Revolutionizing Earning Potential — Bitrue’s New Solution
We are pleased to let you know that over the past several months, the Bitrue team has been working on an upgrade to our Yield Farming hub that will help you maximize your earnings potential from the world of DeFi. The upgrade will be the next biggest innovation at Bitrue, so be sure to follow us closely on our social media platforms this week.
With the reveal on the horizon, we would like to highlight our thought process and vision for this project, to give the community some background.
Many of you will be aware that while cryptocurrencies are gaining mainstream adoption, decentralized finance (DeFi) platforms are also starting to move into the spotlight. Just like how our fiat system is intertwined with its many financial products, including banks, insurance companies, P2P lending services, fund management businesses and so on, DeFi protocols are also the building blocks of our decentralized financial market.
Similar to the early 2000s when internet projects were considered to be the industry of the future, the 2020s is surely the era of DeFi, with thousands of projects joining the space and aiming to be one of the next tech juggernauts. Although we now associate the internet with Google and online shopping with Amazon, we have to remember that they were both relatively unknown to the mass public just 20 years ago.
In DeFi, the competition for the throne is only starting. The space has attracted many visionary technopreneurs, all building with the same goal of outperforming the protocols that came before them. What originally started with MakerDAO back in 2017, has inspired a new army of lending platforms each with their own unique features, including Aave, Compound, and Curve just to name a few. Decentralized exchanges equipped with automated market makers, such as Uniswap and PancakeSwap are also considered to be one of the groundbreaking innovations within the industry. The list of new DeFi projects is endless, but we all know that in the end it will all eventually come down to only a handful of names. To be in this shortlist, projects will have to be very meticulous on their implementation, and must have great utility for investors.
Despite new projects taking turns to rise in popularity over the years, very few have actually managed to solve all the problems of DeFi in one go.
Problems that arises with the usage of DeFi protocols might include:
- Impermanent losses in liquidity providing.
- Smart contract risks (theft/hacks), from having to move funds from one platform to another
- Inflexible deposit/locking periods of assets
- Limited returns for one single protocol
On top of the existing problems in DeFi protocols such as lending and liquidity pools, staking mechanisms also do not make it easier. When having funds locked as validators, the asset cannot be unstaked immediately when needed, creating opportunity costs for investors.
As part of our effort to contribute to the crypto community, the team at Bitrue has been working day and night to bring the best features into our own community, with an extra secret sauce that will take it a step ahead of competing protocols and staking mechanisms. Being a team of young, enthusiastic professionals, Bitrue will make sure to provide our customers with the best investing experience, allowing for the optimization of returns and the most rigorous risk management, persistently testing the limitations of what can be done in DeFi.
At the present time, Bitrue is already an exchange that hosts over $600 million total assets on both our Yield Farming and Power Piggy features. Over $56 million USDT of cumulative rewards have been distributed.This all the more gives Bitrue a solid foundation to welcome our new project.
To drop a hint for you guys, the new project will actually introduce deflationary pressure to BTR.
The details of our new project are soon to be revealed!
We are really excited about this project, and we hope that Bitrue customers are also looking forward to it. We just need a little extra time to add the final details but more news will be coming very soon. Be sure to follow Bitrue on Twitter to stay updated on the latest news.