DeFi … DeFi … DeFi …
DeFi is not just a buzz word, it is something that is revolutionizing the world and the way we interact with the economy and finance. It is no coincidence that all blockchains we know today are betting heavily on dapps using the smartcontracts of their networks, this is very clear when we look at onchain metrics of all blockchains combined.
As you can see from the graph we continuously hit new all-time high’s (ATH) as well as ATH of total value locked in decentralized applications over the time period.
Clearly, DeFi innovation and adoption started with Ethereum and, due to its network limitations, has rapidly expanded from blockchain to blockchain with each offering better solutions in terms of scalability and gas fees, supporting and developing infrastructure for new projects/applications.
Without a doubt DeFi brings life to these ghost blockchains that have little adoption, low transaction volume and small TVL. It’s amazing to see onchain data and how the whole adoption process starts with an AMM DEX in the network.
We can say that a blockchain proves its own value with its use, TVL growth and number of network transactions. These metrics end up reflecting on the price of the respective blockchain token due to its usefulness to pay network fees, amongst others.
Transactions — Gas fees — Token utility
As an example, Nulswap will bring more transactions to Nuls, as a result, more gas will be spent and more Nuls will be used to pay the gas fees.
Nulswap found a huge opportunity within the Nuls network, with its lack of AMM DEX and that’s why it was born, to solve it. When studying Nuls, we verified that the ecosystem and the tools developed by NULS are fabulous and what caught our attention was the lack of transactions and lack of ability to provide growth of TVL that was happening on the network with the POCM projects.
What Do We Mean?
To elaborate, NULS has an incredible growth in terms of adopting projects, using its crosschain solution and at the same time taking advantage of NULS SCO program to leverage itself in the market. More than 50 projects use NULS POCM mechanism to distribute tokens and with hundreds of users taking advantage of these tokens will later sell or buy to other networks, and unknowingly taking users and transactions away from the NULS chain itself.
Nulswap will open enormous possibilities for Nuls, adding utility to the network while increasing all other stats, such as:
• Usage of NULS crosschain solutions
Nulswap supports all assets from any EVM Blockchain without having liquidity problems on the implemented bridges. This is one of the biggest pain points of the existing bridges delaying the large-scale adoption/use of recent blockchains.
Nulswap is not the savior of NULS, but it may inevitably be huge boost that is needed at the moment to create true value for the network.
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