Relite Is Providing A Gateway For Novices To Get Into DeFi
Even relative to the rest of the crypto market, DeFi has been growing at an incredible rate. Since 2018 the value of assets locked in DeFi has increased 800 times over. Three years ago, there was $50 million locked in smart contracts, and now there’s over $40 billion.
However, for DeFi to become a legitimate alternative to centralized finance, several significant hurdles still need to be overcome. The lack of interoperability, high fees, and general usability are three of these hurdles. This kind of perceived inaccessibility is exactly what will turn away general retail investors used to the simple and intuitive interface of something like Robinhood. If DeFi is to attain genuine mass adoption, these are the people it has to attract. It has to be as intuitive to interact with for novices as it is for long-time crypto investors.
This is where Relite comes in. Relite is a money market protocol that allows users to lend, borrow and stake all crypto assets on one interface. By using Polkadot bridges and parachains, Relite enables Ethereum, Bitcoin, and other blockchain-based assets to be traded, borrowed, and staked through one user-friendly interface. Polkadots scalability will ensure throughput of 1,000TPS and much lower fees when compared to Ethereum. Like how centralized finance works now, users will have access to most major markets on one interface. All of these facets are things that investors in centralized finance will see as a prerequisite for usability, so it’s crucial that DeFi can provide it too.
The Reserve Fund will support the whole Relite market. The Reserve Fund will ensure better collateralization rates and a bigger cushion for borrowing positions. The fund will consist primarily of Relite’s native token: RELI.
The Relite Ecosystem is built around the RELI token, the RELI token serves 3 core functions.
Firstly, it will allow users to participate in the Relite project’s governance. New products, token utility, and chains to be included will all be voted on by token holders. This will ensure that Relite can stay decentralized. Secondly, users can earn RELI by both lending and borrowing on the Relite markets. Finally, RELI can be staked in the Reserve Fund to ensure the protocol’s stability. Stakers will be rewarded from the project’s revenue proportional to their stake.
Most significantly, though, all of this occurs on one easy-to-use interface. Even novice users can stake assets and track their real-time earnings with ease.
DeFi and the crypto world, in general, has not always been kind to novices. Quite the contrary. Setting up wallets, connecting to Uniswap, the unforgiving nature of making a mistake doing any of this, all of these things can be very intimidating for people new to the cryptosphere.
If this year’s meteoric rise is set to catapult DeFi into the mainstream, that is something that needs to change. Protocols like Relite are exactly what DeFi needs to enable genuine mass adoption.
Follow us to Keep Up to Date With All Things Relite!
Follow Relite Blog to stay on top of our latest updates!