quicker and cheaper transactions at scale, and puts Symbol at the forefront of the next phase of DeFi development.
Thoughts?
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