It is no argument that the DeFi (Decentralized Finance) sector is one of the most groundbreaking innovations in our modern history. It has given the industry an alternative to traditional operations of finance where it can be controlled by communities instead of a single entity. In addition, DeFi was created with the aim of challenging and eventually replacing traditional finance, giving more control to the masses, and allowing them a sense of financial freedom.
Since Bitcoin launched over a decade ago, there have been many new projects that have entered the DeFi space; each with its range of advantages for the user but some are not as impactful as others. Two very impactful players that need mentions are Chainlink and Cosmos. The former is a critical part of most DeFi infrastructure and the latter introduces solutions to unlock new capabilities. DogeMiyagi, a brand new meme coin on the market, aims to impact the DeFi sector with its evolution into a DAO.
The Atomic Impact of Cosmos
Cosmos is amongst the most important players in the DeFi ecosystem. It is known as the “Internet of Blockchains” because of its ability to execute interoperability and make it easier for these projects to connect. Its impact on the DeFi ecosystem has made it simpler for projects to grow and be more successful.
It delivers a higher level of scalability which can mitigate transaction congestion. This is done through blockchain duplication or separating the applications into different blockchains. In addition, it allows for interchain token transfers, making trading much easier. Furthermore, it is an eco-friendly network that has reduced its carbon by almost 99%. This has the potential to greatly expand the DeFi ecosystem without causing harm to the environment.
In addition, its Inter-blockchain Communication protocol (IBC) gives users a way to securely exchange assets and data along with enabling cheaper transaction fees and quicker transactions.
Chainlink’s Connection to DeFi
Chainlink connects blockchain data with external contracts and is known as a decentralized oracle blockchain. It uses blockchain technology to enable on and off-chain transactions, creating hybrid smart contracts. It is widely considered to be the lifeline of the DeFi ecosystem because of its Oracle network. Comprising of numerous node operations, it provides high-quality data from multiple sources.
Its oracle network makes the data resistant to manipulation or tampering – which is not possible in traditional financial markets – and also allows for flexible data sourcing. Chainlink has provided price feeds for DEXs and enabled cross-chain interoperability, allowing seamless interaction across applications. Its security and reliability have allowed for more robust and sophisticated DeFi applications to be made, enhancing the potential of the ecosystem as a whole.
In addition, it has created more efficiency and has enabled smaller DeFi projects to compete with larger ones, increasing competition and innovation which also results in an expansion of the ecosystem.
The Small Doge in a Pool of Big Dogs
DogeMiyagi is soon to be the latest addition to the meme coin roster. Crafted after Karate Kid, this nostalgic coin manages to connect with investors. It offers a range of benefits but aims to be a key player in the DeFi space and make a grand impact.
Its mission is to evolve into a completely decentralized autonomous organization (DAO), wherein the community holds all the power. This will give individuals the opportunity to guide the project in the direction they want to see it go and are solely responsible for all future developments of the platform.
In addition, its reward system is a rare occurrence in the DeFi space. It gives users a 10% reward of tokens for every referral. This is a great way to not only spread awareness of the project but also to ensure that it gets the most traffic which could also mean attracting investors from other projects.
Onwards and Upwards
As the DeFi space evolves, the projects that enter will continue to provide immense value to the industry. Through its unique operations, systems, and other protocols – like what Cosmos and Chainlink have done with its security, oracles, and interoperability – these projects will support the development of the ecosystem. Innovative projects like DogeMiyagi are presenting intriguing opportunities that are sure to lead to more growth.
Join the DogeMiyagi presale now no unlock incredible rewards: