Play Defi, Build Block - Defibox 2021 Global Essay Contest
Hello Blockchain Readers,
This is an essay contest organized by Defibox, the EOS blockchain one-stop Defi application, a platform created to bring financial freedom to all Blockchain users on the EOS network. The essay title says
"Play" Defi, Build "Blocks"
In an opaque system, governed, overseen, held, and controlled by decades-old infrastructure and processes, which gives no one full control and visibility over their finances, gives less exposure of the global market, gives only a major few groups of people the power to control the finances of thousands with almost no alternative
Defi(Decentralized Finance) - an open financial system built for the internet age to give everyone from different angles of the universe, tribe, and ethnics full visibility of their wealth, exposes them to the global markets, and serves them more as an alternative to their local currency and banking options. Defi brings unlimited access to financial services for anyone with an internet connection which is also controlled and maintained by its users(DeFi Users).
In this same large ecosystem, digital assets are being PLAYED in different transactions creating BLOCKS in the process, storing all transactional records of the entire ecosystem in several database (CHAIN) which cannot be tampered with or changed, connected through a peer-to-peer node.
There's a need for completely decentralized financial products and services for users to explore, make choices and wise financial decisions. DeFi has made this available to Blockchain users with numerous products and services, which yield a lot for users through their investments.
Defi in the entire Blockchain ecosystem is amazing but not completely convenient and free for its users, EOS network is a unique blockchain network known for its swift transaction, fewer transaction fees, and easy build-on features for developers and businesses.
EOS network has gotten its own Defi platform (DEFIBOX) which has given so many opportunities to the Eos network users to enjoy the privileges of what true Decentralized Finance means.
As a user, all I want is to maximize profit and get the best returns on my investment, Defibox protocols are one of the best platforms for a good return on investment, let's take a look at the three Defibox protocols
- Decentralized Lending
Swap - Defibox swap let users have a decentralized and censorship-free token swap, an automatic market-making protocol, prices are provided in real-time through a well-arranged and fixed product algorithm, users can maximize their profit by creating swap markets as a market marker and fees from the market are distributed to them based on the liquidity provided.
USN Stablecoin - Defibox made available to its users a stablecoin that can serve financial needs as leveraged trading and obtaining floating capital by making USN a sub-project on its Defi platform, USN is a stablecoin pegged to USD and can be generated when users stake EOS.
Decentralized Lending - Another good product of Defibox is Decentralized lending, all users of Defi on the EOS network can be major participants either as a depositor or borrower. Loans are very important to every business as it allows expanding business through sourcing for external capital. Defibox Decentralized Lending serves as an intermediary between borrowers and lenders, where lenders(depositors) provide liquidity to earn income from it and borrowers give their assets as collaterals to borrow tokens and pay interest on whatever they borrow.
This is a great opportunity given by Defibox foundation to users on the EOS network. Do not forget to explore.
Suggested Marketing Plan for Defibox
Defibox Foundation project should do a lot more marketing, as marketing personnel, my first suggestion is to make provision for easy entry into the EOS network for Blockchain users as a whole, easy entry into the Network is the first step to making Defibox available to everyone with no limits, Defibox will gain more visibility if getting an EOS account and knowing more about the EOS network operations is a bit easier for users powered by Defibox Foundation.
Defibox could also expand its scope outside the EOS network, users within the blockchain space as a whole will love to explore the product and services of defibox to maximize profit from their investments. Defibox will grow tremendously with a MULTI-CHAIN feature. Users will PLAY more in the network with transactions from interacting with products and in turn, more BLOCKS will be built.
I also suggest Defibox Foundation get more human effort, marketing personnel, ambassadors, and influencers to help grow and promote all products and services to gain more popularity.
If these can be done, all other products of Defibox will gain more popularity in the future and it will get accepted easily by the entire crypto community, more promotions and engagements on all social media pages and topnotch contents from influencers, ambassadors will go a very long, together with the help of Satelite protocol which solves some major problem in the existing protocol.
See below few lines to get a clue about Satelite Protocol.
Satelite Protocol of Defibox
Consists of 3 protocols, which are;
- Swap Satelite Protocol
- USN Satelite Protocol
- Decentralized lending satellite protocol
One of the problems faced by Defi users in liquidity provision is impermanent loss, the swap satellite is a protocol created to solve the problem of impermanent loss caused by the current swap market-making.
The USN Satelite protocol is created to promote the development of the USN stablecoin and expanding the use cases.
Decentralized lending satellite protocol created to develop the decentralized lending of defibox, makes it operate on a larger scale for depositors and borrowers to maximize profit.
Defibox Satelite Protocol with its proposed vision is created mainly to enhance the existing protocols of defibox, having a product and making provision for it to be better is always the best way to keep everything going smoothly.
I think the Satelite Protocol is the best provision Defibox could put in place if the continual existence of the three protocols is considered.
Solving all existing problems and looking to expand more through all other proposed empowering protocols such as traditional financial asset trading, derivative trading, oracle development, algorithmic stablecoin, and cross-chain asset protocol development is the best development every user could hope for.
Defibox will change the Defi game as a whole if there's an easy entry into the EOS network and they can fasten the expansion plan to other blockchain networks(Multi-Chain).