eosfinex Exchange Integrates With The Wombat Wallet

DeFi has been booming as of late, but there are still challenges that need to be addressed in the effort to push it toward mass adoption. Namely, DeFi has not yet been able to match the liquidity of more centralized financial options. Just recently, eosfinex, a non-custodial digital assets exchange, joined forces with Spielworks’s Wombat wallet to bridge the gap by implementing facilities to boost liquidity of the EOS blockchain. Greater liquidity will lead to more people owning this digital asset, thus bringing more investors into the broader DeFi crypto world.

eosfinex recently announced the listing of more than 15 ERC-20 tokens, primarily consisting of governance tokens of major decentralized finance protocols on Ethereum. Widening the selection of assets allows eos-native lending as well as derivatives protocols to enjoy greater liquidity, in turn bolstering the EOS DeFi ecosystem.   

With (DeFi), core financial projects like trading, investing, wealth control and flow, insurance, lending, and others are now “open” and accessible to almost anyone. Also, people who would otherwise not have access to these tools can now use them.

The DeFi network has led to different technologies for creating digital asset exchanges like the eosfinex, Telos and the rest. This versatility is making DeFi technology one of the most popular means of finance, with investments increasing rapidly. Lots of liquidity providers are also stepping up, thereby improving on the existing principles of DeFi and optimizing liquidity.

eosfinex is a high performing, non-custodial decentralized exchange built on the EOSIO technology.  The entire eosfinex platform runs on on-chain custody, though it also recently released a beta version that offers off-chain custody. Other parts of the tools on this platform are the matching engine and the order book.

The success and progress of eosfinex banks on how scalable and fast EOS is to deliver its on-chain exchange, which makes the latter one of the fastest-growing digital assets in the industry.  Some of the main advantages of eosfinex digital technology are:

  • Remove the barriers to trade volumes

Improve the otherwise cautious and difficult requirements that come with high-volume trading on the blockchain-based trading platform. This way, the speed of trade could greatly increase; since they are no longer constrained by the confirmation times.

  • Supports the bigger digital assets

eosfinex supports other large capital assets such as bitcoin (BTC), ether (ETH), litecoin (LTC) and stablecoin tether. On this platform, these currencies are made more versatile and less restrictive for trading. And tokens can easily be created by any specific trusted contracts, and exchange is seamless between currencies.

  • Verification is not compulsory with EOS tech

Trading on other platforms could be quite restrictive and conservative due to a compulsory registration principle. However, verification is not all necessary for transactions on the eosfinex platform.

  • Access to Bitfinex

eosfinex has direct access to a lot of liquidity since it is affiliated to the Bitfinex liquid markets.  According to several market data, Bitfinex is the sixth largest crypto exchange by trading volume. 

The integration of Centralized finance into DeFi technology

The easy-to-use and yet highly decentralized nature of DeFi tech makes it one of the most important of blockchain finance. As such, there is a need to provide a suitable and scalable means of exchange among the different assets.

Although the EOS platform is improving daily, there is still a need for a lot of diversity from its developers. 

There is a need to bring the DeFi game under a central “umbrella” to create a large market for its growing users. 

What Is the Wombat wallet, and how does it work?

Wombat is a leading and trusted wallet with free EOS and Telos accounts, free transactions and the best user experience. In other words: Wombat is fast, free, secure and easy to use.

  • Access to almost all crypto

The wallet enables you to find, play and interact with the best blockchain applications (dApps) and games available on EOS and Telos.

  • Easily manage all your blockchain assets

Not many wallets give the luxury of the ease with which managing crypto comes on the Wombat wallet. From one screen, you get to keep an eye on all your crypto from any blockchain.

  • Diverse 

With Wombat, you can also build a variant portfolio of the major EOS and Telos based digital assets.

 Also, playing blockchain-based games on the Wombat wallet is generally easy, and you get the immediate rewards you earn through this game. 

What does this partnership bring?

  • High liquidity

A major disadvantage in the use of DeFi is that it is not able to match the liquidity of more centralized financial options. By adding Wombat to its platform, eosfinex boosts the liquidity of the EOS blockchain, tackling this key challenge and pushing forward DeFi as a major force in finance. 

  • Independent control of digital assets

Since eosfinex is a non-custodial platform, it means that in addition to traders or financial investors getting high liquidity for their digital assets, they can also have more independent control over them.

Having more control over the digital assets breaks the restrictions to trade, boost seamless asset movement, and improve the financial capital market.

  • More diversified value chain

Some constraints with the DeFi technology is that it is so narrowed to fewer blockchain technologies like Ethereum. This integration between EOS tech and Wombat will create more diversified options for the DeFi users. 

Diversifying the DeFi space and branching out its technology to more centralized means will improve the overall user experience.

Conclusions: The integration as the way forward for Blockchain technology

The major problem with digital asset trading for investors for a long time is the illiquidity in non-custodial digital assets and difficulty in scalability among the different blockchain assets. 

The integration between eosfinex and Wombat serve as a leap forward toward meeting the long-term ambitions of decentralized finance. Also, the adoption of Bitcoin will mostly serve as the biggest boost to DeFi.

Angela Scott-Briggs: Editor, TechBullion.com | Interested in Innovations in Business, Finance, and Technology .
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