MAHE, SEYCHELLES / ACCESSWIRE / August 2, 2021 / PERI Finance announces that MakerDAO has conducted a strategic partnership with PERI Finance, implementing the DAI stablecoin in PERI Finance's staking services. PERI Finance is a decentralized cross-chain synthetic issuance and derivative exchange protocol that provides unlimited liquidity on the Polkadot network.
The defi market has grown to become a multi-billion dollar industry in just two years. The defi market offers an easy investment option with a truly decentralized functionality that offers passive income opportunities. The defi market has the potential to help bank the unbanked and now mainstream financial giants have started to show interest in it.
The popularity of the defi market has made it one of the fastest-growing ones and yield farming is one of the most popular use cases that allow traders to earn passive income by staking and offering liquidity to the protocol. Liquidity can be a tricky thing and most of the projects that start with big promises often fail at this front. A new and upcoming defi protocol PERI Finance is currently working to eliminate this issue and has partnered with Maker DAO. The partnership would allow PERI Finance to leverage stablecoin DAI for its dApp staking and offer liquidity rewards against it.
PERI Finance is a decentralized cross-chain synthetic issuance and derivative exchange protocol that provides unlimited liquidity on the Polkadot network. It allows accessing a wide range of both traditional financial and crypto assets in the form of leveraged and non-leveraged synthetic products. The platform offers a lower GAS fee, speedy transactions, and ample security from front-running or flash loan. PERI is all set to launch with tons of staking opportunities and one of the highest yield reward APY. PERI's Synthetic asset called PYNTH is also in great demand. Many platforms, projects, and interfaces are already using the liquidity of the derivatives enabled by PYNTHS.
Liquidity is the key to success for any defi protocols as liquidity rewards keep traders motivated to stake their token, they earn rewards while the protocol enjoys healthy market liquidity. Many projects have disappeared into oblivion after the end of their yield reward program plunging their market rapidly.
Stablecoin Demand Soars in Defi Market
Stablecoins have become the key part of the defi ecosystem as its use case has grown multi-fold over the years. PERI Finance is looking to leverage multiple stablecoins and integrate them into the ecosystem to bring more liquidity. The use and demand for stablecoins have increased in the defi market as the market cap has grown into billions. PERI is a utility token used to create a liquidity pool in the process of staking, generating the basic Pynth, pUSD. It is also a tool to be used for voting within PERI DAO, which will play a pivotal role in the development of PERI Finance. PERI holders will receive three different rewards by staking PERI or Stable coins and minting Pynths. The ratio of PERI to stable coins will be 8:2, which can be changed by PERI DAO later.
PERI Dapp has set aside 77k PERIs for staking rewards. A portion of which would be offered for liquidity providers for the market that would be paid out every week. Liquidity providers for a defi market are often rewarded in LP tokens that can be exchanged or traded and PERI would be offering their native token. DAI integration would also benefit PERI Finance as DAI is integrated into various DeFi platforms that users can easily utilize for other services, thus PERI Finance can attract widespread users by adapting DAI stablecoin.
The staking and liquidity programs are different from each other where Liquidity providers get PERI tokens instantly for offering liquidity to the networks, the stakers would have to lock for a one year. Staked PERIs are able to be taken out after 24 hours of staking, only the staking rewards are locked for a year. Both parties are rewarded using about 77K PERI tokens.
MakerDAO is an open-source project on the Ethereum blockchain and a Decentralized Autonomous Organization created in 2014. The project is managed by people around the world who hold its governance token, MKR. Through a system of scientific governance involving Executive Voting and Governance Polling, MKR holders manage the Maker Protocol and the financial risks of DAI to ensure its stability, transparency, and efficiency.
Maker DAO is considered as the Godzilla of the defi world and currently, over 600 projects have integrated Dai into their apps, many without Maker's help. As the DeFi movement continues to gain traction, and as users learn the ease of self-integrating more projects will integrate into their system. Some of the top projects that have integrated Maker Dao include Curve protocol, 1Inch protocol, Uniswap, Defi Saver, Ren, and now PERI Finance.
Staking dApp UI Update
Despite the growing popularity of the defi market and a multi-billion dollar market cap, new investors and traders often avoid trading defi due to the not-so-friendly UI designs and complex navigation process. PERI is working to resolve this issue with a new update to its dApp User Interface that would make it more user-friendly and allow traders to easily navigate through the ecosystem and earn high staking rewards. The platform has opened its dApp staking that would allow main net users to start earning PERI as a reward.
Defi continues to attract mainstream attention and now the likes of JP Morgan and Goldman Sachs see huge potential in the industry. It could also help revamp the existing banking sector with its decentralized solution and many banking giants are in the works to incorporate defi solutions. Goldman Sachs has recently filed for a Defi-based ETF that would track the price index of the top 20 defi protocols. At a time when last generation popular defi protocols are losing stream, PERI Finance's move to offer high yield rewards and integrate Dai stablecoin to resolve liquidity problems could take it a long way in the defi game.
SOURCE: PERI Finance
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