IOST–an enterprise-grade, Proof-of-Believability (POB) blockchain protocol, and PROXI are partnering to bring real value and innovation to the wildly popular decentralized finance (DeFi) space as per an official announcement on August 4.
PROXI describes itself as a second-generation interoperable, one-stop-shop DeFi platform serving the burgeoning multi-billion space and supporting cross-chain derivative issuance, credit lending, trading, and asset management.
PROXI and IOST Partnership: Details
Overly, PROXI says it wants to build a sustainable DeFi network that is easy to use and infinitely scalable. This way, investors can access limitless opportunities to make profits from credit-lending with high leverage and derivative issuance in DeFi. Lenders and borrowers are directly connected in real-time. Interestingly, PROXI allows access to geo-blocked zones further increasing accessibility.
Notably, there is a community incentive in place and hallways through which PROXI users will tap yield farming, turning in high profits directly from the platform. Enabling this is the platform’s ability to support various digital assets as collateral.
IOST now joins Ethereum, Tezos, and Tron on the expanding PROXI ecosystem comprising decentralized exchanges, oracles, wallets, and tokenizing platforms. Through their partnership, both parties will leverage each other’s strengths to grow their communities, advance their products, and marketing resources.
IOST focus on DeFi
As reported by BTCManager, IOST recently updated their roadmap. After meeting their targets despite the turbulence brought by the coronavirus pandemic, IOST is making their goal to expand into DeFi in H2 2020.
By the end of September 2020, the IOST team plans to onboard at least three DeFi dApps on their high throughput network. Unlike Ethereum which struggles with high network fees and consequential congestions, IOST has zero transaction fees with no congestion. Moreover, they have developer-friendly features drastically improving the efficiency of product development.
Being the main drawers, IOST continues to build a presence in DeFi. While they partner with emerging DeFi dApps startups, the smart contracting platform will also offer comprehensive incubation services for open finance projects.
For interoperability, the cross-chain transfer bridge will be applied to DeFi projects and users from competing blockchains like Ethereum. Strategic, this is the necessary primer and a base necessary to support the explosive growth of the IOST DeFi scene in the coming days.
Bidao now supports IOST as collateral in its DeFi-dedicated ecosystem.