Elrond Assets to Fuel Innovative DeFi Products Built on Dfinance
We’re excited to announce that Elrond will work together with Dfinance to make Elrond native assets an integral part of innovative DeFi tools built on top of Dfinance, a platform that enables anyone to create and publish financial instruments.
The collaboration aims to establish a bridge between the two platforms. This, on one hand will enable Elrond users to access DeFi products built on Dfinance, and on the other hand, will open the door for Dfinance users to be able to create new products that include Elrond assets, such as the native $ERD token or the $BUSD stable coin.
An important reason why apps added tremendous value to mobile ecosystems was that everyone could build one. Innovation exploded when tech barriers for fruitful imagination were removed. We’re excited to work with the team at Dfinance to integrate Elrond, and unlock significant potential via their new tools.” said Beniamin Mincu, Elrond CEO.
Dfinance is building a platform that enables anyone to quickly design and publish financial instruments and products, without having to know how to code. Third parties recognizing the opportunity potential can buy a share of the instruments and partake in their income, or further trade these shares on the DEFIE exchange.
The project integrates Facebook Libra’s innovative Move Virtual Machine and operates on Cosmos to provide blockchain interoperability. Dfinance’s design and performance, combined with Libra’s Move, provides secure and rapid execution that will allow the building of sophisticated and secure financial instruments.
“We aim to do for DeFi what Elrond is doing for blockchain - give everyone full access to its potential. I believe our collaboration has the potential to create a lot of value for the new economy” said Boris Povod, Dfinance Lead Developer
The collaboration with Dfinance brings huge potential and additional utility to the Elrond native assets, by making them usable in innovative scenarios which can be realized without programming knowledge.
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Dfinance is a decentralized platform that facilitates the creation of a variety of DeFi instruments and products, oriented at people with limited or no programming skills. It is designed to unlock the creative potential present in individuals that are well versed and experienced in the financial industry (products and services), statistics and mathematics, and whom despite their expertise have difficulty translating their ideas into actual instruments due to the associated technical challenges. Dfinance will enable them to rapidly implement their ideas, publish them in a secure environment, and make them available for the general public.