The use of blockchain technology in finance has increased its decentralisation, ushering in a new era of DeFi. There are now more decentralised and peer-to-peer networks for financial banking and lending, as well as complex financial products, thanks to DeFi.
Despite these ecosystems' considerable success, DeFi is still in its infancy. Despite its numerous advantages, certain factors prevent DeFi from gaining widespread acceptance.
Some of the issues with existing DeFi protocols:
- Low liquidity
- Loan problems for borrowers.
Lenders can withdraw their deposits whenever they wish, which can lead to the current problems in any market at any moment. Implementing a mandated lockup time in the loan pool would not work since many lenders will be hesitant to participate.
Lenders can stake the mTokens (similar to cTokens in Compound) they get on their deposits using ChainiFi. This means that lenders will lock up their mTokens for a set length of time, preventing them from withdrawing the corresponding deposits, providing higher liquidity in the pool while also boosting the TVL, benefiting both lenders and borrowers.
- Polygon
- Solidity
- Chainlink
- Web3
- React
- Material-UI
- Clone the repo
- npm install
- npm start
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