What is DEGO ?- A New Approach To DeFi

in #dego9 months ago (edited)

In the fast-paced technological world, which is increasing more than the human mind can expect. A couple of years ago, Bitcoin and cryptocurrency were introduced. But nowadays, they have touched a new height of digital market trends. It has reached up to 9k dollars. Whereas Ethereum, when it arrived as a token, it leads the race in altcoins.

Decentralized finance is continually doing wonders in the digital world. DEGO is the recent update of the Decentralized Finance marketplace. Before diving into the concept of DEGO, let us explain what the DeFi is.

Decentralized Finance DeFi

The decentralized finance industry is one of the latest yet innovative technology that has emerged out of the block-chain-powered decentralized economy. Defi users can borrow, lend, trade, invest, and make their payments without any financial institution's need as a gateway. Specifically, the monetary establishment is renovating by decentralized smart contract protocols. The fast-growing Defi market is a testament from the block-chain initiative, which builds a link between a single block of data to the other transaction data block. As transactions continue to be recorded, eventually forming the chain of blocks.

What Is DEGO?

In recent times it has been seen that the decentralized finance market has Rises so much. Its incredible yet exponential growth and decentralized finance is the leading cause that attracts many new crypto traders or investors and Developers into space. It can easily simulate the interest of traditional financial players. Now everyone is in the search for the best investment to get the gems in the Defi world.

What Is FOMO?

FOMO is the sentiment or market sentiment, which refers to a market position's highly sensitive feeling. For more stands for fear of missing out. Naturally, it is the fear of missing something out from the prophet, which will be provided to you when you do not buy a cryptocurrency as soon as possible regarding its current state.

The former feeling is specifically prevalent over a short period when the value of the Asset Rises. It has the potential for the whole market and the individuals to make a decision depending upon the feeling of fear instead of logic and reasoning.

Every trader wants to have the best investments to hunt the gems in the decentralized finance market place. But you have limited funds chances and time to grasp all of the investment opportunities.

However, DEGO would not be similar to that.

DEGO - A Brand New Idea

DEGO adopts a modular design concept, which means forming a subsystem and some specific functions with the combination of several modules. It is the combination of a subsystem as a Universal module with all of its specifications to create a whole system that enhances functions and performance. Conclusively it is working on the formula that 1 + 1 is greater than 2.

Each product will be considered a single module, and with the combination of this module, a brand new product is launched in the market. The supreme example of this phenomenon is the Lego brick module. Each brick is plain and ordinary but can evaluate the lasting results.

Each day five protocol is worth funny equal to a break and could be a

Stable coin (DAI)

Flash loans (Aare, Compound)

DEX exchange ( Uniswap, Balancer)

Derivatives ( Synthetix)

Insurance ( Nexus Mutual), and many more.

These are all the underlying protocols that built a new Dapp to uprise Defi's value and strength. It will create a diversified investment platform and well helps to generate substantial financial returns. It will allow you to open up the grand entrance toward the future of virtual finance services.

DEGO Is Bringing The Community Together

Within ten days, DEGO Telegram group was created to give their supporters assistance and better understand the yield farming of the DEGO ecosystem.

What Is Yield Farming

Yield farming is referred to as a liquidity mining or a way to generate some rewards with cryptocurrency. The liquidity pool is the smart contract that contains funds and, in return, will get compensation from it. Liquidity farming is typically done on Ethereum ERC-20 Token. Liquidity providers deposit funds into a liquidity pool.

These liquidity pools established a marketplace where users can lend, borrow, or exchange their tokens. The usage of these platforms might charge some fees, which are then paid out to liquidity providers according to their share of the liquidity pool.

On top of fees, another incentive that is added into the funds to a liquidity pool could be the distribution of a new token. However, we are going to see new approaches that improve recent implementations.

Up till now, it has a community of more than 800 plus active participants; it is an outstanding achievement tho.

In the decentralized finance world, DEGO is the LEGO, which way differs from MAKER DAO, COMPOUND, YFI, and SUSHI in terms of creativity and diversity.

Soon, DEGO will be a piece of art throughout in the block-chain world, which has reader equality motivation and innovation. Everyone can be a part of DEGO by the participation in decentralized finance.

Basically, DEGO has two stages; Internal created and the transfer of power to the community. Let's have a look at both of them.

Stage 1: Internal Created

DEGO has created its team from several backgrounds and cultures throughout the world. But their common interest is to bring everyone into a stable team. In order to ensure the transparency of initial decisions, five significant internal representations will be selected to decide the startup operation of DEGO protocol. They will provide the governance permission along each of the contracts as a multi-signature wallet, and by following the 3/5 decision-making mechanism, they can make adjustments and decisions.

Stage 2: Transfer Of Power To The Community

DEGO DAO is specifically designed to run by its community members in apparent and transparent order. Within a certain period for the regular operation, the DAGO community determines the core holders of a multi-signature wallet for the whole community to vote on proposals to change some system parameters.

For more detail and latest updates vist official pages and telegram channel.

Website: https://dego.finance/home
Telegram channel: https://t.me/dego_finance
Dicord: https://discord.gg/xJjSJrd
Twitter: https://twitter.com/dego_finance
Medium: https://medium.com/@dego_finance
#Dego #finance #Defi #Bitcoin #crypto #Uniswap #DEGO

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