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IOST: first DeFi dApp coming soon
IOST: first DeFi dApp coming soon
Defi

IOST: first DeFi dApp coming soon

By Alfredo de Candia - 26 Aug 2020

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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.

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.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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