Over the last 2 years, a certain sub-sector of the blockchain industry has gained immense popularity, with billions of dollars in capital inflow, and is being pegged as the next big thing not just in blockchain but in finance as a whole. This, of course, is decentralized finance or DeFi as it is popularly called. The reason why DeFi has become so popular is that it offers essentially all the benefits of the traditional financial industry but with the middlemen removed and significant cost reduced.
For years, there has been great discussion about the benefits that blockchain can offer to consumers in terms of financial access and DeFi is the embodiment of this vision. One of the most popular features of DeFi is the process of staking. Staking, essentially, involves a user locking away a certain amount of their digital assets for a predetermined amount of time and receiving a certain percentage of the initial value back as an income.
There are several blockchains that allow for the staking of their assets and this interest in staking across multiple blockchains has also given rise to cross-chain protocols. Cross-chain protocols are mechanisms that allow for communication between one blockchain and the other.
Typically, if an asset needed to be transferred from one blockchain to the other, it would need to be converted and this conversion process often takes time and requires some sort of financial investment. Cross-chain protocols, on the other hand, allow for users to carry out transactions across multiple chains seamlessly. Given how dynamic the world of DeFi is, cross-chain protocols have also become a very popular concept within the space.
How Slavi is Changing DeFi
In the development of blockchain to reach its full potential, there are a number of roadblocks that the industry has been contending with for years. These include scalability, commerce, transaction speed, and fragmentation. Fragmentation is arguably the least talked about feature but it is immensely important moving forward especially for DeFi.
There are several innovative and beneficial blockchains on the market but they are usually quite separated from each other and for a user to interact with multiple blockchains, that usually involves logging in to multiple platforms and dealing with different sets of rules.
Many existing crypto exchange platforms focus on recreating the centralized model but dealing in decentralized assets. This is where Slavi comes in. Slavi specializes in creating easy access to the world of blockchain using cross-chain protocols.
Slavi as an application supports over 30 individual blockchains on its singular platform. These include Binance Smart Chain, Polkadot, Polygon, Ethereum. While some level of cross-chain interaction already exists in the wider market, almost no application or platform offers the same level of access that Slavi does and this opens up a whole new world of possibilities for users. Besides the many blockchain protocols that it offers access to, the app also has a number of innovative features that make it the one-stop-shop for all things DeFi.
Slavi as a platform is an open-source project that is designed to offer access to everyday users as well as offering a luxury experience for more high-end clientele. In terms of accessibility, users can access the world of DeFi using their traditional bank cards to make payments such as buying into assets. In terms of the luxury services being offered, there will be a specific section of the app that allows people to purchase goods and services using the native SLV token which is at the center of the ecosystem.
This not only allows people to access DeFi protocols for the purposes of investing and accessing the market but also to make real-life everyday purchases and normalize cryptocurrency use. Slavi’s application can be accessed through a mobile app, a desktop site, and a web application. On these platforms, people can access many of the traditional DeFi offerings.
First, there is the easy option to buy and sell digital assets using their bank cards or swap one digital asset for the other. The digital assets in question can be kept in a variety of secure wallets and should they be swapped for fiat currency, they can be instantly transferred to bank cards or bank accounts.
For those who wish to hold on to the tokens, there is cold storage which provides an added layer of security for crypto users. Finally, Slavi’s has delegated proof-of-stake and leased proof-of-stake algorithms that help enhance blockchain security.
Slavi also offers cross-chain and multichain asset management which means that users can hold assets on multiple blockchains but manage them for me with a single helpful interface. Of course, Slavi offers staking, which is perhaps the Holy Grail of DeFi-related services. Users can stake their tokens in order to earn a passive income using the platform and they can also access liquidity quality mining and other income-generating offers.
Slavi’s web3 browser gives instant access to decentralized web applications, thus ushering in a new generation of internet use. Non-fungible tokens, or NFTs as they are popularly called, are another very popular subset of the blockchain industry and Slavi has a helpful NFT marketplace that allows users to buy, sell, and exchange NFTs. Given that it is dedicated to helping its users make the most of the blockchain ecosystem, it would not be complete without this very important offering.
Slavi allows for the integration of D’apps as well as interoperability with a number of other services and once again, acts as a bridge for users to use to gain access into other parts of the blockchain ecosystem. All of these can be accessed from a singular web application or mobile app as opposed to a user having to set up accounts with multiple platforms and this leans towards simplicity while maintaining sophistication.
The SLV token will act as the native token of the ecosystem and will be used for community engagement, payment for products in the NFT space, and so on. It will also be the means through which users can pay for goods and services directly from the app in real life.
In order to secure user funds and accounts, a set of 12 seed phrases and private keys will be created upon account initialization and this information is stored on the user’s device. Several mechanisms will be put in place to verify user identity before giving access to accounts such as passwords, fingerprinting, and facial recognition. The use of data encryption and data hashing will also be leveraged to make sure that user accounts are as safe and secure as possible.
Slavi also offers its own bank card for users which will allow for the spending of several fiat currencies such as USD, EUR, AED, and so on. The SLV token, which is used for the procurement of luxury goods and services, is specifically designed to function in major world cities like London, New York, Paris, Dubai, and so on. With these mechanisms, including staking, liquidity mining, liquidity transfer, and the NFT marketplace, there will be ample opportunity for the users to earn income as well as spend it.
As Slavi the project makes its way into the markets, it has already gone through a pre-seed round and has an upcoming seed round through which funds will be raised by the buying of its native SLV token. The pre-seed round had both a private and a public round with both selling out before the deadline and raising huge amounts of money in the process.
So far, the pre-seed round raised $ 128,000 and the private round raised $ 1,372,000. Currently, another seed round is taking place on the Slavio.io website with the goal of raising around $ 2,000,000 or 10,000,000 SLV, with 1 SLV being equal to $ 0.2.
A World of DeFi
While many of the other roadblocks to the progress of blockchain have been addressed such as scalability and security, fragmentation has been left unattended by many major players in the industry up until now. Slavi takes on this issue head-on by providing a one-stop shop where all parts of the DeFi sector can be accessed at once.
All the trappings of DeFi are left intact including staking, buying, selling, and swapping of tokens, liquid access, and so on. Moving forward, this access to all parts of the DeFi space in a single place will likely become an industry norm and this suggests that Slavi is working ahead of the curve.
It is evident that blockchain, DeFI, NFTs, and so on are not going anywhere anytime soon but instead, have to adapt to the increased use of blockchain technology. Thanks to platforms like Slavi, this transition can be much easier both for the platforms themselves and for consumers. The world of benefits to be enjoyed is practically limitless, with passive income, the trading of assets, access to digital offerings, and so on being easier than ever to acquire and the blockchain sector being more welcoming than ever.