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Welcome to the DeFiner review! This platform was founded in 2018 and is headquartered in Minneapolis, Minnesota. It is a decentralized finance network for crypto-asset savings, loans and payments.
“In DeFiner’s system design, a top priority is keeping users’ data as secure as the data residing in the blockchain. The other key focus area is providing a seamless and autonomous user experience that supports lightning fast transactions with low fees” - states the team from the project.
How does DeFiner work?
DeFiner's decentralized finance (DeFi) platform is based on blockchain technology, allowing users to effortlessly lend, borrow and earn digital assets over a global network. DeFiner also eliminates the need for third party involvement in its financial ecosystem by using a fixed chain of blocks to track all loans and transactions, providing maximum security for users. By offering global 24/7 availability at a significantly lower cost than traditional finance, DeFiner enables those wishing to adopt the new digital economy to instantly profit from their assets.
FIN token
FIN token is a fully tested cryptographic token that’s based on ERC-20, which is based on Ethereum and connects the entire DeFiner ecosystem.
The FIN will have three main purposes - profit distribution, voting rights and premium confirmation. DeFiner will redistribute profits earned on the platform back to FIN token holders, including any transaction fees and interest. The FIN token also grants voting rights to its holders, with one token equalling one vote on the network, thus allowing users to control the platform’s development. Finally, a FIN token acts as proof of bonuses on the platform, with users being rewarded with FIN tokens for loan capital and collateral on the network.
DeFiner main features
There is always more collateral than is pledged, so your funds will always be returned. In addition, contributions are covered by Nexus Insurance and there is also its own insurance fund of 500,000 USD.
Later on, the platform will enable a token exchange (from one to another).
Funds that have not been used inside the system (identified by using special algorithms) are borrowed and put to use where they can bring more money, roughly speaking. This optimizes users’ investments as it is done by the same bank in principle, whereas in the centralized financial sector, it is the bank that makes money on it; so there you have it.
Let's look at Compound. The average interest on a loan is 35% more than the interest on a deposit. The percentage of depositors is equal to the percentage of borrowers but multiplied by the utilization rate, where the utilization rate varies from 40% to 75%. If we crunch these figures, then 25% to 60% of the capital stands still and nothing is earned. In DeFiner, a special smart contract redirects inactive deposits to markets like Compound or Maker in order to raise the utilization rate to at least 85%.
One more peculiarity of the project is the deposit refund. Suppose you try to repay the loan and report that you want to repay the rest of the loan from your collateral. The platform will demand repayment of the loan first. Then you are free to receive the collateral.
There is an opportunity to repay the loan from the collateral. To do this, the borrower pays a commission of 2 percent to the third party (liquidator) who returns the loan with interest. Then they receive the amount of collateral at a discount of 2%.
In addition, participants in the credit system can fully customize their inquiries. Access to a database of all the offers of the platform is given. Here, users can decide the rate at which they lend or want to borrow comfortably.
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