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The decentralized finance sector offers a secure venue for people to get the best from their crypto assets. Few platforms embody this approach better than DeFiner. This peer-to-peer network enables its users to lend, borrow, and gain interest using their cryptocurrencies without acting as custodians.
DeFiner has all the ingredients of a successful DeFi recipe. Crypto experts and project managers run it. Trustworthy industry companies have already audited it, and several important crypto investors back it to get to the top of the DeFi food chain.
In this short guide to DeFiner, we take a closer look at a DeFi lending platform with rapid development and plenty to prove in the future.
What is DeFiner?
DeFiner is a decentralized finance platform that enables users to lend, borrow, and gain digital assets with maximum flexibility.
Multiple DeFi protocols function as networks for crypto savings, loans, and payments out there. However, DeFiner aims to remove friction and high transaction costs to support fast and easy crypto operations on top of immutable blockchain technology.
DeFiner lets its users decide the rates and terms of transactions without the need for third-party participants. The platform uses the blockchain to track every movement of the assets across the network, thus providing a high-security level for the users.
Most other lending platforms play a custodial role in all the transactions that they host. DeFiner uses smart contracts to execute all the lending and borrowing operations on the network.
DeFiner also has a native token, FIN, which it uses to reward participants as interest or as part of the platform’s governance system. Furthermore, all the revenue that the network makes goes back to the participants in a complex process of redistribution.
Who is Behind DeFiner?
DeFiner is Jason Wu’s brainchild, a blockchain architect with extensive experience in project management and entrepreneurship.
We combined his knowledge of blockchain technology and finances with the talent and skills of Oussama El-Hilali, a project manager with a knack for innovative technologies.
The two gathered a team of blockchain developers and crypto asset traders to launch DeFiner in 2018 in Minneapolis, Minnesota.
DeFiner receives funding from Alphabit, an industry renowned supporter of crypto projects and startups.
How DeFiner works
DeFiner works as a decentralized, non-custodial platform where crypto holders can loan or borrow assets and earn interest on their digital possessions.
DeFiner invites its users to ¨work smarter, not harder.¨ In this regard, participants to the network have full freedom to create and execute loan contracts. The DeFiner team has no authority or control over how the contracts receive approval or rejection from other participants.
DeFiner doesn´t even interfere with undoing, changing, or canceling loan agreements. The team uses immutable blockchain technology to support impenetrable smart contracts for crypto loans.
The platform only ensures the infrastructure and its proper functioning so that participants can create and run smart contracts for loans. From there on, the platform publishes them on networks like Ethereum.
Some of the DeFiner features include:
- High Security – The platform is powered by audited smart contracts for full security and transparency.
- Over 15 Digital Asset Options – Users can loan and borrow several crypto assets, including Bitcoin, Ether, DAI/SAI, Tether, BNB, etc.
- Third-Party Insurance – Nexus Mutual insures the platform.
- Over-Collateralized Loans – All the loans are backed by collateral, so participants can´t experience loss.
- Non-Stop Availability – Users can loan and borrow cryptos 24/7 and on every day of the year.
DeFiner enables its participants to customize every condition in a lending smart contract, including collaterals, currencies, interest, and terms for everyone involved in it.
Users can deposit and earn 6%-12% interest on their assets. Also, they can withdraw at any time with no fixed terms and the option to borrow against their savings.
DeFiner Off-Chain Loan Agreement Matching
DeFiner provides a pre-agreement service to users that facilitates access to information, communication channels, rules, and regulations.
Also known as the DeFiner Layer 2 Off-Chain Loan Agreement Matching, this feature creates direct links between participants to help them negotiate and reach loan agreements without third parties’ interference.
Layer 2 balances the discrepancies between offer and demand on the platform. It has a modular form, making it easy to integrate with off-chain entities and provides maximum efficiency at a low cost.
DeFiner On-Chain Loan Agreement Settlement
DeFiner takes all the loans that the participants agree on and deploys them on the blockchain, layer 1 of the platform. This layer is responsible for the entire DeFiner ecosystem’s security and ensures that the smart contracts reach their predetermined conditions correctly before execution.
What is DeFiner Token (FIN)?
In September 2020, DeFiner launched FIN, a fully audited ERC-20, Ethereum-based cryptographic token that addresses all the DeFiner ecosystem’s functionalities.
DeFiner made the token available to its users on CoinList through a private sale. The event concluded on the 21st of September 2020 after gaining $1,080,000 from 42 million FIN tokens. Participants to DeFiner had the option to purchase tokens in exchange for contributions to the DeFiner savings pool.
FIN has three uses:
- Profit distribution
- Voting rights
- Proof of premium
Not all the applications for these uses are available at the moment. However, soon, DeFiner wants to empower its users with control over the platform´s development.
At the time of this writing, FIN was trading for $0.3368. It had a market capitalization of $1,234,000, and there were over 3,6 million tokens in circulation out of a total supply of 168 million.
FIN is available for purchase at several crypto exchanges, such as Uniswap, Hoo, and Gate.io.
The Bottom Line – DeFiner
DeFiner manages to occupy the lending niche in the DeFi sector quite authoritatively. Its rather brave approach to democracy on the blockchain rewards users with an unforeseen level of freedom. Participants can engage in loans without having third parties sticking their noses in their smart contracts.
At the moment, DeFiner may be off to a slow start, but it has a bright future ahead. It benefits from the backing of a highly experienced team and audits from industry experts. It won´t be long until we see DeFiner among the top decentralized finance protocols in the business.