Time-Consuming DeFi Procedures are a Thing of the Past
DeFi is still in its infancy, but companies are competing to create the most convenient tools to bring users big profits. In this article, we will look at the news in this area.
Decentralized finance, or DeFi, brought with its boom in 2020 many new earning possibilities but also new challenges and significant risks for cryptocurrency users. Since this technology has little history and the fact that it is a decentralized technology, it is difficult to regulate and can hardly provide a safe environment for its users.
The current era allows anyone with access to the Internet to trade or borrow funds without needing a third party and be part of the DeFi space with the help of financial instruments created on the blockchain and thanks to Smart contracts.
DeFi protocols are financial instruments that help investors maximize returns and passive income. Some of the most popular tools include:
- Staking refers to locking tokens for a specified period to earn passive income through rewards or recognition.
- Yield Farming is a subset of staking and can be imagined as the interest you get from the bank on your deposited money.
- Liquidity Mining is a subset of Yield Farming. The one who provides liquidity receives an additional reward in addition to trading fees and interest from the platform's own token.
There are also high risks associated with these financial assets, which can mean high losses if not taken seriously. Hackers use vulnerabilities in Smart Contracts to steal funds. Scams and Wash trading can lure investors into fraudulent trades, leading to their funds being stolen with virtually no chance of recovery. And longer, there are also risks associated with the market and the high volatility of cryptocurrencies, which can threaten the value of these digital assets. Despite all these risks, developers are working on means to bring safe and secure investment opportunities to the blockchain.
Automatic management in many chains
Uno.farm has developed a method of automated farming across multiple chains with the help of automated strategy, smart analytics, and revenue generation tools. Everything was created to reduce the risks associated with DeFi and help users maximize profits with the latest hi-tech tools.
To increase security, the Uno.farm platform pre-audits all revenue sources before they are made available to users. It also offers an anti-rug-pull solution, an insurance fund against potential losses, and an inheritance mechanism to prevent loss of access to funds in the event of death.
The platform simplifies investing and saves time for users by combining all the complex technologies associated with staking, yield farming, and liquidity mining into a few easy clicks. It connects trusted DeFi protocols across multiple blockchains and automates decision-making using detailed analysis and statistics, so users no longer have to search for the best revenue opportunities.
Uno.farm has created a function called Single Asset Entry and Withdrawal to ensure the highest possible return in the simplest possible way. It is their most significant achievement in the last 12 months. Initially, users raised liquidity with the help of two tokens held in the DEX, during which the LP tokens were transferred to the farming pool.
Uno.farm simplified the process by inserting the possibility to enter and exit the liquidity pool and Autostarts with the help of a single token. The partnership with DeFi and DEX aggregator 1inch was the most important for getting a Single Asset Entry token exchange enterprise license for the platform.
The platform has added a fiat currency payment gateway to allow deposits and withdrawals in fiat currency. They are also working on introducing liquidity for individual tokens brought to the platform from other chains. All these measures aim to reduce entry barriers and the time invested in the process. Uno.farm has plans to update Autostart, the legacy mechanism, in the next 12 months, and they want to simplify the user interface even more.
Source: cointelegraph.com
analyst opinion
Jakub Odvářka
Decentralized finance, or DeFi, brought with its boom in 2020 many new earning possibilities but also new challenges and significant risks for cryptocurrency users. Since this technology has little history and the fact that it is a decentralized technology, it is difficult to regulate and can hardly provide a safe environment for its users.
The current era allows anyone with access to the Internet to trade or borrow funds without needing a third party and be part of the DeFi space with the help of financial instruments created on the blockchain and thanks to Smart contracts.
DeFi protocols are financial instruments that help investors maximize returns and passive income. Some of the most popular tools include:
- Staking refers to locking tokens for a specified period to earn passive income through rewards or recognition.
- Yield Farming is a subset of staking and can be imagined as the interest you get from the bank on your deposited money.
- Liquidity Mining is a subset of Yield Farming. The one who provides liquidity receives an additional reward in addition to trading fees and interest from the platform's own token.
There are also high risks associated with these financial assets, which can mean high losses if not taken seriously. Hackers use vulnerabilities in Smart Contracts to steal funds. Scams and Wash trading can lure investors into fraudulent trades, leading to their funds being stolen with virtually no chance of recovery. And longer, there are also risks associated with the market and the high volatility of cryptocurrencies, which can threaten the value of these digital assets. Despite all these risks, developers are working on means to bring safe and secure investment opportunities to the blockchain.
Automatic management in many chains
Uno.farm has developed a method of automated farming across multiple chains with the help of automated strategy, smart analytics, and revenue generation tools. Everything was created to reduce the risks associated with DeFi and help users maximize profits with the latest hi-tech tools.
To increase security, the Uno.farm platform pre-audits all revenue sources before they are made available to users. It also offers an anti-rug-pull solution, an insurance fund against potential losses, and an inheritance mechanism to prevent loss of access to funds in the event of death.
The platform simplifies investing and saves time for users by combining all the complex technologies associated with staking, yield farming, and liquidity mining into a few easy clicks. It connects trusted DeFi protocols across multiple blockchains and automates decision-making using detailed analysis and statistics, so users no longer have to search for the best revenue opportunities.
Uno.farm has created a function called Single Asset Entry and Withdrawal to ensure the highest possible return in the simplest possible way. It is their most significant achievement in the last 12 months. Initially, users raised liquidity with the help of two tokens held in the DEX, during which the LP tokens were transferred to the farming pool.
Uno.farm simplified the process by inserting the possibility to enter and exit the liquidity pool and Autostarts with the help of a single token. The partnership with DeFi and DEX aggregator 1inch was the most important for getting a Single Asset Entry token exchange enterprise license for the platform.
The platform has added a fiat currency payment gateway to allow deposits and withdrawals in fiat currency. They are also working on introducing liquidity for individual tokens brought to the platform from other chains. All these measures aim to reduce entry barriers and the time invested in the process. Uno.farm has plans to update Autostart, the legacy mechanism, in the next 12 months, and they want to simplify the user interface even more.
Source: cointelegraph.com
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