Since its inception, blockchain and DeFi have struggled to achieve widespread use. The first projects tended to be complex, tedious and overly technical. In recent months, the sector has undergone a major change in mentality; Flashy designs, easy to use, but questionably useful, flooded the scene. There was also an increase in nefarious actions, including the list of fake tokens on Uniswap and the apparent attempt to leave the anonymous founder of SushiSwap.
Despite these problems, many interesting opportunities are emerging that can finally help DeFi achieve widespread adoption. For example, the recent advent of liquidity mining is revolutionizing the space by encouraging the creation of the token market, which has historically been a weakness of the blockchain.
For DeFi to reach widespread use, changes across the industry must occur. Specifically, DeFi projects need to emulate more modern ideas (fun and ease of use), while upholding the fundamental values of the blockchain (transparency, reliability, innovation, democracy and functionality). In other words, these projects must merge the old and the new school of thought.
We will see an exciting new project called AnRKey X as an example of what features will help DeFi overcome the scalability issues that DeFi has faced since its inception. AnRKey X was founded by JD Salbego as a way to combine the best that various subsectors of the blockchain industry have to offer.
AnRKey X's central function is to promote liquidity mining, thereby helping to solve the illiquidity problems that limit DeFi.
Fun and ease of use
Fun and functionality are not mutually exclusive, but many DeFi projects do not have one or the other. Using liquidity mining as an ongoing example, this process is very user-intensive. AnRKey X turns the liquidity mining process into a game through its set of m $ ports products, merging liquidity mining, LP token betting, increased yield, rewards, team-based eSports games and NFTs into one platform .
Their first game, Battle Wave 2323, has users competing in opposing “Armies” to try to get the highest weekly income. By making liquidity mining enjoyable, users are less likely to get bored or frustrated and give up.
A great strength of DeFi is that many of its projects are open source. But while some projects turn existing code into something unique, many new projects change only a small thing about the original code. For DeFi to grow, creativity and innovation need to be prioritized - numerous similar projects will not help the industry to grow.
AnRKey X is new for its gamification through the use of non-fungible tokens (NFTs). NFTs represent something other than an asset, such as a virtual item or realization. These rare tokens have emerged in the gaming industry, which often uses them to represent virtual items or achievements. However, the use cases for NFTs are very limited outside of these games. AnRKey X uses a proprietary derived base value economic model with its NFTs to boost, memorize and otherwise encourage liquidity mining. By combining liquidity mining with eSports and NFT games, AnRKey X creates something entirely new.
Transparency and reliability
One of the reasons why blockchain is so revolutionary is that it makes all data transparent and secure.
However, recent DeFi projects have ceased to be transparent and reliable as they have become less decentralized, using instead some kind of central authority. For DeFi to grow, it must maintain users' trust, which can only be achieved through transparency and decentralization.
AnRKey X defends is an example of a truly decentralized project, offering total transparency and reliability to its users.
Blockchain was created to put money-generating power in the hands of the people.
Lately, however, DeFi has seen the emergence of market dominators as "carpet pullers" that pull massive project values, elevating them to everyone else. “Whales” are also present, who can buy and move coins worth millions or even billions of dollars.
AnRKey X avoids market domination by creating an automatic self-balancing fair market value system using the protocol's Automated Fair Market Economy Theory. These algorithmic parameters support their gamification, evenly distributing power and chances of victory among all users.
AnRKey X further promotes democracy by being community driven; a 20% quorum is required for proposal approval to add pairs to new liquidity pools, and users can submit a proposal for any suggestion to the protocol governance channel on Discord. In addition, coin allocations for community development are available and detailed APIs and SDKs also allow developers to create powerful m $ ports ™ game DApps on their platform, which the community collectively must also approve.
Overall, new processes, such as liquidity mining, give DeFi the opportunity to achieve widespread adoption. However, to really scale, DeFi projects need to balance fun and ease of use with innovation, transparency, reliability, democracy and functionality.