Australian projects making their mark on DeFi
I was bumping around the web, not really researching anything in particular, just finding random articles that sparked my interest. (O.K., total honesty, I was procrastinating from doing some housework - lol).
Anyway - as soon as I saw it, the following article jumped out at me:
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Australia's DeFi Boom... - Source: Cointelegraph
Now, as a proud Aussie, I figured this is something I should be aware of, so I read on. I already knew that Synthetix (SNX) is an Australian project, but lets see what other contributions to the world of DeFi my nation has produced.
Synthetix
- Website: https://www.synthetix.io/
- Twitter: https://twitter.com/synthetix_io
I started to look into SNX, and must have been a bit tired or something because my eye's quickly glazzed over and my head started to hurt. I'll have to try again, but it seems the gist of it is decentralised, synthetic derivatives. Kind of like a decentralized BitMex - which I also know nothing about. Perhaps a quote from the article will help:
It enables the trading of synthetic assets, or ‘synths’ — tokens tied to the price of everything from gold to stocks or tea in China. There are also synth derivatives such as ‘inverse BTC’ which goes up in value when the BTC price goes down.
12 month ROI according to @coingecko (at time of writing) 1512%
Ren
- Website: https://renproject.io/
- Twitter: https://twitter.com/renprotocol
This one I know absolutely nothing about. Best if I drop a quote from their webpage:
Introducing RenVM, our core product providing access to inter-blockchain liquidity for all decentralized applications. Bringing BTC, BCH and ZEC to your Ethereum dApp.
12 month ROI according to @coingecko (at time of writing) 56.8%
Thorchain (RUNE)
- Website: https://thorchain.org/
- Twitter: https://twitter.com/thorchain_org
A few weeks ago, I started learning about this project. Didn't realise it was Aussie, as the dev's and team behind it are "quasi-anonymous" To my understanding, this looks like (once the main-net is out) the most decentralized DeFi project of all. It is chain agnostic, and doesn't wrap or peg assets, instead incentivising liquidity pools and building cross-chain links tied to the RUNE token.
I have built a small bag, adding some fiat buy ins to the small purchases I spoke about in previous posts.
THORChain facilitates cross-chain liquidity pools with no pegged or wrapped tokens. Swap between assets across chains. Stake assets to earn liquidity incentives. Run a node to service the network.
Quote from the above linked Thorchain website.
12 month ROI according to @coingecko (at time of writing) 4041%
@coingecko have a DeFi listing now, you can find it here. The three Aussie projects listed above are all in the top 20, which is exciting.
It is great to see Australia having an impact on this emerging movement. Cryptocurrencies offer decentralization to money, now DeFi is starting to decentralize finance.
Posted Using LeoFinance
