INTRODUCING NEW SOLUTIONS TO THE DEFI SPACE WITH RIGEL PROTOCOL
What is DeFi?
Decentralized financing or DeFi is a technology that makes financial products available on a decentralized public blockchain network. This makes them available to everybody, not intermediaries, such as banks or brokerages. A government ID, Social Security Number, or proof of address is not required to utilize DeFi in contrast to a bank or brokerage account. More specifically, the DeFi system enables buyers, sellers, loans and borrowers to engage with pairs or a strictly software-based intermediary rather than a business or organization supporting a transaction over blockchains.
Component of the DeFi Space
DeFi's components are broadly similar to existing financial ecosystems, which means that they need stable currencies and a wide range of usage cases. Stablecons and services such as crypto-exchanges and credit service are used as DeFi components. Intelligent contracts provide a framework for DeFi applications to function, since the conditions and activities required for these services are encoded.
A software stack incorporates all DeFi system parts and the components of each tier are designed to perform a specific role in the conception process. Composability is a feature that distinguishes the stack as the modules can be integrated for each tier to construct the DeFi application. The following is described for the numerous layers of the DeFi stack:
- Protocol Layer
DeFi defines standards and regulations governing particular activities or tasks in the form of software protocols. It gives a set of rules and principles to be followed by all actors in a certain industry, similar to those in real-world scenarios, as a condition for the sector to work.
- Application Layer
The app layer for the DeFi application is the consumer side. In these apps, the basic protocols are summarized in concisely consumer-oriented functions. It houses the majority of the primary advantages of the crypto-ecosystem, such as lending and the decentralized exchange of bitcoin.
- Settlement Layer
The foundation for all following DeFi activities is this layer, sometimes known as Layer 0. It consists of a public blockchain and a coin. This coin, which can be exchanged in public locations or not, is used to complete DeFi payments.
- Aggregator Layer
Aggregators connect several applications from the previous tier to provide stockholders with a service in a comprehensive layer. For instance, this can enable cash to be shifted across different financial products effortlessly to enhance profitability.
Solving Finance Problems with DeFi
The ability to fund an account indefinitely is one of the primary advantages of DeFi. DeFi applications provide practical answers to countries without a traditional financial infrastructure. DeFi Apps provide access to previously inaccessible financial services in African countries.
DeFi intends to provide all smartphone and internet financial services for all. It's so straightforward. No discrimination, low costs, easy to use and open source. No discrimination. Easier said, though, than done.
Decentralized apps enable users to lock their funds inside smart contracts, such as Compound, Aave, Curve or Yearn apps and smart contracts that enable complicated financial activities between users. They may then borrow, borrow or simply allow their money by various financial techniques to gain value. Some of these websites can be viewed to see, depending on its underlying assets, that APYs generally range between 5 and 50 percent annually.
These figures are nearly terrifying. Admittedly, the old financial system which simply cannot produce such yields is worrisome. Decentralized financing is extremely liquid, highly compostable and fully digital; operating costs are reduced to a few pennies. After a product has been set up, a development team does not need to build or assign a marketing budget for agencies around the world. Users receive the best rewards since intermediaries are excluded effectively from the equation.
To authenticate consumers, banks still rely on IDs and credit scores. Users who utilize DeFi applications don't require a bank ID or a credit score to use financial services.
Anyone may get financial services as a result of this. Given the present epidemic, DeFi solutions might be a far more efficient and effective way for governments to generate universal basic income. Millions of individuals may obtain government money in an instant if DeFi is implemented.
Limitations in DeFi
Despite the numerous solutions introduced to the Financial system through DeFi, DeFi still possesses its own flaws. Nearly all DeFi transactions today take place on the blockchain of Ethereum. Each transaction cost ETH, the native coin of Ethereum, to settle on the blockchain. As DeFi became increasingly popular in 2020, transaction fees have climbed sharply in recent months, indicating that basic transactions cost up to $20 and complex interactions with smart agreements up to $200, depending on the blockchain's current usage.
Furthermore, DeFi can be used quite complexly. The user experience is infamously complex, and it is not everybody's competence to comprehend how to deal with multiple DeFi protocols. This causes many industry experts to feel that the DeFi protocol was not ready for eventual global adoption.
Rigel Protocol New Solutions
What is Rigel?
The Rigel Protocol aims at bringing new solutions to the challenge area, a decentralized protocol aimed at enabling the community to have access to many tools to broaden the use of Blockchain technologies in everyday life. The Rigel Protocol is fully created, developed and led by the community of the Rigel Protocol. All suggestions and decision-making within the community are developed and decided upon.
Different products like: cross-chain operations, token swaps, yield farming, margin trading, etc. have been introduced. All these features are designed to allow users to take advantage of the platform.
A protocol built to overhaul existing DEFI products by offering multiple revolutionary DEFI goods, boosting and promoting scalability, safety, enhancing user experience and adoption.
A platform for people is the Rigel Protocol. As users maintain decisions and ownership, this allows users non-custodial control of the funds. No KYC, anonymity and privacy of users are guaranteed. KYC’s No platform authenticating passwords, wallet keys, seed phrases or 2 factors. Intelligent contracts are checked and audited for all transactions and interactions, just as safe as the Blockchain
The Rigel Protocol will launch both the Binance Smart Chain and the Ethereum Blockchain to assure high-speed transaction, low latency, cheap fees, and fast adoption.
In the Challenges Space, as Bitcoin did in 2009 or the ICOs (Initial Coin Offerings) the Rigel Protocol will create an impact, and major exchanges such as Binance, blew up crypto space in 2017. Well, we are merely at the beginning of DEFI’s early days.
RigelProtocol Smart Swapping
Rigel’s smart swapping protocol are the core exchange that will allow users to trade several tokens like as BNB, LINK, DAI, CRO, UNI, YFI, OMG, HEX, and many more, including BAND, BIND, BUSD, ETH, BAND and the Ethereum chain.
Chains
The Rigel Protocol will base its smart contract on the solidly constructed Binance Smart Chain and Ethereum Chain. In our community members, the addition of a number of other chains would be explored through our platform leadership.
The Rigel Protocol combines the use of the Binance Smart Chain with the Ethereum Chain to secure reduced fees, faster transactions and access to a large range of tokens, liquidity, etc.
Rigel Protocol Yield Farming
Rigel Protocol Yield Farming will give a decentralized platform for the protection of liquidity providing a reduced return on annual percentage. This allows users to produce tokens based on the assets delivered to the platform throughout the term.
Rigel Protocol Margin Trading
To help users address the leverage problems, Rigel Protocol will offer margin trading into a decentralized financing sphere. A new set of foundations for margin traders will become more user-friendly.
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