Introduction to DeFi
The system that controls the financial times in our society is always being updated and improved; one such upgrade with revolutionary features is Decentralized Finance or DeFi.
DeFi is a 21st-century financial technology that transforms the current centralized banking system; this implies that financial services are no longer subject to third-party authorization, interference, or manipulation. Banks handle peoples’ money in the centralized banking system, but with DeFi, every financial asset is held on a Blockchain-based digital ledger and accessible through a wallet.
It operates via peer-to-peer technology made possible by a blockchain network and a digital asset.
DeFi is a reward-based experience, unlike the banking system, where people can earn interest just for holding a specific asset, lending or borrowing assets, etc. DeFi means accessibility to everyone online, eliminates taxes and fees as charged by the banking system, and it also means that everyone who is on the internet can use it.
DeFi is a more transparent and secure financial system; as a result, it has quickly gained significant interest and acceptance. No one’s identity or data is compromised, and the system is controlled by immutable smart contract protocols.
One such DeFi platform, in addition to XRP and XTZ, is Oryen Network.
A new player in the market, Oryen Network, is poised to raise the bar for DeFi thanks to its patented auto-staking technology.
The financial mechanism used by Oryen, known as the Oryen Auto Staking Technique (OAT), fully reduces the effort of human staking and rewards token holders with $ORY ($ORY is the native cryptocurrency of the Oryen Network).
The advantage of Oryen over competing platforms is its set annual percentage yield (APY) on tokens retained; customers receive a 90% return on their investment, and this rebase incentive is added to every user’s wallet hourly after it is financed.
Once a user buys an ORY token, the OAT immediately stakes the tokens in the user’s wallet, and the user starts earning rebase rewards at a rate of 0.177% daily and compounds to 90% annually.
The OAT is also intended to serve as a base for any upcoming developments in digital goods or services that will be integrated into the Oryen ecosystem.
As a result, Oryen Network is included among the top DeFi coins, along with XRP and XTZ.
About XRP and Tezos
The native coin of the XRP ledger (Ripple), a decentralized financial network that offers low-cost currency exchange and quick, dependable international financial transfers, is called XRP. Tezos is an open-source blockchain technology that enables smart contracts and peer-to-peer financial services transactions. Its native currency is known as XTZ, and because it employs the proof-of-stake method and has a strong community in the DeFi space, it has been adopted in the top list of DeFi together with Oryen Network and XRP.
For More Information:
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*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.