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Gate.io Building DeFi Ecosystem On its Public Blockchain

As the DeFi network (Decentralized Finance) is another soon to be the next area of interest in the cryptocurrency market, more players are coming into the stream and experimenting with their ideas by providing great DeFi solutions to the investors and institutions.

For a momentum one such cryptocurrency exchange, Gate.io is going to build a DeFi network on its public blockchain GateChain.

In a press release shared with KoinPost, Global digital asset exchange, Gate.io, explained that the establishment is going to feature stablecoin (USDG), Decentralized Exchange (DEX), Decentralized loan, and liquidity mining on its public blockchain platform GateChain.

As the tagline on the official website says: “GateChain: A blockchain dedicated to funding safety and decentralized exchange.”

Marie Tatibouet, CMO at Gate.io stated that being a strong supporter of DeFi, Gate.io considers DeFi tech as an indispensable driving force behind the growth of the blockchain industry. Though, the existing concerns over the problem of asset security are still increasing and comparing to other DeFi solutions Gate.io is delivering 100% asset security promise because of the system’s novel features.

Gate.io is already offering various security features to operate on its public blockchain live platform, GateChain Mainnet. The company also offers the Vault Account feature which helps the users to revoke the stolen funds and guarantees 100% fund security.

As per the information, the crypto exchange is deploying an unspecified high-performance fault-tolerant mechanism that is on the trail of becoming one of the desired solutions in the cryptocurrency space when it comes to an asset security issue. 

The release highlights a few advantages of GateChain DeFi Infrastructure

1.    USDG: USDG will be the base currency for the GateChain DEX. Specifically, GateChain Defi will roll out stablecoin USDG through a Collateralized Debt Position, where anyone can collateralize GT and high-quality blockchain tokens to produce USDG. Users can trade USDG to provide liquidity and win rewards.

2.    DEX: DEX is the core of the GateChain DeFi network. It is more open and transparent than centralized exchanges, enabling everyone to deploy a trading market. With its high transaction throughput (2000+TPS), and fast block confirmation (4s), GateChain is perfect for running a DEX.

3.    Decentralized Lending: Using experience from existing Margin Lending and borrowing features of Gate.io, GateChain DEX will also be built into a platform that provides stunning borrow and lending services to our users.

4.    Liquidity Mining: Gate.io will create a reward pool for the USDG network and GateChain Decentralized Lending system via GT buy-back.

5.    Decentralized Governance: GateChain contains a Decentralized Governance mechanism, where each GT holder is eligible to vote. Users can participate through proposal submissions and voting.

6.    Cross Chain: GateChain will integrate with multiple public chains such as Ethereum, Bitcoin, Cosmos, and Polkadot chains to enrich decentralized products.

7.    Fingerprint Hardware Wallet: GateChain Defi will provide a Fingerprint Hardware Wallet for daily use, ensuring the private key will be kept within the Hardware Wallet while enabling users to do routine trading and transfers.

8.    Decentralized Oracle & Decentralized KYC: Gate.io will look into teaming up with Oracle pioneers and decentralized KYC leaders to prove relative services to its users, seeking to create a sustainable GateChain DeFi Eco with diversified DeFi products.

After seeing the improvements in the DeFi ecosystem which shows over $4 billion locked in the value in the DeFi space, it is quite apparent to compare it to the ICO boom. Though ICOs had given numerous scams and felonies it will be worth having cognizance about the DeFi markets before investing in and avoid just by getting tempted due to fear of missing out.

Earlier, KoinPost reported about the poll conducted by Blockfolio, which shows that DeFi is on the mushrooming stages, and many people are still not aware of the new trend.