The institution of decentralized finance aimed to introduce new, better-decentralized business opportunities in the crypto space. DeFi platforms use autonomous smart contracts without intermediaries. These platforms aim to decentralize the trading process to the transacting parties, thus enabling peer to peer interactions. P2P transactions are independent of regulating authorities; therefore, they are generally cheaper transactions.
Decentralized finance has several applications, making it top among blockchain businesses. Some of these platforms give crypto borrow-lend opportunities, and the lender earns interest. Examples of borrow-lend DeFis are Aave and compound. Others akin to Synthetix create and exchange derivatives, including cryptocurrencies stocks, and allowing users to bet on them. DAI and USDC DeFI platforms provide stable currencies dubbed stablecoins; these stablecoins are pegged to a particular coin or commodity. Among the best features of DeFi are;
- Permissionless- Everyone will access DeFi platforms with null restrictions.
- Transparent- Transactions are publicly traceable on the blockchain
- Efficient- Since they are autonomous, transaction completion takes very little time
- Accessibility- Unlike the current banking systems, which are quite hard to access, DeFi platforms are easily accessible.
- Zero regulation- No regulating authorities are controlling the use of these platforms.
However, decentralized finance platforms still face several drawbacks. The venues still don't decentralize the entire process. Some even set up regulations guiding the use, including minimum crypto amounts to deposit or exchange. Moreover, the community has a minimal share in the platform's decision-making processes. Some of these decisions directly affect the worth of the investors since they impact prices.
Another problem clouding DeFi platforms is usability; due to the complicated dashboards, new users get a hard time using them. Moreover, because of the influx of crypto scams, many shy away from trustless DeFi Platforms.
However, a new platform is on the rise, ending the issues facing the decentralized finance world.
TRIBUTE: The New Community-run DeFi
TRIBUTE is a new decentralized finance platform focused on empowering the community. The community will have complete authority in shaping the project's growth and evolution.
In the development of its Dapps, TRIBUTE involves the entire community. After the first TRIBUTE launch, Dapps, holders, and partners with useful dapps concepts will suggest them to the developing team. The developers will conduct studies on the viability and impact of the proposed project and integrate the apps to TRIBUTE.
The TRIBUTE community will make the final decision on the viability of all suggested dapp ideas. Developers will thoroughly research the impact of the proposed project and inform the community. The community will ultimately conduct a vote to make the final decision on the dapp formation. Apart from giving ideas on dapp development, everyone can develop dapps that use TRBT. The developing team will fully cooperate to make sure the newly developed dapp functions optimally. TRIBUTE vouches for full community inclusivity in all growth and expansion opportunities of the project.
To enhance its community inclusivity, TRIBUTE also involves the community in making decisions that directly affect their worth and token price decisions. In its core, TRIBUTE will implant a dapp dubbed TRIBUTE to LIQUIDITY, aiming to shape how investors and token holders control the token liquidity. The platform aims to allocate all the liquidity tokens in the first 100 days, leveraging a concept called Proof of Decentralized Liquidity (PoDL), strengthening the community's control over liquidity in the long term. Moreover, control over liquidity ensures the stabilizations of token prices.
TRIBUTE delegates coin burning to token holders to bolster user control on token prices. Most DeFi platforms leave the burning processes to the managing team. However, TRIBUTE allows all users the ability to burn coins and thus directly alter token values. That ensures complete decentralization of the burning process; therefore, the community has a significant influence on the token's control.
Other Attracting Attributes of TRIBUTE
Aside from being a community-developed platform, TRIBUTE embeds many other features that make it tower above other DeFi platforms. It merges a user-friendly dashboard, displaying all its necessary functionalities. Balances, dapps, and lottery numbers are all accessible from the dashboard.
Moreover, any users of TRIBUTE will benefit from the most stable token in the crypto space. Due to regular coin burns, demand for the token surges, thus boosting the tokens' value. TRIBUTE allows users to burn 5% of tokens, thus increasing the demand for circulating tokens.
The platform rewards its best users, the top 50 holders of the tokens. However, since the distribution is random, being in the top 50 does not guarantee to get the tips.
The making of DeFi platforms was because of the lacking decentralization in financial processes; however, some DeFi platforms fail service provision. TRIBUTE is reshaping the DeFi world by entirely decentralizing its entire operations. The community ultimately influences the decision making and running of the services.
Community members can suggest the best dapp to merge in the TRIBUTE platform, and the entire community will decide on the project's viability. Moreover, individual community members can create their decentralized applications, and the TRIBUTE team will cooperate to make the applications top functional. TRIBUTE token holders will also directly influence the increases in the tokens' value regarding the price. TRIBUTE is, therefore, the ultimate community-centered decentralized finance platform.