The team behind the famous protocol dmd.finance, EFi, has announced that it will soon launch three DeFi projects based on EOS blockchain.
These would be the first cases of decentralized finance that are still missing on this blockchain.
In the post, we can read how the choice of EOS was driven by the incredible speed and scalability. It is also observed that in this blockchain no fees per transactions on EOS, and this makes it very convenient compared to the crazy figures found on the Ethereum blockchain, where fees can reach hundreds of dollars per transaction.
Efi also emphasized how important security is, as smart contracts can be updated and modified, and therefore it is necessary to have a good code audit and multi-signature on the smart contract.
EFi passed the SlowMist audit and has multiple signatures with Block Producers to prevent sudden movement of funds by the team.
DeFi projects on the EOS blockchain
Moving on to the real protocols, 3 different protocols will be created that are part of the EFi ecosystem.
The first is eHUB, close to its launch, which is an open protocol that allows cross-chain transactions. Through an SDK, it allows developers to access the eHUB network and deposit BTC and ETH.
The smart contract will create hETH or hBTC tokens on EOS, thus expanding interoperability with Ethereum. Who knows that maybe in the future the different DeFi protocols found in Ethereum will migrate to EOS, continuing to use ETH, as is possible thanks to the Ren protocol.
The second project is called eMulti, but not online yet. It is an AMM (Automatic Market Making) protocol similar to Uniswap, but with some interesting features such as:
- supporting different assets,
- choosing the weight of the pool,
- no longer have pools with a weight of 50/50.
The project he is inspired by is Balancer's.
Finally, the third project is eMutual and it's not online yet. As the name implies, it aims to introduce protection for risks related to smart contracts. The protocol is modeled after Nexus Mutual on Ethereum.
Less performant platforms have quickly hit practical scalability and performance limits, but have acted as a functional Testnet for a wide range of #DeFi models. Welcome to #EOS’S unrivalled performance, developer friendliness, and token-holder empowerment https://t.co/kJMg4itAb4
– Brendan Blumer (@BrendanBlumer) September 4, 2020
This is a long-term vision that will bring many new protocols to the EOS blockchain.
Who knows if there will be more projects in other areas in the future. Meanwhile, the CEO of Block.one, Brendan blumer, remember how all DeFi projects on the other blockchains have already reached their maximum scalability and can now switch to EOS.