The IOST team, which is behind the blockchain of the same name, has announced the arrival of the first decentralized finance (DeFi) dApp created through a partnership with Aegis.
🎉IOST is excited to announce the partnership with Singapore-based company @AegisDeFi, a profitable DeFi network for diversified lending services & lending-based derivatives📈#IOST #blockchain #DeFi #DeFionIOST #cryptohttps://t.co/cEljedrdoM
— IOST (@IOST_Official) August 25, 2020
While it is true that most people know the IOST blockchain and its PoB (Proof of Believability) protocol, not many know Aegis.
What is Aegis and why is it DeFi 2.0
This is a DeFi 2.0 protocol, related to lending, which uses artificial intelligence to determine the user’s score, whether or not he can receive credit and what is the maximum amount he can withdraw from the pool. Moreover, Aegis also allows managing tokenized assets and derivatives such as CDS.
It should be noted that the platform is not yet active but it will start operating during the fall to then expand next year, so there will be time to carry out all the necessary tests as well.
IOST and DeFi
It is worth noting that a few weeks ago IOST had opened a $1 million fund to encourage developers to create or migrate DeFi projects on their blockchain.
As a matter of fact, the majority of DeFi can be found on Ethereum, which is weighing down the network.
The dApps that weigh the most on Ethereum include Uniswap, which has become a reference point as a decentralized exchange, especially since anyone can list their ERC20 token, as in the case of PornVisory.
The expansion of decentralized finance
Surely decentralized finance will expand into more sectors and with more strategies such as yield farming, so by providing liquidity to a pool, users receive tokens.
This is a system that can be found for example on Yearn Finance, while Aegis promises to do it using AI, something that was not seen in any protocol on Ethereum yet.
During the last months, the market has been really euphoric about DeFi, but the same can be said for the criminals who have started to create more scams and frauds targeting users, creating fake tokens precisely on Uniswap or creating malicious codes in smart contracts as in the case of Chick Finance.