'Understanding the Polkadot's DeFi Ecosystem with Yubo Ruan' polkadot blockchain
Please tell us a bit about the decentralized money market protocol and how does it work?So essentially, you can think about it as an autonomous driving bank in the sense that the smart contract will be in charge of lending, borrowing, and calculating interest rates. The whole process is transparent and decentralized. Users can either lend out their spare tokens to earn interests or borrow cryptocurrencies they need with valid collateral.
I really like Solana. In fact, I’m an early investor to Solana. Both of them will have a substantial market share in the blockchain space. Each has a different trade-off between security, decentralization, and scalability. Solana, for example, has better scalability but worst decentralization compared with Ethereum. However, in real-life, many people care about scalability , and they are fine with less decentralization. Thus, I think Solana can serve the demand for those users very well.
Parallel wants to be the most prominent DeFi builder who can bring 1 billion people to use the DeFi and Web3 products in the next ten years. I think all big brands should be part of the NFT landscape. NFT is one of the best ways to increase community engagement for big brands. All NFT holders feel true ownership and will market the brand very hard. Two years ago, the whole NFT space had almost nothing that existed besides crypto kitties.
Today, according to nftgo.io, the total NFT has a market capitalization of $16.8B with over 22M different NFTs. I don’t think big brands should ignore any industry with a speed of growth like this.NFT holders need finalization. I think a specialized money market for NFT will start to emerge in the short term. On the one hand, similar to Airbnb, users can rent NFT that they like to capture the economic utility and usage right .
On the other hand, NFT owners access credit lines by using their NFT as collateral. I think an on-chain crowd NFT appraisal platform will exist in the long term. Currently, the pricing of NFT is one of the most significant issues for DeFi platforms to accept NFT as collateral. If someone can solve it, I think we can price everything in the world, such as your house, art, etc.
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