DeFi – A Rapidly Growing Industry
Decentralized finance (DeFi) is a rapidly growing application of Blockchain and cryptocurrency technologies. DeFi is still a relatively new technology, barely half-decade old. Therefore, individuals and institutional players in the digital currency ecosystem continue to learn and appreciate its potential. Consequently, many applications with different solutions to the financial industry have come up. Ethereum, for instance, has many core protocols, combinators, and forks. All these can become confusing to users when users try to access the protocols from different applications. It is labor-intensive. Additionally, it consumes time and resources.
Solution – all-in-one Platform
Aggregating all the protocols on a single platform will eliminate the problem of having multiple applications or opening many applications to access deferent DeFi solutions. That is where the Vortex DeFi platform comes in. The DeFi protocol aggregator simplifies the access of different multiple protocols.
What is Vortex DeFi?
Vortex DeFi is an all-in-one decentralized finance solution that brings together the other DeFi protocols, such as Aave, and YFI, onto a single platform for ease of accessibility. It was launched in August 2020 through a private capital round. The project gained funding and interest from institutions such as DuckDao, Magnus Capital, X21 Digital, Pluto Digital Assets PLC, Moonrock, A195 Capital, and Faculty Capital.
Rahul Singh, the current CEO, is the founder of the project. Singh has worked with some notable companies including Searce Inc where he gathered experience in many areas including leadership. The founder combines his experience and knowledge to bring solutions to the DeFi world.
Components of Vortex DeFi
Besides aggregating various DeFi solutions, Vortex focuses on a wide range of financial operations. The platform aims at becoming the DeFi industry’s leader offering opportunity and convenience to the users. As such, it combines various financial operations to improve usability for both its private and enterprise clients. Components of Vortex DeFi ecosystem include the following:
V-swap will offer an automated exchange for digital assets on the Ethereum and Polkadot blockchain. The platform will enable high liquidity by aggregation of many sources. Therefore, the exchange platform will be a fully autonomous (peer-to-peer) exchange of tokens in a faster and seamless way.
V-pay will enable users to trade crypto assets using fiat currencies in their cards or bank accounts. This approach creates an easy entry since new users can work with what they understand, the fiat, before gaining experience.
V-Yield aggregator combines yield from various sources and optimizes them based on the best return rate. It lifts the big weight of the traders’ shoulders since they no longer have to find sources and rotate them manually.
This feature allows users to manage their NFT asset collections and swap them for each other. NFTs are liquid assets with scattered infrastructure. Therefore, it is important to have a unified interface. It makes the collection and trading of these trendy assets much easier.
Cryptocurrency assets are generally highly volatile hence containing risks. For inexperienced new users, the high risk may act as a serious barrier. Insuring users’ funds may encourage new entry and help retain the existing users. V-Insure integrates with many DeFi insurance protocols hence ensuring the protection of the users’ funds.
The Native Coin – $VTX
Vortex DeFi Token ($VTX) is the native coin for the Vortex DeFi ecosystem. It is an ERC-20 token used to incentivize the users. The coin serves the following purposes:
- Governance Token – holders of the token can propose governance changes and vote for those proposals. Such users influence the direction and characteristics of the protocol.
- Liquidity Reward Token – Liquidity pools (LP) rewards are distributed in VTX.
- Staking on the platform – users can stake the token on the platform and earn rewards.
- Saving on fees – holding the token on the Vortex DeFi ecosystem saves the users the platform fees. The token holders will also enjoy platform discounts.
- Increasing the value of the existing token – the developers will regularly buy VTX and burn them to prevent inflation and even increase the value of the existing token. Therefore, users holding the assets can enjoy a value increase even without constantly trading their assets.
VTX token is designed to encourage the long-term growth of the DeFi ecosystem. Users to buy and hold their tokens for the anticipation of rising demand and value.
Past, Present, and Future – Understanding the Journey
Vortex DeFi has had a clear roadmap with well-designed goals and objectives. The project did not kick off vibrantly from its launch. It was carefully building its minimum variable products to ensure sustainability. However, after having a proof-of-concept, it launched an Initial Dex Offering (IDO) on DuckSTARTER in 2021. The IDO launch was a great success and provided huge immediate returns (25-times return) to investors.
The vortex then began rolling out its major milestones. The first goal involved V-Yield and Zapper.fi aggregation. The company successfully launched the V-Yield platform, which enables lending and borrowing on Ave v2, yEarn v2, and Compound. It also launched Zappar.fi aggregation.
The company aims at launching V-NFT in September, as its second milestone. In the third milestone, Vortex DeFi targets aggregation with 1inch exchange, swapping for ETH, Polygon, and BSC chains. This milestone will also ensure the development of the V-Insureby integrating with Nexus Mutual. The fourth milestone for the year 2021 is set to be accomplished in December 2021. It will involve V-Pay integration of payment gateways to enable fiat-ramp on Vortex decentralized application (DeApp).
Vortex DeFi is a revolutionary project that aims to improve the users of the DeFi ecosystem. The DeFi solution is aggregating various DeFi protocols into a single platform. Therefore, it is successfully creating an intersection between the Polkadot and Ethereum ecosystem. Users can now enjoy simple uninterrupted interaction with multiple protocols within the DeFi environment. Vortex DeFi is a unique solution in the decentralized finance ecosystem, which explains rapid kickoff and even anticipated success going to the future. Join Vortex DeFi today and experience a new interaction with the vast DeFi world.