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The DeFi market is expanding and developing faster than ever. Since April 2022 and long after DeFi protocols were exclusively supported by Ethereum, decentralized finance (DeFi) has been available on almost every blockchain capable of supporting smart contracts. Although the expansion of decentralized finance to other networks generalizes this, it also implies that the old, original DeFi companies now face a lot of competition.
For example, research has shown that Curve Finance, on which Convex Finance (CVX) is built, is TVL’s third-largest DeFi protocol. HypaSwap (HYPA) is a new cryptocurrency token that aims to be the top DeFi platform. The token is based on the Ethereum blockchain and has many use cases that give it an edge compared to other DeFi protocols. Can HypaSwap (HYPA) be as successful as the biggest DeFi protocols?
Can Convex Finance (CVX) take over the DeFi world?
Curve Finance is a decentralized exchange that has a strong focus on stablecoins. Stablecoins are ideal for liquidity providers to avoid temporary losses as they are far less volatile than other cryptocurrencies. As a yield farming incentive for LPs, Curve Tokens (CRV) are distributed and converted into veCRV (vote-escrowed CRV).
Convex Finance (CVX) is a DeFi protocol built on top of Curve Finance to provide greater incentive to Curve users, including CRV stakers and liquidity providers. Essentially, Curve Finance compensates liquidity providers with its CRV cryptocurrency. Users can also block CRV tokens to purchase voting rights on top of that.
In addition to voting rights, holders also receive a 50% share of the trading revenues generated by the Curve platform. Convex Finance (CVX) is a platform that rewards Curve liquidity providers with CRV tokens. Users only need to lock their CRV tokens with Convex Finance (CVX) to enjoy increased CRV incentives. In other words, you automatically earn more CRV once you deposit any amount of Curve LP tokens on Convex Finance.
Could HypaSwap (HYPA) be the top DeFi platform?
HypaSwap is a hub of the decentralized economy as a protocol for decentralized liquidity. HypaSwap has implemented several steps affecting collateralization, liquidity pool health and external penetrations to ensure fair practices and hassle-free transactions. The HypaSwap protocol allows users to lend their wealth to build a liquidity pool of different cryptocurrencies, including ETH and BNB. Each transaction generates a derivative token with a 1:1 rating that can be stored, exchanged, or redeemed. This implies that the value of the derivative token is still free even if the underlying asset is still locked in the liquidity pool. The owner of the derived token, also called fToken, gains ownership of the loaned amount once the token is sold.
Lending and borrowing are the two main features of the protocol. The liquidity pool, which drives the company’s entire lending and borrowing activity, is filled with various assets. Lenders contribute funds to the collection in exchange for fToken, while borrowers withdraw funds against collateral. Users can access the HypaSwap (HYPA) ecosystem’s liquidity pool through which they can lend or borrow funds. To circumvent the difficulty of P2P lending, where a lender is matched with a borrower in real time, these liquidity pools act as Automated Market Makers (AMM).
Another fun part of cryptocurrency is that it offers discounts and incentives to its token holders. If you register and log in to the HypaSwap (HYPA) platform, you will receive a 45% discount if you shop within 30 minutes. You are also entitled to an additional 55% discount on your second purchase. Learn more using the links below.
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