Decentralized finance (DeFi) has received high marks despite the many pitfalls of the disruptive space. Everyone agrees the financial sector needs to wake up from its slumber, and DeFi appears ready to bell the cat.
The DeFi Status Quo – A Roller-coaster
DeFi has impressed on everyone the possibilities that exist in the financial sector. It’s no news the convenience this technology brings to users and what can be achieved through it. We can’t also ignore its elimination of the middlemen in the scheme of things – a big deal for the average user.
Yet, DeFi isn’t perfect. It’s a roller-coaster of emotions for anyone involved due to many reasons. One of such is the huge security concerns. People might say all sorts about banks and traditional financial institutions, but those centralized outfits do bring some safety appeal to the table. Having your assets in these centralized outfits doesn’t come with the risk of losing your money in one fell swoop. That, right there, is where DeFi appears to be struggling. Every day, we hear reports of how decentralized finance outfits are getting exploited. These attacks don’t inspire confidence in the average user, which is necessary for finance.
Asset bridging, an important aspect of DeFi, is also a source of security concern for many. Recently, 100,000 ETH were stolen from a Solana-Ethereum bridge service, subjecting the entirety of DeFi to even more ridicule in the financial world.
Insurance premiums have been touted as the solution to these security concerns, but users have to foot the cost. That’s something most people aren’t keen on. No one wants to bear the brunt for something that should have been handled by another.
What DeFi lacks in an impeccable security framework, it makes up with an understanding community. Yet, most of these decentralized finance outfits have failed to key into the power of the community. Hiding under the cloak of anonymity won’t do DeFi any good, especially as bad elements can use such to their advantage. There needs to be some serious brainstorming on ways to make DeFi attractive again beyond the initial hype of smart contracts and a middleman-free ecosystem.
HALO Network Salvaging DeFi
If there was something decentralized finance outfits truly lacked, it’s a DeFi-
centric blockchain. A public chain that’s dedicated to the growth of this disruptive technology. The Ethereum network might be the preferred network for DeFi app builders, but there are blockchains like HALO Network that have stood out as the ideal destination for DeFi dapps.
Over the last few months, HALO Network has gotten several of its ecosystem fully operational; most are geared at providing DeFi dapps with the necessary amenities to make them attractive to the average user.
HALO Bridge
HALO Bridge, a cross-chain bridge on HALO Network, makes it easy to move assets across several supported chains.
The HALO Network has recently implemented a handling fee reduction from 1 HO to 0.1 HO on the use of HALO Bridge. That’s huge for a cross-chain bridge that hasn’t been the subject of attacks, unlike the competition.
The cross-chain bridge hasn’t had any security concerns till date, which is applaudable in a space where exploits have become a norm.
More Nodes – Truly Decentralized
Besides its cross-chain bridging solution, HALO Network understands the pains of DeFi and this is reflected in the continuous upgrade of the network. More have been added to the blockchain, which is crucial for a decentralized environment.
HALO Network POS Node Upgraded to Final Version
From afar, you can tell HALO Network is consistent towards making its blockchain suitable for DeFi. The network has recently upgraded its POS Node to its final version. With this latest action, the blockchain is more attractive to the crypto populace thanks to its more rewarding pledging system. Of course, DeFi benefits from such a setup in the long run since rewards generated are spread into these dapps – those mouthwatering TVLs come from somewhere!
HALO Oracle – Accuracy DeFi Needs
Decentralized finance applications depend on asset prices, and these prices have to be accurate. Crypto oracles are often key to providing accurate price feeds to the DeFi dapps. On HALO Network, the HALO Oracle caters to all the price feed demands of DeFi applications. It’s one of the many ecosystems on the blockchain that makes the chain the ideal place for these dapps.
Cross-chain LP Function
HOSWAP, HALO Network’s main DEX currently supports the novel cross-chain LP functionality. This is something many DeFi dapps will hope to replicate or leverage, depending on the application. Being able to use your LP token across different DEXs on several chains is something most users will appreciate, especially as it eliminates the need to create new LP tokens.
Block Explorer Upgrade
An important aspect of every blockchain is the block explorer. It helps blockchain users follow activities on the chain. Without the block explorer, transparency – one of the popular perks of the blockchain – becomes nonexistent. HALO Network understands the role of the block explorer in making DeFi dapps more accessible. Thus, the recent HALO block explorer upgrade is aimed at making this appendage of the chain as helpful as possible without being weighed down by transaction volume.
Conclusion
HALO Network has the potential to be the battleground for DeFi dapps, and the public chain has undergone tremendous growth towards making that a reality. These recent developments point to a blockchain that’s putting its house in order, ready for the rise of DeFi.
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