Over the years, money/ finance has been a strong pillar in an economy, technology on the other hand has been a major advancement in the world over the years until today, but this time around, technology has outdone itself once more with the birth of DEFI.
Few years ago when Bitcoin came into existence, so many people doubted or never believed in it, myself inclusive, until it began to rise in value, and having being used to the traditional form of finance system with all its troubles, least expected to provided with a solution in the finance system.
WHAT IS DEFI
The word "DEFI" is a short for of Decentralized finance, and this is a type of finance system that was built to succeed the Centralised finance system.
And to better understand this, one need to understand first the meaning of centralised finance system in short form "CEFI" , which refers to the traditional banks, mortgages etc.
But the DEFI is totally opposite from the CEFI, in which the same services are rendered like transactions, loans, savings, but in a more transparent, honest, reliable and risk free manner, without any form of permission or intermediaries, all based in the blockchain, thereby annulling the possibilities of fraud or discrepancies in transactions.
often times when trying to send some money to my parents abroad who are retired, some times it takes days to finally process all that's needed in order to transfer the money and wish to send, as well as ridiculous charges as well, and most times in order for me to successfully send a particular amount, I have to even add extra to avoid the charges delving into the intended amount I wish to send, but the DeFi system has made all these much easier, and thanks to the blockchain technology
I rather send money abroad through cryto-currency, without any form of special permission, as well as incredible speed, instead of taking days to get across to the receiver, the DEFI system takes a matter of seconds
DEFI Ecosystem
The DEFI Ecosystem is solely built on the Ethereum, and reason being that the Ethereum has a very high level programming language, and dAppps created on the system can not just be independent alone but also had the ability of being redefined to formulate something more unique and amazing under the blockchain system.
Some of the features of the DEFI Ecosystem is saving, buying, selling, loans, and Exchanges of cryptocurrencies.
With the effectiveness of the DEFI Ecosystem, I can say that not long from now the entire financial industry including the traditional finance system will all join the DEFI Ecosystem.
MDEX
MDEX which stands for "Malaysia Digital Enterprise Exchange" is a unique Decentralized Finance automatic market or protocol, which was launched in January 2021, quite based on the concept of fund pools.
It is also supports transactions, and the process of dual mining mechanism of liquidity.
More on MDEX
The Mdex also has its own token, known as "MDX" and as of today the worth of one MDX is $3.25 USD, with a 24 hours trading volume of over $256 million USD.
Currently the top exchanges for trading in MDEX are as follows
Gate.io
Huobi Global
Coinbene
To mention but a few.
MDEX is designed for project developers as well as users, due to implementation of an Automated Market Maker (AMM), that gives rise to high yield of transaction to miners, incredible market depth as well as facilitates trades with low slippages.
The MDEX tokenomics follow a principle of "repurchase and burn", therby decreasing circulation supply of the MDX token after a while, and this process helps in increasing its value.
Thanks for being a part of my class and for participating in this week's assignment. I hope you learned from the class as the aim of the school is to teach and allow people to learn alongside.
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Detailed contents can be very useful to readers. If I was a newbie/rookie to cryptocurrency, then your post isn't so detailed on Malaysia Digital Enterprise Exchange (MDEX).
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