It is reasonable to conclude that the world of cryptocurrency has entered the mainstream. Crypto discussions are heard in most developed world’s bars, schools, & companies, from the UK to South Korea, Nigeria, & Turkey. The crypto industry’s heavyweights, Bitcoin and Ethereum, dominate the area and are well ahead of the competition in terms of market capitalization. BTC is a standard-bearer, & its relative health reflects the overall crypto health.
Numerous Decentralized Finance (DeFi) protocols are included in the new generation of cryptos, & many experts predict that DeFi will play a significant role in the digital money future. Several DeFi currencies have succeeded, like Terra (LUNA) and Avalanche (AVAX). Explora Chain (EXPL), a new competitor for the DeFi title, has debuted this year.
Financial Revolution
Decentralized Finance, abbreviated as DeFi, can be described as a technology that utilizes secure distributed ledgers. It is a broad phrase that refers to various things, including several financial services, like lending and borrowing based on blockchain technology. DeFi’s mission is encapsulated in its name, and it tries to deprive banks & other financial institutions of their power and influence over money &, by extension, the globe.
DeFi members have access to almost all services as traditional banks, including earning income, trading, borrowing, lending, and insurance. DeFi, on the other hand, does not need the same level of regulation as banks. No long application process or third-party clearance is required since DeFi is peer-to-peer and accessible to everyone with an internet connection.
Success
Avalanche (AVAX) lays the groundwork for new decentralized apps. Its designers say it is one of the most efficient smart contract platforms in the blockchain industry, with a block-completion rate of as short as one second. It has the benefit of being inexpensive and reasonably environmentally friendly, which go handy with its speed.
Additionally, it aspires to be one of the most secure blockchains possible without losing scalability. There are some concerns about centralization and that the blockchain is not as well trialed as the giant Ethereum (ETH). Avalanche (AVAX) is now priced at about $93.60 as writing.
New Competitor
Analysts are convinced that rivals like LUNA & AVAX may further erode ETH’s present market dominance in the DeFi space. Both assets have climbed to the top market-capitalization rankings, and Terra is now rated eighth, while Avalanche is tenth.
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Explora Chain (EXPL) is due to be released early in 2022. It launches at a time when DeFi protocols have risen to record levels, reaching an all-time high of more than $236 billion in total value locked (TVL).
A whole new frontier is being opened up by blockchain gaming, which is an exciting prospect for the future. Games developed by Explora Chain (EXPL) are aimed at being both original and interesting at the same time. It’s important to them that their customers have a good time and make money simultaneously. When it comes to classic games, enjoyment is the primary goal.
However, blockchain technology’s rapid development and widespread usage in other sectors have even aroused the curiosity of games companies. The old online gaming industry is being completely transformed by new, crypto-native games that let gamers make money as they play.
With Explora Chain, players will be able to earn real money while having fun. According to reports, their game will stand out from the crowd because almost every item will use the innovative potential of NFT Blockchain technology, which is consistently decentralized.
As a result, users will be able to sell their game assets to other players for real money or exchange them for the EXPL token, which can be then be exchanged for real money. Explora Chain will eventually provide a truly multi-chain bridge for their NFTs. This aim is for connecting the environments of Ethereum (ETH), Polygon (MATIC), and the Binance Smart Chain (BSC).
New Potential
According to its white paper, Terra (LUNA) is blockchain technology that combines the structure and widespread use of fiat currencies with the availability of cryptocurrencies. LUNA’s financial system is based on stable currencies pegged to the current currency, and this provides security and stability while wresting authority away from domineering banking conglomerates.
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LUNA defied the price collapses that afflicted crypto at the end of last year, rising to an all-time high on December 27th, 2021. For the time of writing, it is advertised at $94.67.
As per all the options above, it can be confusing what to do with finances, always take your time & do thorough research before choosing.
