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Come back with me, and I want to share more information about Cardano crypto. In the midst of the recent boom in the crypto market, there is Retik Finance (RETIK) which could possibly be a competitor to Cardano (ADA). What are the
advantages of RETIK? Retik Finance is emerging as a noteworthy crypto competitor to Cardano (ADA) in 2024, primarily due to its strategic approach to decentralized finance (DeFi) and its potential to attract large crypto investors.
Crypto Competitors Focus on DeFi Future
As the main support, Retik Finance as Cardano's crypto competitor has chosen to focus on DeFi which is considered to have an increasingly bright future.
DeFi or decentralized finance is a financial ecosystem that operates on blockchain and crypto technology to create decentralized financial services and products, without the need to involve traditional financial institutions such as banks, intermediaries or insurance companies. Using DeFi, financial transactions, loan services, borrowing, swaps, and various other financial services can be accessed and carried out directly by users through blockchain applications and protocols.
DeFi is also known to be open to everyone, so access is unlimited. Apart from that, automation via smart contracts is an advantage in itself, so it practically eliminates human involvement in the process. Some examples of DeFi are decentralized exchanges (DEX), lending protocols, DeFi wallets, yield farming and many more.
The advantage of DeFi is that it is the best financial alternative currently compared to traditional financial services. The latest data from #DeFiLlama in early December 2023 revealed that the total value locked (TVL) across all DeFi protocols reached a peak of US$49.6 billion on December 5, 2023. This marks the highest point in the last six months. This surge signals interest among investors in earning returns on their crypto holdings.
After experiencing a significant decline in mid-October 2023, the DeFi sector has shown strong growth, with an increase of US$15 billion from its previous low. This shows a strong recovery and investor confidence in the DeFi market.
Retik Finance Debit Card
One of the superior products that Retik Finance is currently working on is a debit card. In this way, it is hoped that it can become a bridge between the DeFi market and the traditional market. In the future, using this debit card, ordinary users who have just entered DeFi can make transactions in DeFi, starting from exchanging crypto and getting rewards, for example through staking. This is something that other crypto competitors in the Cardano ecosystem may not have.
The debit card option is also an opening to expand DeFi adoption in general and specifically increase the RETIK crypto use case which is currently in the presale phase.
Cardano (ADA) and Crypto Competitor Advantage Retik Finance
The Cardano blockchain, with its native crypto ADA, is known as a place to create a DeFi platform that is quite influential at the moment. As of December 8 2023 alone, TVL increased to around US$311 million, compared to the beginning of 2023 of only US$50 million. This indeed reflects a turning point in the crypto market in general and has an impact on the DeFi sector.
The Cardano blockchain itself is known to be "very careful" in the process of upgrading and updating its system, which is an advantage in itself, because it is considered to prioritize security, especially because it uses a peer-review mechanism among researchers and academics. However, this method is considered a weakness, because it shows slow steps.
Retik Finance, as a new player in the DeFi realm and a crypto competitor, chose to issue its crypto on the Ethereum blockchain, not wanting to compete on the strength of blockchain and smart contracts, but to strengthen the product side which allows the expansion of DeFi use. The reason is that many DeFi developers are taking advantage of Cardano's power.
Apart from issuing debit card products, the RETIK team will make it easier to use and access. Here are a number of factors on how Retik Finance can compete with other DeFi products that use Cardano.
User Accessibility and Adoption. Retik Finance is committed to simplifying entry into the DeFi space, making it more user friendly. Its DeFi debit card is expected to attract a wider user base, including even beginners. Attracting Crypto Whales. Retik Finance's innovative approach and practical uses make it an attractive prospect for big investors aka crypto whales. These investors often look for projects that combine technological innovation with practical utility, as they can better reflect crypto competitors.
Market Readiness. In contrast to Cardano's systematic development approach, Retik Finance is more flexible in responding to market trends, an important advantage in the volatile crypto market. Potential Profits from DeFi Growth. With the DeFi sector expected to continue experiencing rapid growth, Retik Finance with its user-friendly products is well positioned to gain significant benefits.
Cardano's (ADA) crypto competitor, namely Retik Finance (RETIK), is not doing it frontally in terms of blockchain technology and #smartcontracts, but is competing through several products that can make access and use of DeFi easier for even beginners, I hope this is useful, greetings.
Thanks for sharing information about Retik Finance RETIK Could Become a Crypto Competitor of Cardano (ADA)
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