Unsung Alternatives Challenge Established Crypto Protocols

Unsung Alternatives Challenge Established Crypto Protocols

Every Blockchain category has a market leader that everyone considers as the go-to platform. When we talk about NFTs, most people think about OpenSea. Even when individuals are asked about blockchains themselves, the only ones that come to mind are Ethereum or Bitcoin. Similarly, it is true for every DeFi vertical.

However, people fail to understand how vast the crypto industry is. Often the focus is on the major platforms without considering the alternatives that will save their time and reward them better. Every day, hundreds of new platforms are emerging, and the vast majority of them are outperforming the market leaders in terms of utility.

Let’s take a look at the alternatives in each Blockchain category, including lending, NFTs, DeFi, and P2E platforms. Liquidity Protocols

Aave has been one of the most talked-about platforms in the non-custodial liquidity space. The platform has the 3rd largest TVL in DeFi. However, the only concern with Aave is that it offers low APY compared to other platforms. Hence, the need for an alternative platform has risen. Here are some alternatives to Aave that are gaining prominence in the cryptoverse: BENQI

Avalanche’s recent performance has pushed Benqi Finance to $3.7 billion in TVL. Although Aave has a larger TVL, lenders are more interested in APY, and Benqi excels in this area. It offers roughly 6.25% for USDC, while Aave offers around 3% for USDC. Benqi is a decentralized non-custodial liquidity market protocol built on Avalanche where users easily lend, borrow, and earn interest with their digital assets. The protocol democratizes access to decentralized financial products by offering a platform where users may instantaneously provide and withdraw liquidity or utilize their supplied assets as collateral to a shared liquidity market.

It provides a real-time and transparent depiction of interest rates depending on the asset’s market supply and demand. It also acts as a bridge that connects Ethereum to the Avalanche, thus giving existing Ethereum users a cheaper, faster alternative money market. Benqi eliminates the $300 gwei fees on Ethereum and the three minutes necessary for transactions.

Avalanche is seeing a hyper-growth stage, making it a great place to be right now, and with BENQI bridges , it makes it easy to bring your crypto over from ETH. Alkemi Network

Alkemi Network is geared towards institutions or individuals who want access to more regulation complaint DeFi liquidity . Alkemi has established the technology allowing people to engage in DeFi, incorporating a strict KYC/AML layer into the liquidity network to alleviate some of the more significant risks and anticipate institutional needs. The goal is to facilitate a smooth, safe, and well-planned transition from centralized financial infrastructure to the growing on-chain ecosystem. Alkemi has made it possible for centralized exchanges, trading platforms, and neobanks to connect into a KYC/AML-approved DeFi network with one-click capabilities.

The platform’s combination of allow-listing and the inherent transparency of blockchain transactions, particularly on an institution-grade settlement layer like Ethereum, significantly mitigates risks like smart contract attacks and frauds.

Alkemi Network also enables professional DeFi for financial institutions (built on Ethereum). The protocol, which focuses on trusted counterparty liquidity, tackles the regulation, capital, control, and connection issues that are now preventing players from centralized finance (CeFi) from joining DeFi. Gluwa

Gluwa Invest is best for those who would like to help others while still maintaining a high APY. The platform provides everyone with unrestricted access to a social-impact venture-debt fund that yields 12% APY by providing much-needed capital to the unbanked and underbanked in emerging markets. Gluwa’s mission is to link global investors to significant yields and growth prospects in emerging nations with minimal money. The platform’s stake fund pooling gives liquidity to several partners, and as a result of the investment, credit possibilities are created for those who need it most but don’t have access to traditional lines of credit.

Moreover, the platform uses Infura transactions (ITX) that provides its users with a 15% reduction on Ethereum gas fees. This integration with ITX is aimed at resolving the issue of delayed or unsuccessful Ethereum transactions caused by a lack of sufficient transaction fees along with improving gas management in Gluwa.

Recently, Gluwa was selected as a winner of the 2021 Inclusive Fintech 50 , an initiative aimed at identifying and using early-stage fintech to enable financial inclusion that solves the problems of internationally underserved client categories. NFT Marketplaces

NFT marketplaces like OpenSea offer a wide range of NFTs. However, with the rise of Ethereum gas fees minting NFTs has become challenging on the platform. Here are a few OpenSea […]

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