Paribus: Bringing Significant Value to the Blockchain and DeFi Space.
In this article, you will learn more about Paribus and the Unique Utilities Assets Paribus Provides, especially as Paribus nears Mainnet launch.
DeFi is fast outgrowing its infancy stages with the advancement of the blockchain/crypto industry because the future will be fully built of decentralized services. As a cross-chain decentralized finance protocol aiming to unlock underlying liquidity for a variety of conventional and unconventional of digital assets, Paribus brings significant value to the blockchain space by unlocking liquidity and utilizing crypto assets for long term financial stability. Paribus’ mission is to unlock the true potential of these assets, evolving them into interoperable financial instruments, capable of being used within DeFi protocols, on any chain.
DeFi eliminates the fees that banks and other financial companies charge for using their services. Individuals hold money in a secure digital wallet, can transfer funds in minutes, and anyone with an internet connection can use DeFi. Paribus is the protocol that brings all of these forces together, offering DeFi holders and investors a platform to extend the reach of their digital assets and positions, doubling down on their earning power.
Paribus is a DeFi project whose objective and aim is to be able to support assets such as USDT (ERC20, BEP20, TR20) but also expand our capabilities to support assets such as an NFT for a piece of art or Virtual Land based on, for example Decentralised.
Paribus, like a majority of DeFi dApps, is built on the shoulders of those who have come before us. Take yearn finance and all successor dApps that extended the idea. Paribus operates using “pools of assets” with algorithmically derived interest rates, based on the supply and demand for a given asset. We have taken the interest modeling approach from Compound and expanded the idea to go beyond coins and tokens as mentioned.
Decentralized finance uses the blockchain technology that cryptocurrencies use. A blockchain is a distributed and secured database or ledger. Applications called dApps are used to handle transactions and run the blockchain.
In the blockchain, transactions are recorded in blocks and then verified by other users. If these verifiers agree on a transaction, the block is closed and encrypted; another block is created that has information about the previous block within it.
The blocks are "chained" together through the information in each proceeding block, giving it the name blockchain. Information in previous blocks cannot be changed without affecting the following blocks, so there is no way to alter a blockchain. This concept, along with other security protocols, provides the secure nature of a blockchain.
Cardano is a blockchain where Paribus is building on. Cardano will allow the Paribus protocol to remain chain agnostic and simultaneously connect innumerable assets across multiple blockchains. Cardano’s interoperability removes restrictions and allows value to flow freely.
Paribus will endeavor to offer a wide range of features that will ultimately add strength to its value proposition as one of the earliest DeFi protocols on Cardano blockchain..Due to Cardano’s nature and ability to plug into existing blockchains, Paribus by default will utilize and extend this capability to unlock liquidity across chains across a spectrum of assets. Some of the assets Paribus will support include; NFTs, Virtual Lands, Synthetics, and of course more traditional assets such as ADA, ETH, and DOT. The full list of assets is available in later sections of this paper.
Continuous development, transparency, inventiveness, profitability and community are our basic beliefs. The aim of Paribus is to provide a consolidated destination in which users can easily and freely participate in this financial revolution. To date, Dexes and lending platforms have led the charge while exotics are slowly gaining traction. For Paribus, we are building upon what has been built and continuing to iterate forward in the face of existing opportunities and in anticipation of demand. Non-fungible tokens, liquidity positions and synthetic assets deserve DeFi applications wherein holders have the opportunity to truly capitalize on their value.
Paribus possesses many awesome features and benefits that keep all Crypto and blockchain enthusiasts happy..
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