Creating a Sustainable Dego DeFi Project
Introduction
A decentralized finance (DeFi) project is a technological advancement based on the blockchain technology to abolish the centralized system of operating traditional financial processes. We can also refer to DeFi as a project that seeks to utilize decentralized networks to alter the conventional financial processes into accessible, open, and transparent protocols. These processes based on DeFi projects will eliminate the interference of third parties and create smart contracts that will initiate and execute business transactions on behalf of the parties. A DeFi also helps to bridge the wealth gap between the rich and the poor. Over the years, there have been different DeFi projects created to provide these services to improve the financial processes.
We have several projects developed to challenge the centralized system of running financial systems and offer a decentralized system; however, not all of these existing projects have remained sustainable over time. The inability of these projects to deliver a project and a system that can tackle the capitalist system and eradicate the looming financial crisis has remained a challenge. Throughout the DeFi industry and the entire crypto space, these existing projects research and explore several methods to build a sustainable project that can offer a decentralized system and create a platform that allows the public to thrive and succeed. The difficulty faced by these projects in maintaining their sustainability poses as an issue to the DeFi industry.
Looking beyond the DeFi industry, we notice that sustainability is also a challenge in the cryptocurrency space. Likewise, different blockchain projects do not stay longer than they are predicted to exist; they usually fold up within a very short period. The competition against the existing crypto asset and blockchain projects may contribute to the short lifespan of these projects, but that should not be a problem with a strong framework. Most of these projects tend to lose their market value and collapse at the end. In comparison, DeFi projects lose their value and relevance in the market faster than most crypto assets and blockchain projects. An example of DeFi projects that failed at being sustainable in YAM and CRV. The former created a weak architecture and a negligent approach to provide a decentralized system and the project failed within the opening 36 hours. For CRV, it seemed like it was going to be a sustainable DeFi project from the first day of its introduction, however, it lost about 95% of its market value.
Hence, with the occurrence of these failures in building a sustainable DeFi project, the Dego network is focusing on developing strategies and approaches that can ensure their project stays longer than previous projects. First, the Dego network is collaborating with experts in DeFi projects who can join their team and contribute to building a sustainable project. More so, it is developing special techniques such as cross-chain interaction protocol and revenue application. This will ensure that the project creates a sustainable financial system that offers benefits to many and not a few persons.
Check out the links below for more info;
Website: https://dego.finance/home
Twitter: https://twitter.com/dego_finance
Telegram: https://t.me/dego_finance
Discord: https://discord.com/invite/xJjSJrd
Medium: https://medium.com/@dego_finance
Github: https://github.com/dego-labs
AUTHOR'S INFO
Bitcointalk Username: Onyiiok
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2766257
Proof of Authentication: https://bitcointalk.org/index.php?topic=5272474.msg55124553#msg55124553
Dego is a good defi project, is growing everyday. Thanks for this write up
Good project
Very interesting project. Good team work