One of the biggest problems in the crypto space is the lack of true interoperable solutions. With the explosion of decentralized finance, more and more users are looking for simple ways to access the market without the current drawbacks, including long delays in confirming transactions, high transaction fees, and increasing complexity.
That is why Rite stepped in to create a multi-chain and interoperable system where blockchain segregation is overcome. In today’s landscape, users are often limited to assets native to the Ethereum blockchain, which naturally excludes a large portion of potential investors due to the high transaction fees.
To achieve full interoperability, Relite Finance relies on the Polkadot ecosystem. Relite thinks that Peas is the best bet against on-chain maximalism with the added benefit of being able to quickly use any existing contracts they already have on Solidity, a high-level object-oriented language for implementation smart contracts.
Tackling DeFi’s Biggest Problems
Relite has tackled three major issues in the DeFi space. Interoperability, durability and simplicity. On the interoperability side, the use of the Polkadot network allows Relite to take an easy route to deploy Solidity contracts in Polkadot. They also use what are called Polkadot bridges, which allow chains to interact with each other while maintaining technical sovereignty, accessing tokens such as ETH, DOT, ERC20 and other assets of major blockchain through a simple integration.
On the sustainability side, Relite is tackling the issue of high transaction fees. Small DeFi users are often out of the market because doing a small transaction does not justify a fee that is half or more than the transaction itself, which often happens on Ethereum. Another barrier to entry for users is the double collateral often required when accessing loans. Again, as with high gasoline costs, this goes against DeFi’s core principles and vision of making financial services more accessible.
Relite addresses this problem in a number of ways, including reducing the risks of the protocol with a special reserve fund, providing more rewards when more capital is put into the reserve fund through a variety of fixed and duration pools. not fixed. These include a wide variety of tokens, and of course using the power of the Polkadot network, which includes high throughput and low transaction fees.
Keep it simple
Nothing Relite does would be of use to DeFi users if its solutions were difficult to access. This is why Relite places such great importance on simplicity. Using the platform, users will be able to lend, borrow and earn passive income by staking the RELI token and protect yourself against market volatility by acquiring coins of stable value without losing the future advantage of the deposited crypto.
With just a few clicks, users can unlock a plethora of services. The Relite web application The interface is accessible to all users, from novice to advanced, and they can easily deposit assets to provide liquidity or provide collateral to access a loan.
Reshaping the future of DeFi
Led by founder George Groshkov, Relite is set to be a game-changer in DeFi. Groshkov cites his inspiration for creating Relite as resulting from more than just financial gain, but giving fair access to financial products to those in need.
In a recent interview, Groshkov said, âWe researched why the UX in DeFi is bad. And what can be improved? We saw huge fees (with the ETH peak), excessive guarantees, no variety of pool conditions, and there was no real approach to interoperability – the latter which we believe will be a game-changer. only for DeFi but the whole fintech space.
There is no doubt that users need easier access to financial products and services, and given the direction Relite is taking, it has the potential to redefine what is possible for users of money markets in the world. ‘DeFi space.
Disclaimer: This article is educational and does not represent financial advice. Please consult your financial advisor before purchasing digital assets.
See more Benzinga
Â© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.