Decentralized finance uses - Jenco Tech

 

Now that the idea of decentralized finance is clear, what are its specific use cases? How can one take advantage of DeFi technologies? How beneficial is it to the user? The answer to these questions is simple; DeFi can replace the existing financial services and add decentralization to it. Here are some of the examples. 

Lending and borrowing without a bank

This year, we have seen a significant increase in DeFi coins. Most of these introduced coins are financial platforms where you can receive interest for lending your coins. These platforms use DeFi technology to find lenders and borrowers and connect them. This is done by a smart contract, which is mostly running on the Ethereum network. 


One example of lending and borrowing in DeFi is the JENCO loan. It is an API that connects to all major lending platforms, such as Poloniex, DDEX, Aave, Argent, Compound, and InstaDapp, to make sure participants will accurately lend out their crypto assets and receive in time without compromising security.


Since it is decentralized in nature, you don't have to specify any details, such as financial history. The collateral you provide is enough to get a loan.

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