We are used to thinking as human beings in the most popular, convenient and even simple thing that we can remember. And in the crypto ecosystem, this rule applies to the first projects that emerged after the launch of the blockchain network with Bitcoin.
Nevertheless, Despite the fact that a large part of these projects, such as Ethereum, represent the great piece of cake, especially in terms of decentralized services and applications, the blockchain industry has been in constant evolution, generating a significant number of projects. interesting ones that seek, read well, to complement and not exactly rival the blockchain industry established largely by Ethereum, especially in the DeFi sector.
Currently with the improvement of consensus mechanisms derived from PoS (Proof-of-Stake) mainly; There are interesting projects that are seeking to improve the scalability of Ethereum almost on par with when the intention to improve this blockchain network was announced a couple of years ago.
Using some qualities and technical improvements, these blockchain networks are on the radar of what may be the new third generation blockchain networks and the ecosystem they aspire to generate in specific sectors of daily life; especially when it comes to DeFi protocols.
Let’s look at some examples of these new DeFi protocols that are generating traction in the ecosystem with their highly scalable underlying blockchain technology.
1.- MEVerse DEX
The DeFi protocol launched at the end of April 2022 by the South Korean MEVerse Blockchain team, is a representative protocol based on the MEVerse mainnet; which, thanks to its new consensus mechanism derived from PoS, called Proof-of-Formulation (PoF), allows handling up to 9,000 TPS transactions.
The MEVerse DEX protocol supports the AMM (automated market maker) exchange popularized by Uniswap and features a number of products to its credit such as a launchpad for the support of new projects called IMO (Meverse Initial Offering), an NFT Marketplace of MApps tokens focused on entertainment and an interchain bridge (MEVerse Bridge) compatible with BNB Chain, Ethereum, Polygon, Klaytn Network and TomoChain.
MEVerse Blockchain is a highly scalable blockchain network with an average block time of 0.5 seconds that applies sharding as the basis of its blockchain technology to allow independent networks interconnected with the mainnet to scale the decentralized applications (MApps) deployed there.
With its MEVerse DEX protocol, the team hopes to deliver on-chain exchange options, support for new projects in the blockchain ecosystem, passive income generation through practices such as staking, yield-farming, and the use of proprietary NFTs as part of a full suite. incentives to discount transaction fees for holders of these NFTs.
The project combines the best of the first generation of DeFi protocols such as SushiSwap, PancakeSwap and Uniswap; along with novel proposals to avoid deflating the price of its native MEFI token such as the Protocol Owned Liquidity (POL) powered by Olympus DAO in a smart scenario that maintains deposit clearing through liquidity providers (LPs) and liquidity assurance through community-managed DAO Funds portfolio investments.
Among the benefits, it presents a delegation fee for NFTs of 30% of the mining reward and a redemption commission of approximately 0.3%; with the ability to send external assets to the MEVerse chain for free through its bridge (MEVerse Bridge).
Furthermore, because MEVerse blockchain is highly interoperable with Ethereum, developers of decentralized applications deployed on Ethereum can migrate at low cost and take advantage of the technical benefits of MEVerse blockchaindue to its full compatibility with Ethereum Virtual Machine (EVM) and the new industry leading standard EWASM (Ethereum flavored WebAssembly) to be used in ETH 2.0.
2.- Aurora Protocol
Aurora is an Ethereum Layer 2 protocol that is allowing developers and general users of the Ethereum ecosystem a similar but scalable experience on top of the NEAR Protocol.
This protocol combines an interoperable bridge between Ethereum and NEAR to be able to deploy Ethereum Virtual Machine (EVM) decentralized applications on top of Aurora that interconnect via smart contracts and native deployed assets deployed on Ethereum via the bridge but at much lower transaction fees compared to Ethereum and at faster transaction speeds.
One of its stellar products is Rainbow Bridge, which has been launched for a year allowing support for a total of 73 tokens, a list that continues to grow month after month as evidenced by its annual report on its official blog.
And precisely this report indicates that in the last six months more than one hundred thousand users with an average of one thousand sessions per day are using this bridge that allows support between Ethereum and the applications deployed in this blockchain network and Aurora Protocol.
Rainbow Bridge has been able to handle up to an average of 4,589 transactions per month with more than USD 1,135 million in assets as varied as NEAR, DAI, USDT and wBTC.
The popularity of the protocol has become evident as more dApps deployed on other chains and DeFi services such as KyberSwap, TheGraph or ApeDAO are making use of this Layer 2 solution to improve the scalability of their applications, with the underlying Rainbow Bridge.
3.-Peri Finance
This DeFi protocol is a multi-chain platform that operates on Ethereum, BNB Chain, Polygon, and Moonriver Network, allowing users broad asset coverage at low transaction fees, high execution speeds, and a secure and fast interface for flash loans.
This protocol offers synthetic assets called Pynths, which are minted by staking the native token of the PERI protocol in its native decentralized staking application.
Furthermore, the DEX protocol offers benefits to PERI token stakers by distributing part of the transaction fees generated by the use of its cross-chain protocol based on synthetic assets pegged to decentralized price oracles provided by Chainlink.
One of the great advantages is that it has a very low barrier to entry due to its easy interface at the same time that Pynths DEX offers synthetic asset transactions without complications of KYC procedures..
In addition to staking their native PERI token, users can also generate returns by staking USDC, DAI, and liquidity provider tokens in the protocol’s pools.
By using the bridge deployed on Moonriver, users have a wide range of options to generate income by staking cross-chain assets such as Ethereum, Polygon and BNB Chain; in addition to facilitating the exchange of assets (+20 in total) on your DEX.
The team has signaled that it plans to expand its suite of DeFi products on its platform, combining NFTs for revenue and profit generation into its suite.
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