The team behind the famous dmd.finance protocol, EFi, has announced that it will soon launch three DeFi projects based on the EOS blockchain.
These would be the first cases of decentralised finance that are still lacking on this blockchain.
In the post, we can read how the choice of EOS was driven by the incredible speed and scalability. It is also noted that on this blockchain there are no fees for transactions in EOS, and this makes it very convenient compared to the crazy figures found on the Ethereum blockchain, where fees can reach hundreds of dollars per transaction.
Efi also emphasized how important security is, since smart contracts can be updated and modified, and therefore it is necessary to have a good audit of the code and multi-signature on the smart contract.
EFi passed the SlowMist audit and has multi-signature with Block Producers to prevent sudden movement of funds by the team.
DeFi projects on the EOS blockchain
Moving on to the actual protocols, 3 different protocols will be created that are part of the EFi ecosystem.
The first is eHUB, close to release, which is an open protocol allowing cross-chain transactions. Through an SDK, it allows developers to access the eHUB network and to deposit BTC and ETH.
The smart contract will create hETH or hBTC tokens on EOS, thus expanding interoperability with Ethereum. Who knows that maybe in the future the different DeFi protocols found on Ethereum will migrate to EOS, continuing to use ETH, as made possible by the Ren protocol.
The second project is called eMulti, but it is not online yet. It is an AMM (Automatic Market Making) protocol similar to Uniswap, but with some interesting features like:
- supporting different assets,
- choosing the weight of the pool,
- no longer having pools with a weight of 50/50.
The project it is inspired by is that of Balancer.
Finally, the third project is eMutual and is not yet online. As the name implies, it aims to introduce protection for risks related to smart contracts. The protocol is modelled after Nexus Mutual on Ethereum.
Less performant platforms have quickly hit practical scalability and performance limits, but have acted as a functional Testnet for a wide range of #DeFi models. Welcome to #EOS’s unrivalled performance, developer friendliness, and token-holder empowerment https://t.co/kJMg4itAb4
— Brendan Blumer (@BrendanBlumer) September 4, 2020
This is a long-term vision that will bring a lot of new protocols to the EOS blockchain.
Who knows whether there will be more projects in other areas in the future. Meanwhile the CEO of Block.one, Brendan Blumer, remembers how all the DeFi projects on the other blockchains have already reached their maximum scalability and can now switch to EOS.