DeFiner Weekly: How to Choose the Right DeFi Lending Platform

Aug 19, 2022 11:10:44 AM / by DeFiner

Community Update Poster 3_blog

Dear DeFiners,

What a crazy week for the crypto world! The question of the summer seems to be, "Is the bear market over?" However, we have seen some recovery in the market over the past few weeks, which is encouraging. Either way, cryptocurrency is here to stay, and so is DeFiner. The HODLer Market, our groundbreaking product, will be launched soon. The team can't wait for you to have a permissionless and configurable DeFi experience. A big thanks to the DeFiner team and to our community. WAGMI 🖖

Here are the highlights of the week:
  • 💱DeFiner 2.0 - Privacy Function
  • 🦮How to Choose a DeFi Lending Protocol
  • 🔥Earn Crypto with DeFiner
  • 💼We're Hiring!

💱DeFiner 2.0 - Privacy Function

At Definer, we take privacy very seriously. 🙎

We believe that true financial freedom comes with a sense of security and peace of mind. Currently, all transactions in DeFi are public - traceable with data analysis and mining tools. With DeFiner 2.0, you will have control over your privacy in web3. 🎛️

This is How it Will Work

The privacy function will be added to DeFiner's smart contract. This will enable users to transfer their balance without disclosing the destination address. The smart contract will act as a black box and break up the on-chain link between the deposit source and the withdrawal destination address using zero-knowledge proof, giving users 100% privacy. 👏

Let’s Do a Scenario

A user makes a deposit in DeFiner's smart contract from address A. Now, the user has the ability to conduct an internal transfer from address A to address B. This process is encrypted with zero-knowledge proof. When initializing the transaction, an encryption key will be generated and provided to the user only. Keep in mind: The encryption key will be required for when the user wants to withdraw the funds. 🙌

DeFiner 2.0 will be what DeFi is supposed to be in the web3 space. The privacy function will serve as a tool for DeFiners to get one step closer to true financial freedom. 💪

🔏Check Out this Amazing Feature🔏

🦮How to Choose a DeFi Lending Protocol

How Crypto Lending Works_ (1)

DeFi, short for "decentralized finance", aims to disrupt the traditional financial system by using blockchain technology to build real-world applications. These applications can range from decentralized exchanges (DEXs) to prediction markets, from insurance to gaming platforms. These blockchain-based applications have the added benefits of transparency, immutability, and ownership, among others. ✔️

Banking is one of those applications that is transitioning from TradFi to DeFi. What does a bank do? Basically, a bank accepts deposits from customers and lends out funds to other customers, institutions, or through capital markets to increase economic activity and make a profit. DeFi lending is not far from being a bank on the blockchain. 🏦

At DeFiner, we believe that DeFi lending will be the infrastructure of web3. DeFi applications, however, can carry a higher level of risk for the normal user. At DeFiner, we encourage everyone to DYOR (do your own research) before doing DeFi, including DeFi lending. Some people might suggest that DeFi lending protocols with the highest returns are the best ones in the market; however, there is more than just APRs/APYs when evaluating a DeFi lending protocol. 🤭

Key Tips in Choosing the Right DeFi lending Platform

  • Documentation: The documentation explains the why, how, and what of a protocol in a detailed manner. Red flags include incomplete or unclear documentation, broken links, and incoherence.
  • Team: The core team is the brains behind the project. The success of the protocol will largely depend on how well constructed the team is. Red flags include team members with little to no experience in the industry and lack of background information about them.
  • UI: The UI (user interface) is what makes the application stand out; it's how easy to use and attractive it is to the regular user. Red flags include unclear instructions and messy navigation.
  • Communication: Good communication is what keeps the community together and well informed. Red flags include low rate of response from team members and inattention or lack of care.
  • Security: A protocol is a strong as its weakest link. Security comes in many forms, some of which involve audits, bug bounty programs, and so forth. A protocol needs to be battle-tested before the real contest begins. Red flags include a lack of audits and bug bounty programs.

DeFiner is building a permissionless and configurable DeFi lending protocol with privacy 100% protected. The DeFiner team is equipped with industry experts who work to ensure strong security, clear and up-to-date documentation, effective communication, and a user-friendly UI for the protocol.

Join the DeFiner community to learn more about how to do DeFi lending. 👇

🦈Get Involved!🦈

🔥Earn Crypto with DeFiner

On Ethereum Network:

DeFiner Deposit APR_ETH Chain - Aug 19 2022

On Polygon Network:

DeFiner Deposit APR_Polygon - Aug 19 2022

💰Get More Value For Your Crypto💰

💼We're Hiring!

Were hiring!_twitter (1)

Are you searching for an opportunity to work in the crypto industry? The DeFiner team is growing and you may have the right skills to help us take DeFiner to the next level. 🆙

Define your career with DeFiner. 🚀

Available positions:

  • Business Development Manager
  • Community Manager
  • Marketing Intern
  • UI/UX Intern
  • UI/UX Graphic Designer
  • DeFiner Ambassador
  • Data Engineer Intern
  • Smart Contract Blockchain Sr. Developer

Apply Today to Become a DeFiner

🤗 Join the community. Become a DeFiner. 🤗

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💭DeFiner Space: What's your criteria for selecting a DeFi lending platform? Let us know in the comments section below! 👇

Tags: Updates and Newsletter


Written by DeFiner