DeFi was once a niche in the cryptocurrency segment, dominated by the creator of stablecoin with crypto support, and with mechanisms that few understood.
However, by 2020, DeFi became the driving force of cryptocurrency markets, reaching close to $12 billion in total value closed at the end of September. With an explosion of new projects in space, including loans, synthetic assets and automated market makers, the craze for decentralized financial products doesn't seem to go anywhere anytime soon.
A clear sign that any movement is expanding beyond its niche origins is when established projects and businesses begin to appear. GreenPower, a global reward currency, has been around since 2017. However, the project is now taking the opportunity to expand its offering by integrating DeFi innovations to help spread the phenomenon to conventional users.
GreenPower is the anchor currency in a decentralized system of next-generation market incentives. Designed to bring the benefits of decentralized finance (DeFi) to the mainstream, GreenPower acts as the main asset in this innovative set of market rewards.
GreenPower recently migrated to the Ethereum platform after more than 3 years on its main graphene-based network. GreenPower has a fixed stock of tokens, all already distributed and in circulation. Tokens are held by approximately 150,000 accounts in more than 180 countries.
GreenPower's mainnet blockchain (called powerchain) has been in continuous operation since March 2017 and was one of the earliest examples of what is now known in the industry as a "fair launch." There has never been an ICO or IEO. There has never been a pre-sale or pre-sale. No venture capital was accepted and no symbolic allocation or donation was made to the founders or the administrative team.
The new GRN token will serve as an association mechanism for an international market network called GreenAlliance. GRN will be used to determine the distribution of market benefits to members of the market network, as well as to confer voting and governance rights to their token holders.
This change involves several other significant developments for GRN holders. Graphene's migration to Ethereum means GRN holders can connect their Ethereum custody wallets to smart contracts. By doing so, they will become eligible for exclusive promotional discounts on products and can earn rewards by lending their digital assets to liquidity pools or borrowing against them.
GreenPower is also adopting a decentralized governance model, grnin smart contract holders can vote on proposals for the future development of GRN as part of a decentralized government body called PowerDAO.
Two additional market tokens are being released to work with GreenPower: GreenVolt and GreenAmp. GreenVolt is a universal "loyalty point" token developed based on blockchain technology. GreenVolt is not named and trades with other loyalty points in a blockchain-based loyalty point exchange. Point holders can also convert their collected loyalty points into market-traded values in the form of a new market discount currency called GreenAmp.
To illustrate the potential of this global loyalty network, imagine a scenario where someone could earn loyalty points when booking a flight they could view in a smartphone app. Using this blockchain point platform, they can redeem these points for points accepted by a merchant who sells clothes online or convert the points into cryptocurrency or even fiat currency.
The overall goal is for loyalty points to become exponentially more valuable to the consumer due to the ability to spend them virtually anywhere. From the customer's perspective, there is no need to buy or sell cryptocurrencies using a stock exchange or even have any knowledge or understanding of crypto or the underlying technology.
For merchants, the system opens up a world of potential by offering loyalty points to customers who are more valuable than a single-vendor loyalty system. In addition, they can end up with all the headaches of maintaining their own internal loyalty schemes.
As an established currency, GreenPower has already gained the support of brands within the healthcare industry, including Jivaka, a natural health supplement based on herbal and fruit extracts.
The team behind GreenPower has bold ambitions to bring DeFi to the masses. If the project works, it can be a powerful means of getting encryption up without users having to worry about what's going on behind the scenes. If the GreenPower team succeeds, 2021 may see the DeFi mania reach even more dizzying heights.