Distributed ledgers are the basis of Decentralized Finance or DeFi. With a vision to enable users to store assets in digital wallets, the need for banks and age old financial institutions is eliminated. This removes intermediaries and gives users more control over their assets and transactions. Projects like PancakeSwap (CAKE), Enjin (ENJ) and Gnox are raising the bar for what DeFi platforms are capable of accomplishing.
DEX PancakeSwap (CAKE) aims to give users more control over funds & liquidity
Users can immediately exchange tokens on PancakeSwap, a decentralized cryptocurrency exchange. Non-custodial means you keep control of your funds, and the new tokens are added to the same wallet. Decentralized systems give you more control over your funds. Platform PancakeSwap allows individuals to exchange any BNB chain-based coin on Binance Smart Chain. It enables users to mine for liquidity. Platforms are powered by tokens, which can be farmed and staked for extra cash.
Enjin’s (ENJ) social gaming platform enables creation of websites & virtual item marketplaces
Enjin Coin is a project of Enjin, a gaming company that offers a blockchain-based gaming platform with interconnected products. Enjin’s flagship product is the Enjin Network, a social gaming platform that lets users create websites and clans, communicate, and run virtual item stores.
By using Enjin, game developers can tokenize in-game assets using the Ethereum blockchain. Tokens issued on its platform are backed by Enjin Coin, an ERC-20 token, allowing them to be purchased, sold, and exchanged with real-world currency. The Enjin Coin was launched in July 2017 and went live on the Ethereum main net in June 2018.
Enjin Coin is a digital store of value that is used to back the value of non-fungible tokens and other blockchain assets (NFTs). ENJ, a minting resource contained inside NFTs and taken out of circulation, appears in every asset generated by Enjin Platform.
Gnox (GNOX) offers “yield farming as a service” to bridge crypto-fiat gap
Gnox is the first DeFi earning protocol to offer investors “yield farming as a service.”. The protocol’s major goal is to bridge the crypto-fiat gap by demonstrating its ease of use and benefits to everyday users. DeFi is a decentralized ecosystem comprised of products, protocols, and use cases that are compatible with different chains. Investors invest in DeFi yield-earning protocols through a Treasury-backed reflection project.
Newcomers to cryptocurrency can earn with Gnox. It attempts to make it as easy and convenient as possible to invest in profitable assets to support the protocol’s expansion. As the fund grows, its purchasing power will increase as well. As a result, they will also acquire more distinct characteristics and provide additional benefits to long-term holders. The platform recently completed a KYC verification for Soken DeFi.