UX in DeFi: The Relite Silver Bullet
The financial world is shifting at a rapid pace. Blockchain is on the march to challenge the world’s finance industry’s status quo through DeFi. Disruptive, innovative, and groundbreaking ideas no longer just reside as exactly that, ideas, in blockchain believers’ minds, DeFi on track to transform the paradigm as it strives to upend the world’s lending industry and shift power back to the people.
This journey, however, has been far from smooth. DeFi is facing enormous challenges that stifle its growth and threaten to derail its attempt at going mainstream. A plethora of hurdles continue to keep DeFi on the finance industry’s fringes:
- Wallets: Most users are daunted by the cumbersome nature of a lot of crypto wallets and the security concerns that come with that. This learning curve pushes individuals away and into the arms of unfair, and often unjust, centralised lenders.
- Harsh Lending Terms: Centralised lending is in trouble. It serves not to help the borrower but to victimise them. Current DeFi projects are falling into the same pitfalls that cripple the centralised lending market. This needs to change. Urgently.
- Complexity: Steep learning curves make much of the decentralised financial solution inaccessible for everyday individuals. DeFi is about freedom, and that freedom will not be attained unless the average person is able to access it without obstacles.
The Relite Solution
Relite Finance is a leading Web 3.0 project focused on mitigating the problems that plague the current DeFi ecosystem. Blockchain is a highly technical industry that is mostly skewed to favor tech-minded people. Relite is being built by a visionary team of experts with the core goal of creating a blockchain entry point, and a people-focused De-Fi opportunity that is accessible to all. Relite is equipped with a number of key features that make it the perfect solution to current De-Fi woes.
- Usability: Simplicity is the ultimate goal of the Relite App. Unlike other De-Fi apps that raise the threshold of entry for users due to complex mechanisms and technical jargon, Relite adopted a user-first approach. The Relite App comes with an elegantly simple, intuitive user interface that the average person can operate with ease. Relite makes borrowing and lending as simple as using a typical banking app, this will crash the point of entry and put the industry on the path to mass adoption.
- Fair Collateralization: Another critical problem that cripples De-Fi lending markets is high collateral demands and low borrowing amounts. On average, positions are over-collateralized by as much as 180%. Relite knows this is unsustainable and will usher in a market that is agile, fair, and accessible to all by only allowing fair collateral positions that give users easy access to the markets.
- Seamless Integration: Different users hold different tokens, but all need a safe and hassle-free lending experience. Relite has cemented interoperability as one of its core goals. It uses the Polkadot bridges and parachains to create a highly interoperable system where Bitcoin, ERC-20, and Polkadot token holders can seamlessly lend and borrow.
DeFi needs fresh ideas, new approaches, and efficient technologies to scale the hurdles that continue to threaten its growth. Relite, with its vision, team, and roadmap, is about to take a huge step in truly achieving the De-Fi dream where finance is not controlled by a few centralized entities.
Relite is the dawn of true De-Fi.
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