Real-World Assets To Be Tokenized On The Elrond Network Through The OpenDeFi Protocol Developed By OroPocket
Maintaining a diverse portfolio of real-world assets is a lucrative strategy for wealth creation. Such practices are enhanced by blockchain technology which decreases the associated costs and increases the security and speed of asset management.
Tokenizing real-world assets opens new opportunities such as fractional ownership and yield generation through DeFi products. This allows an expanded investor base to get exposure to new asset classes and financial instruments.
We’re happy to announce that Elrond Network will play an essential role in enabling such new opportunities thanks to our collaboration with OroPocket. Our blockchain will be integrated into our partner’s OpenDeFi cross-chain framework.
“Decentralized products with real-world underlying assets will rapidly expand the current multi-billion dollar DeFi market into a multi-trillion dollar one. We look forward to working together with OroPocket towards an interoperable financial system that bridges the traditional and digital financial landscapes.” said Beniamin Mincu, Elrond CEO.
The OpenDeFi protocol allows investors to get exposure to real world assets via on-chain synthetics and further leverage their value in DeFi products such as instant loans or yield opportunities.
The protocol is developed by the OroPocket team who already launched an app that allows investing in tokens backed by gold and silver, as well as transferring them or spending them via a debit card.
“The Elrond Network is a fertile ground for innovation and efficiency increase, thanks to their highly customizable tokens and inexpensive transfers. Their interoperability strategy is a great fit with our own vision of an interconnected hybrid financial system and we look forward to achieving it together” said Mohit Madan, CEO & Co-Founder of OroPocket.
The cooperation is important for the Elrond Network because it gives eGold holders access to products whose underlying assets are orders of magnitude greater in value than what is available in the current DeFi landscape.
Elrond is the internet-scale blockchain, 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 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Oropocket is a fintech platform that is empowering users to be able to indulge in 100% asset-backed banking on the blockchain. Not only do we allow users to invest in multiple asset classes on one platform but we also provide a plethora of financial services on top of it. We have also created a bridge between the real world assets and DeFi- by creating a protocol called OpenDefi. OpenDefi enables cross-chain value creation and allows users to be able to get flash loans or yield on their holdings.