With the revolution in the cryptocurrency market, many concepts have come to fruition to make the decentralized market more beneficial. Among those concepts, staking and lending caught the great attention of the masses. Rewards systems have been introduced to let investors earn more on the cryptocurrencies they are holding for a specified amount of time.
Borrowing and lending also rose to another level. Many crypto platforms offer borrowing and lending services, especially the cryptocurrency exchanges like Binance and others. Other than that, many crypto blockchains also offer stake and lending services. Tezos (XTZ) is a blockchain that provides its users to earn rewards by staking which means the amount of XTZ they are holding. On the other hand, Aave (AAVE) is a very well-known platform that offers borrowing and lending services in about 20 different cryptocurrencies to date. One of the flagship products of Aave (AAVE) is its flash loans which are termed the first uncollateralized loan option in the decentralized finance (DeFi) arena.
Another such platform is in its making that will bring the liquid staking and lending concept to the next level. This crypto project is named CashFi (CFI) and is yet to launch officially. Let’s dive into this project at the perfect time to learn if it can topple popular existent projects like those mentioned above.
CashFi (CFI) – A Next Generation DeFi Network
CashFi (CFI) is a new generation decentralized network that will provide its investors with a wide range of asset classes through its distinctive fee-sharing approach. Some of these asset classes include liquid staking, NFTs, and synthetics. The mission is to provide the users with speedier, cost-effective, and more scalable services through the platform.
Cooperation with different chains for off-chain interoperability will be a cornerstone of CashFi’s development.
Market Landscape
The developer’s team is determined to build the platform as an ideal ecosystem for providing top-tier services of liquid staking, NFTs, and synthetic assets. The team claims to have done deep research and assessment into the market before going for the first stride. Thus, they found that the interest of people is on the rise in Proof-of-Stake (PoS) cryptocurrencies and initiatives.
A few market leaders in the PoS consensus system include Solana (SOL), Cardano (ADA), Algorand (ALGO), etc. Therefore, it’s pretty evident that the observation regarding people’s interest is up-to-the-mark as all these cryptocurrencies rank in the top 50s based on the market cap. The market cap represents the interest of people in these PoS-based cryptocurrencies. The PoS consensus system is better than the Proof-of-Work consensus system because it keeps the earth more energy-efficient and greener as compared to the latter one.
The team tells that the liquid staking market is a market capitalization of $11.76 billion and has seen an almost 1100% increase in 2021 alone. Thus, CashFi (CFI) will also come up with its platform and development to enhance it even further by keeping the PoS consensus system in use and bringing such PoS-based cryptocurrencies into the DeFi ecosystem.
CashFi’s (CFI) Ecosystem
The core component of CashFi’s ecosystem will be the CFI staking to reduce illiquidity for staked commodities through the liquid staking phenomenon. Unlike the Proof-of-Work system, where the miners serve as the verifiers of transactions added to the blockchain, in the PoS system, the network participants stake (hold or lock up) their particular cryptocurrency and become validators of the network. These validators can now participate in the network’s consensus and verification process of transactions apart from earning rewards through staking.
There’s another type of staking known as legacy staking but it has the following shortcomings:
- Lesser yields
- Asset inefficiency
- Decreased security
- No instant liquidity
On the other hand, CashFi (CFI) staking will work on liquid staking phenomena to facilitate the PoS tokens in growing and thriving. Other than liquid staking, the team will also work on NFTs and their synthetic products named CFI Synths. CFI will be an ERC-20 token that will be used in governance, staking, bug bounty, holding, NFTs trading, etc.
For more CashFi (CFI) information visit:
Presale: https://enter.cashfi.finance/register
Website: https://cashfi.finance/
Telegram: https://t.me/CashFi_Token
