Kardiachain Ignites DeFi Summer for the Crypto Community
In 2020, while the rest of the world was caught up by Covid-19, the blockchain space gripped the bug of decentralized finance (DeFi), with a skyrocketing growth of total value locked (TVL) in multiple DeFi protocols. Though the whole year had been a wild ride, the DeFi summer period from February to October had a major impact during which the TVL of decentralized applications (dApps) increased from $1 billion to $12 billion, demonstrating a growth of almost 1000%.
While Ethereum continued dominating the DeFi market, Kardiachain had its own fair share with crypto enthusiasts taking more interest in dApps built on top of it, including lending/borrowing protocols, Automated Market Makers (AMMs), high Annual Per Yields (APYs), and a lot more. Leveraging the success of DeFi summer of 2020, the team behind the projects now wants to offer an even better experience of this year’s summer with new DeFi projects, hottest liquidity pools, and an array of exclusive experiences.
An Exclusive DeFi Summer Experience
Last summer, DeFi came to life with new ecosystems and opportunities. However, things cooled off soon for DeFi while Bitcoin and altcoins continued rallying to new price highs. Along with came non-fungible tokens (NFTs) that further diverted the crowd away from dApps. As summer has begun, Crypto enthusiasts are now expecting a refocus on DeFi, which is the sole reason for launching a DeFi Summer for Kardiachain. The goal is to enable everyone to know what's going in the space, make decisions accordingly, showcase the best DeFi projects in the space, and present high-yielding protocols. Here is a quick rundown of the features of Kardiachain’s DeFi Summer:
- Pools: The Kardiachain team recently launched the first version of their decentralized exchange (DEX), KAIDEX, which provides a complete decentralized solution with a centralized exchange experience (CEX). In addition to offering low slippage, quick transfer speed, and near-zero fee, the DEX provides powerful trading tools, including Stop- Market order and Limit Order. As part of an effort to make this DeFi summer even hotter for the community, the platform has now enabled users to provide liquidity to KAIDEX and earn rewards in the form of trading fees.
- Yield: Yield farming has lately become a popular way to earn rewards on crypto holdings. Investors deposit their cryptocurrencies into a liquidity pool and earn new tokens in exchange. Kardiachain has also joined the league. Its users can also provide liquidity using any KRC-20 token or KAI tokens and earn new tokens. In exchange for locking liquidity in different farms, token holders receive rewards as new tokens. In the DeFi Summer, the team has listed various liquidity pools where KRC-20 holders can deposit their liquidity and earn as much high a yield as 1338.3%.
- Gaming Farms: Blockchain-based gaming is the latest trend as several platforms observed decent growth recently despite the ongoing bear market. Kardiachain is also dipping its toe in the blockchain gaming sector with the launch of Fishcoin as part of its plan to boost the DeFi sector for Kardiachain users. The intent is to build an ecosystem that enables gamers to earn while they play. In the future, Kardichain has plans to include other blockchain gaming platforms, too.
The DeFi for KAI Hodlers
Kardiachain's DeFi summer project is another stepping stone for KAI holders to experience a whole new set of DeFi experiences. It provides users with new and innovative ways to earn on their KAI token holdings. KAI holders can provide liquidity in exchange for fees, lock liquidity to get a yield, and play Fishcoin for rewards that users can turn into KAIs by accumulating their in-gaming tokens. In order to make this summer even more exclusive for KAI holders, the platform has organized a KAIDEX trading competition, wherein a reward pool of 200,000 KAIs is waiting for traders to win.
Ending Note
With the start of the second wave of DeFi summer, everyone is expecting the next TVL-pump in the next few months. Projects with sophisticated financial engineering and capital efficiency are projected to drive more traders to onboard the bandwagon of DeFi.