Ocean DeFi (ODEFI) - A Scalable DeFi Platform With Cross-chain Compatibility And Interchain Asset Transfer - News from CryptoShib

Ocean DeFi (ODEFI) – A Scalable DeFi Platform With Cross-chain Compatibility And Interchain Asset Transfer

Ocean DeFi (ODEFI) – A Scalable DeFi Platform With Cross-chain Compatibility And Interchain Asset Transfer

Decentralized Finance (DeFi) has recently gained a lot of traction with several traditional financial institutions showing. While the traditional financial institutions already have robust systems and mechanisms, DeFi goes further and beyond offering the promise of absolute decentralization. Ocean DeFi is one such project in the DeFi space that aims to mirror the services of traditional finance in the decentralized world. Ocean DeFi (ODEFI) offers its users the promise of scalability and autonomy.

The Ocean DeFi Product Hub comprises of three major marketplaces: the swapping marketplace, the lending marketplace, and the liquidating marketplace. Now, beneath these three marketplaces lies a USD-pegged stablecoin (ODEFI) backed by a huge amount of reserve assets and supports the operation of the platform.

The ODEFI native token of the Ocean DeFi serves as the fuel for the entire network. It works as a utility, gas fee, and governance token for the Ocean DeFi platform. Also, the project DAO governs all the operations of the interchain DeFi platform.

The entire Ocean DeFi platform rests on the Empow Network – an ultra-fast blockchain specifically designed to create an ecosystem of social financial applications.

Understanding All Parts That Constitute The Ocean DeFi Ecosystem

  • Ocean DEX: The Ocean DEX is a fully decentralized cross-chain swap protocol that features automated pricing and liquidity system. The Ocean DEX facilitates seamless swaps between different coins on multiple blockchains that use the ECDSA or EdDSA as signature algorithms.

    Apart from coin swaps, the Ocean DEX also provides features like decentralized cross-chain bridge and programmed pricing and liquidity. Liquidity providers can benefit from yield farming and trading fee. Just using the provided API, Ocean DEX can integrate into any wallet. Currently, it supports multi-wallet but plans to add more hardware wallets in the future.
  • P2P Lending: Ocean DeFi facilitates peer-to-peer lending by matching borrowers and lenders without any third-party intermediaries. The ODEFI Lending marketplace gives users the flexibility to select their own terms and interest rates.

    The native ODEFI token serves as the required collateral for the deal. Ocean DeFi also accepts other cryptocurrencies like BTC, ETH, and USDT as collateral. Besides, the platform secures all collateralized assets in smart contracts.
  • oUSD Stablecoin: oUSD is this project’s native stablecoin backed by liquidable asset reserves. oUSD serves as a fuel for accelerating the functioning of Ocean DeFi’s liquidating marketplace.

    Users of the Empow blockchain network can mint the oUSD stablecoin by depositing their ODEFI into the Ocean DeFi stablecoin protocol. oUSD users can seamlessly borrow and lend on the platform creating a capital flow on-ramp and off-ramp for users having their capital locked into asset-locking arrangements.
  • DeFi Liquidating Marketplace: The DeFi Liquidating marketplace aims to solve the problems of locked assets in the DeFi space. The Liquidating marketplace collateralizes the staked capital of the liquidating marketplace and the lending marketplace into the native stablecoin oUSD.

    Going ahead, the projects Lending marketplace will serve as a go-to destination to unlock any locked assets of any decentralized network connected to the DeFi ecosystem.

    To connect any blockchain to the Empow Network or Ocean DeFi, one has to set up a smart contract and staking node for the blockchain to accept and manage the assets.
  • Cross-chain Scalability and DAO concept: The major USP of the Ocean DeFi platform is its inter-chain and cross-chain compatibility. The project is a DAO-governed and community-governed DeFi platform powered by the Empow Blockchain network offering scalability and flexibility.

    Ocean DeFi DAO serves as the gateway for anyone to participate in the functions and operations of the platform. The ODEFI staking feature also brings more benefits to the users like the right to vote, leveraging the Liquidating marketplace, and gaining more reputation.

Summary

The Ocean DeFi is thus a full-stack DeFi hub built atop the Empow blockchain and aims to address some existing shortcomings of the DeFi ecosystem. With features like cross-chain compatibility and interchain asset transfers, the project offers the required scalability to social and financial decentralized applications (DApps).

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