Today's PR News: How to bring DeFi to people?


Posted June 30, 2021 by atozcrypto

Companies are making attempts to make DeFi much more accessible, such as Nash. It is bringing a platform for earning money that uses DeFi protocol.

 
UK, 30th June: Nash (a famous cryptocurrency startup) is an organization that is developing a premium earnings product that works on the DeFi principle. The protocol specifically used here is Aave. The aim? It is to make sure that DeFi is available for everyone.

Why? Compared to traditional financial institutes, DeFi offers a higher interest rate, almost 88x within the timespan of 2020 and 2021. Aave acts as a storage protocol and offers a lot of potential (10% and higher). Before this incident, DeFi was inaccessible to investors and cryptocurrency users.

While using this network, people need to use real money to buy these cryptocurrencies (for example, USDC (USD Coin)). After that, they will use a wallet like MetaMask to interact with DeFi-based apps. Also, it can be used to protect the security and privacy of these funds, and properly use the network without worrying about Ethereum-based network fees.

The purpose is to offer the same banking facilities to users, like a traditional banking system. People can deposit the currencies by clicking a few times. And they don’t have to worry about any purchases, transaction problems, or high network fees.

Nash is planning to bring all that into fruition, and it will offer several facilities:
● People can operate accounts using a non-custodial manner
● They can instantly perform deposits and withdrawals
● No Ethereum fees
● Nash brings the scope of a simplistic UX, similar to a traditional banking app
The Nash will begin its operation in the next month.

Aave is the best protocol popular among cryptocurrency users because it offers the perfect lending opportunity. People can use collateral to borrow money, and use it for trading. Then people can repay the loan amount, along with the interest. But how do they generate this interest? All they need to do is to lock it in a pool (liquidity) from which the loan can be retrieved.

So when they deposit a USDC to the Aave pool, they will receive an aUSDC token in exchange. This token is designed to keep track of what the mark is thinking about the current events, and perform all the necessary activities, and redeposit the token to get back the USDC.

Nash can significantly simplify the entire process. It uses a bookkeeping contract to operate and allows people to make financial transactions via Open Banks, and normal banks. Credit cards are soon to join the list. That is all for us, the best cryptocurrency news provider online.
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Last Updated June 30, 2021