HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Gauntlet Partners with Acala to provide Financial Risk Management

Other 2021/04/18 14:28 by Livine Sanchez
Cardano Foundation Partners With Swiss Fintech Company Lykke, To Enhance Financial Products and Services Provision

Risk management simulation platform Gauntlet partnered with Acala, an all-in-one DeFi hub.

The partnership means that Gauntlet, which works to build financial models of blockchain protocols and applications, will help Acala optimize solvency and capital efficiency for DeFi on Polkadot.

This is because Acala is the DeFi hub of Polkadot, a “multi-chain network” that aims to connect different specialized blockchains into a single unified network.

What’s the big DeFi deal?

DeFi (decentralized finance for those who don’t know) is blowing up big time. The biggest crypto exchange in the US, Coinbase, which went public this week, is listing more DeFi tokens than ever before. This shows that even early stage investors have a huge interest in the field.

But what exactly is it?

DeFi refers to decentralized finance-based cryptocurrency projects that (usually) run on Ethereum. They hope to revolutionize what banks normally do, like lend money or trade assets — but all online, using blockchains, and without a middleman, basically making things quicker and more efficient.

It’s a very new, experimental industry but people are making money and there is confidence that it could transform the way we make financial transactions in the future.

Where apps like Gauntlet come in

Security is an issue in the DeFi world, though. Gauntlet is working to help make things safer by ensuring DeFi apps are resilient to attacks by bad actors and that those who use the network are rewarded fairly.

Its platform has been trusted by major DeFi projects like Balancer, Compound, and Aave.

How Gauntlet will help Acala

Acala is a big deal, too as they aim to become the all-in-one DeFi hub of Polkadot, a rising protocol built on parachains. The platform allows users to stake, swap, borrow, lend, earn, and more—all for very low fees. Typically, executing DeFi transactions is a costly process, because the Ethereum network is so congested.

Acala is working to change this.

It is Ethereum compatible, meaning that most DeFi apps can use its platform. But it is powered by Polkadot—a promising project that has seemingly blown out of nowhere to become one of the biggest cryptocurrencies by market cap.

Gauntlet will work with Acala to make its system even more secure and cost efficient. This comes just before Acala launches Karura, a nearly identical DeFi hub soon to be deployed on Kusama – The crazy cousin of Polkadot where builders have the opportunity to experiment with new ideas.

0 Like(s)



You should also read...

Altcoins 26/08/20 22:17 by Livine Sanchez
Polkadot’s New DOT Token Storms into Top Ten
Polkadot’s new DOT token has become a top ten token within days of its official redenomination. With a market capitalization currently around $4.2 billion, Polkadot is now placed at a higher value ...
Read More
Other 13/11/20 18:57 by Thomas Delahunty
DYP.Finance: A Unique Yield Farming Platform
The cryptocurrency industry has experienced a rapid growth in the past decade since the advent of Bitcoin. The first cryptocurrency opened the financial world to a world of possibilities using decentr...
Read More
Altcoins 27/03/21 17:22 by Steven Msoh
Cardano to Finally Race with Ethereum as it Propels Smart Contracts
After years of domination, Ethereum could have a formidable rival in the smart contracts sector this summer. Cardano is set to integrate the Alonzo testnet as early as next month, finally allowing de...
Read More
Crypto 21/05/21 20:05 by NewsBTC
How Polygon Became the Indian Tiger of Blockchain Platforms
The conspicuous lack of Indian presence in the blockchain and cryptocurrency space has always seemed relatively incongruous. With India expecting to be home to 5.2 million programmers within the next ...
Read More
Other 26/05/21 16:00 by NewsBTC
Where is Moonbeam going? Situation Overview
Moonbeam is a blockchain project built back in January 2020 as a way to tackle cross-chain interoperability challenges, it is an Ethereum compatible smart contract parachain on Polkadot. For those who...
Read More