Octie has always liked enlightenment and revolutionary views. At its core, all the inhabitants of OctoGamex love new lightning-fast solutions, development, and racing. It applies to all aspects of the world’s social institutions, and especially to technology.
A revolution in the approach to technology occurred in 2008 when blockchain elements began to be integrated into standard and familiar things. The emergence of digital assets and cryptographic mechanisms has significantly influenced the economic and financial world order. In less than a few years, DeFi crypto technologies have become something commonplace and mandatory. In this article, we together with Octie try to understand what are the advantages of DeFi, and how crypto tokens function in this system.
DeFi crypto meaning and Their Main Features?
DeFi tokens have some differences from the traditional tokens of one or another digital asset that we are used to. First of all, you need to understand that this is a kind of set of cryptocurrencies using smart contracts, which any decentralized platform deploys. These tokens contribute to the user’s work with banking services and functions defined by the DeFi platform. All these functions and financial services run on the blockchain, which is why the owner of DeFi cryptocurrency tokens has access to them.
To date, the DeFi token market capitalization is $115 billion. Perhaps this is not a large part of the total cryptocurrency market, but the amount is still impressive. Plus, do not forget the fact that the DeFi trading industry has shown itself to be one of the fastest growing and promising niches in the crypto world, and the situation may soon change dramatically.
NFT in DeFi Ecosystem
All crypto enthusiasts know the definition of the words NFT and DeFi. Basic principles of their given objects, purpose, etc. However, what do they have in common? In the past few years, we have often heard how NFTs are integrating many DeFi platforms and vice versa. So what’s going on with the industry, and how do they interact?
The fact is that the mechanisms applied to the NFT are gradually integrated into the work of the NFT and the sites where they are serviced. You can see how NFT markets are implementing decentralization approaches, allowing their community to independently influence the rate, sales, and various manipulations associated with a non-fungible token. As a rule, a platform where you can buy, exchange, and sell your NFT to another user without using intermediaries. For this, an internal token of the site for which you conduct a transaction is often created. In the future, the user will have the opportunity to exchange it for fiat or other currencies. Since NFTs serves as proof of ownership, the tokens for which they will be purchased will only reinforce their value and user trust due to the flexibility in confirming this right.
DeFi Trading Platform Explained
The main advantage of DeFi platforms is the ability to trade without intermediaries using blockchain technology and smart contracts. Your data is under the encrypted protection of these smart contracts, which guarantees security. At the same time, the absence of centralization and any regulators allows you to maintain your anonymity.
Users of DeFi trading platforms retain their basic rights to buy, sell, trade, borrow, auction mechanics, etc. All data on such transactions are entered into a special database and impoverishes all information about the financial transactions of platform users. DeFi applications give you complete control over your funds and allow you to experience the full power of blockchain technology.
Octogamex – Best example of DeFi marketplace
Every Octies knows that our platform is one of those marketplaces that skillfully combines NFT and DeFi functions. OctoGamex NFT Marketplace provides a wide range of services for gamers, crypto enthusiasts, traders, and everyone. That is why decentralization mechanics are so important to us. All operations are transparent and stored on smart contracts. This allows users to verify their authenticity at any time. Many functions on OctoGamex are designed for the user. You can choose the price or another method of exchange. For example, we have our token, for which purchases of certain NFTs take place. You have the right to decide how the selected product will be purchased through direct communication with the seller. We also offer an opportunity for auctions in which many users participate. All the features of our platform are tailored for you! And we want each user to feel like an entrepreneur who decides his destiny.
I am an author at OctoGamex. An ambassador of the word and a tireless blockchain researcher. I know how to combine imagery with expert vision and scientific style. Blockchain has become an integral part of my life. I have experience with developing and writing expert articles on topics related to cryptocurrency, NFT, DeFi and GameFi, blockchain, mining, staking, etc.