The market is currently in crisis mode and we are witnessing one of the worse cryptocurrency crashes in history, with top tokens such as Bitcoin (BTC) and Ethereum (ETH) reaching lows that have not been seen since December 2020. Cryptocurrencies have always been subject to volatility and there has been a fair share of crashes in the past that the market has managed to recover from.
Decentralized finance (DeFi) has been one of the hardest-hit areas of cryptocurrency, with top protocols such as MakerDAO (MKR) and Aave (AAVE) losing 25.36% and 39.42% in total locked value (TVL) respectively.
New cryptocurrencyCashFi (CFI) seeks to revolutionize the DeFi space with its ecosystem for assets minting and trading which includes liquid staking, NFTs, and synthetic assets, regardless of the market conditions we are currently seeing. We take a look at the prospects of this new token and compare it to the older, established DeFi project PancakeSwap (CAKE).
Despite the current crypto crash and DeFi liquidation, it doesn’t look as if the BNB Smart Chain-based decentralized exchange (DEX) DeFi protocol PancakeSwap (CAKE) will be going anywhere any time soon.
Binance is the largest centralized cryptocurrency exchange in the world and PancakeSwap (CAKE), a DEX, is currently the seventh-largest DeFi protocol by TVL. Binance had previously shown interest in PancakeSwap (CAKE) in March 2022 when it added support for the DEX through its mobile application, allowing users of the Binance app to access DeFi services via PancakeSwap (CAKE).
More recently, in June 2022, Binance announced that it had made a strategic investment in PancakeSwap (CAKE) for future technological development as well as to support marketing and community growth.
PancakeSwap (CAKE) is used for staking, yield farming, and rewards on the DEX.
CashFi (CFI) is a new cryptocurrency, an ERC20 that is used for utility and governance on the Ethereum-based CashFi DeFi protocol. CashFi (CFI) comprises a DeFi ecosystem that includes NFTs, liquid staking, and synthetic assets.
Synthetic assets are delivered through CFI Synths, a protocol for commodities dealing and trade financing. Synthetic assets are a fusion of cryptocurrencies and traditional derivative assets, and derivative assets are assets that derive their value from other underlying assets such as stocks and commodities. Essentially, synthetic assets are a tokenized form of derivatives.
Liquidity staking via CFI Staking allows users to swap their cryptocurrency tokens for tokens that can be staked to contribute to liquidity for staked commodities in return for earning a regular income via high-yield staking activities.
CashFi (CFI) also offers NFT functionality. Users can mint, buy, sell and trade NFTs. With CashFi aiming to include a marketplace, as well as a framework for the development of other NFT marketplaces.
Although the future is uncertain, for those who believe that the cryptocurrency market will recover from this crash as it has from so many others before, innovative DeFi tokens like CashFi (CFI) look like they could offer great potential as long-term investments.
On the other hand, PancakeSwap (CAKE) whilst seemingly less innovative, will likely remain for a long time into the future due in part to its adoption by, and recent partnership with, crypto giant Binance.
PRESALE: https://enter.cashfi.finance/register
WEBSITE: https://cashfi.finance/
TELEGRAM: https://t.me/CashFi_Token
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