Home » NTLEDGER Defi

NTLEDGER Defi

ntledger defi
Share the knowledge

REC is a utility token on the NTLedger blockchain network. It aims to provide decentralized identifiers to empower a self-sovereign identity ecosystem. This completely secured technology allows users to have full control of their data, while being able to validate themselves on the Internet. Now you can rebuild the traditional finance with control, transparency and accessibility.

Decentralized finance (DeFi)

Decentralized finance (DeFi) is an umbrella term used for a range of applications within the public blockchain space pitched towards disrupting the traditional methods of finance. Defi is inspired by blockchain technology and referred to as financial applications that are built on blockchain technologies, by using smart contracts. Basically, these contracts are automated enforceable agreements that don’t require any type of intermediaries to perform and can be retrieved by anyone who has the internet connection.

DeFi entails peer to peer protocols and applications that are developed on decentralized blockchain networks, without access rights for easy trading, lending and borrowing of financial tools. Most of the time, DeFi applications are built with a multichain network. Besides that, there are so many alternative public networks that are emerging to deliver superior security, speed, scalability and lower prices.

THE FUTURE OF DEFI IS MULTICHAIN:

(DeFi) Decentralized finance is shaping the crypto market differently, and it’s expected that the future of DeFi is multichain. Just a year ago, the total worth of assets managed by DeFi protocols were around one billion US dollars; But today, its Total Value Locked has increased up to 60-fold.

DEFI with NTLEDGER:

Even after some initial troubles, the DeFi market is growing rapidly through innovative financial products combined with reflexive income sources, and it’s expected to reach its potential in the process.

By building a bridge between the NTLedger and multichain network blockchain, the REC-Token is ported to a blockchain where smart contracts govern decentralized exchanges. A liquidity mining program will help in incentivizing the overall provision of liquidity. Liquidity helps to ensure smooth trading without causing issues or delays. The introduction of SSI and extra reward mechanisms enhanced the overall token demand.

Other than creating a passive revenue stream, the main goal of NTLedger is to dispense technology towards counter centralization. DeFi is being used to broaden and enable access to NTLedger technology via the multichain network. We call this process NTLedgernomics. 

The DeFi NTLedger and Evolution:

(DeFi) Decentralized Finance is a transparent system where you might have to face failure at each step while coding. DeFi always encourages experimentation to experience financial evolution at the speed that code is executed without coddling anyone. But the open nature of this financial world is in a continual state of play between exploiters, developers, entrepreneurs and arbitrageurs. All these activities lead to an ecosystem that is not only robust, but ANTI-FRAGILE, strengthening it with bouts of volatility.

Financial apps have to go through numerous issues i-e getting hacked, shortage of funds, market failure, but the system gets stronger after learning from the failure. Without the safety net of central banks, DeFi provides support in risk management and survivability to the financial institutions. It helps in swapping the short-term stability with innovation and longevity.

NTLedger basically is the serpentine monster with so many heads. For every severed head, NTLedger will regrow in two parts in its place. If CeFi is the incarnation of fragile Damocles, then DeFi is the byword of the anti-fragile NTLedger. CeFi is just like a sword hanging above its head with a thin thread of hope of infinite liquidity of the central bank. Whereas, DeFi embraces evolution, and it grows stronger every time it is attacked.

With NTLedger, the long-term community will be rewarded and encouraged to participate in the innovative field of Decentralized Finance (DeFi). To achieve this, we have built a bridge between the NTLedger and multichain networks.

1. Setting up the web wallet: 

The first step that you have to take is setting up the web wallet, it’s the perfect place to hold your NTLedger’s REC tokens. It is designed in accordance with current security practices. First, you have to acquire some NTLedger’s token in your web wallet. The web wallet works with a key file and a mnemonic that comprises an encrypted seed. It will enable you to get full control over your funds. Once you obtain a REC token, you can easily transfer it to your web wallet, which interacts seamlessly by building a bridge between NTLedger and the multichain network.

2. SWAPPING REC Token to multichain networks:

To participate in the stimulating world of DeFi, the bridge node enables users to swap the NTLedger’s REC Token to multichain networks and vice versa at a 1:1 ratio.

Currently, the bridge supports MetaMask for calling smart contracts, but you are allowed to do the swapping calls manually as well. Keep in mind that you will need a small amount of REC to call smart contracts. Once the transaction call is confirmed by the network, the node will check the transaction validity and reimburse you with the correct amount of tokens. Once you have REC Token in your web wallet, follow these steps to swap it to Multichain Networks:

  1. Click on “Swap” on the website.
  2. Provide your wallet address.
  3. Send a NTLedger’s REC Token transaction using the web wallet with a message to the provided address.
  4. Paste the transaction ID after it is confirmed.
  5. Send a smart contract call to mint multichain networks.

3. Staking REC Assets:

Staking is a method used by crypto holders to earn passive income with crypto investments. It allows them to earn a passive income simply by putting the digital assets to work, without needing to sell them. Keep in mind that staking is only possible via proof-of-stake consensus mechanism, an explicit method used by certain blockchains to select authentic participants and verify new blocks of data that are being added to the network.

Similarly, the NTLedger is also a delegated Proof-of-Stake blockchain network. It allows users to vote a representative with their tokens who participates in the consensus algorithm. The algorithm of NTLedger ensures the security of the network and reaches a consistent state.

On REC Digital Platform, users are allowed to stake as much REC Assets as they want. All the transactions of the Mainnet Live Blockchain are visible, showing the staking history about the staked assets and the assets that are still in processing to be staked. Multi-blockchain network allows you to track REAL-TIME Transactions. 

4. STAKING LIQUIDITY

The rise of decentralized exchanges like Uniswap, Bancor, 0x, etc. are part of a larger paradigm shift meant to remove power from large centralized corporations. These exchanges facilitate the exchange of digital assets in a trustless and noncustodial manner. This explains perfectly the vision of NTLedger, that’s why we make REC Token available throughout the largest decentralized exchanges.

In decentralized exchanges (DEXs), the Crypto liquidity pools play a significant role. These liquidity pools are a mechanism through which users can pool their assets in a DEX’s smart contracts. It’s meant to provide the asset liquidity to traders, so they can easily swap between currencies. Liquidity pools are designed to increase the speed, accessibility and liquidity to the DeFi ecosystem. NTLedger, provides the staking liquidity pool to the crypto investors in decentralized exchange. 


Share the knowledge

Leave a Reply

Your email address will not be published.