Web2 and Web3 are two different generations of the World Wide Web. While Web2 is a centralized platform, Web3 is decentralized and powered by blockchain technology. The success of Web3 has been enormous, with many people now moving from Web2 to take advantage of its benefits. However, the path to Web3 is not always straightforward. It is complicated and requires a deep understanding of both technologies. Today's guide will ensure you have the right information to successfully move from Web2…
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DeFi Connect Review – More Than Just Financial Transactions
DeFi Connect seeks to leverage blockchain technology to create a digital ecosystem for real-world applications.
The platform’s developers believe in the real-life impact of cryptocurrencies that should transform the global economy. That’s why it plans to be among the first DeFi projects to help several sectors looking to migrate to the blockchain. Among them are digital marketing, healthcare, transportation, logistics, and multi-level marketing.
DeFi Connect is living it’s early days. Still, that didn’t stop us from reviewing the platform that wants to demystify the entire digital economy in Africa and beyond.
What is DeFi Connect?
DeFi Connect is an innovative digital platform that provides users numerous crypto instruments in the decentralized finance space. Some of its services will include:
- Digital Marketing
- Multi-Level Marketing (MLM)
- Token Farming
- Decentralized Healthcare Applications
- A payment gateway through DefiPay
- A Health Monitoring App
- Health Insurance Marketplace
- Solutions for transportation and logistics applications
These features represent only a part of the quickly-expanding ecosystem that is DeFi Connect. More should follow and target various sectors. For instance, entrepreneurs, social workers, and public servants could benefit from the platform’s services.
DeFi Connect promises complete decentralization, efficiency, security, and real-life applications. The platform is still enjoying its early day. Still, it is already leaping across its roadmap from one objective to the next. Now, it plans to differentiate itself from other DeFi projects by offering more than financial transactions.
Fueling DeFi Connect is the platform’s native token, DFC. The digital coin should bridge the distance between real-world financial stratifications and the crypto world. Furthermore, participants can use DFC for crypto swaps, token farming, and other applications on the platform.
Who is Behind DeFi Connect?
DeFi Connect is an African startup under the leadership of Ademu Anthony, a remote contractor with Decred blockchain. Additionally, he is the CEO of Merry World, the company building the DeFi Connect ecosystem.
Ademu Anthony is using his 10-year experience in software engineering to support the platform’s development. The Nigerian innovator has been working in the blockchain space since 2013. Also, he provides his solid expertise in school management, Hotel Management, Hospital Management, eCommerce, logistics, and distribution.
A Brief History of DeFi Connect
Merry World launched DeFi Connect in the second quarter of 2021 on Binance Smart Chain. In a short span, the project launched its official site and announced the airdrop and presale of its DFC token.
Later in June, it listed DFC on the centralized exchange Latoken and services like CryptoMarketCap and Coin Gecko.
In July, DeFi Connect launched the Smart Contract-Based MLM, Crowd Funding and Referral Program. These features should help entrepreneurs operate in a secure, transparent, permissionless, and completely autonomous environment.
In September, the platform managed to list DFC on PancakeSwap with the pair DFC/WBNB, LAToken and Hotbit.
For the remainder of 2021, DeFi Connect aims to list its DFC token on more popular exchanges. Furthermore, with the release of its DFC payment gateway, DeFiPay should attract merchants and e-businesses to the platform.
Other future releases should include a staking pool, a decentralized health insurance marketplace, and blockchain applications for real-world products.
DeFi Connect has set a limit of 200 trillion units to the maximum supply of DFC that can ever exist. According to the DeFi Connect whitepaper, the platform divided the number of tokens this way:
- 60% of DFC’s total supply is locked in the smart contract. Users can receive these tokens as rewards for token farming.
- 20% of the total supply was subject to the presale and initial listing,
- 10% is being the subject of ongoing promotions
- 5% goes to the platform’s development
The project airdropped the rest of 5% of all DFC in two different events. The first one saw 9 billion DFC reach the users through the DeFi Connect website. Meanwhile, the second one saw 213 billion DFC go to users through Latoken.
At the time of writing, DFC had a 24-hour trading volume of $392,724. Also, one unit was selling for $0.00000007457.
During the latest Blockchain Nigeria User Group Conference (BNUG), Ademu Anthony, the CEO of DeFi Connect, spoke more about the token. Soon, the token will be available on Hotbit as well.
$DFC is not a meme coin. We are building real-world applications in Digital marketing, healthcare, transportation, and logistics. The goal is to completely bridge the gap between financial stratifications and the crypto world through the DFC.
DeFi Connect Features & Applications
DeFi Connect is a growing ecosystem that connects real-world applications with the many opportunities of blockchain technology. The project provides lightweight and customizable access to decentralized finance for entrepreneurs and businesses across numerous sectors.
In this regard, it proposes an expanding suite of financial tools. Let’s break them down and see how they work!
On DeFi Connect, you can “plant” your tokens as seeds and watch them grow over time. Once your tokens reach maturity, you can get a profit of 90%, and you can no longer take back the planted token. Also, the current daily return is 1.13%. However, this rate depends on the circulating supply.
Additionally, you have two options for planting, dividend payment plans, and growth funds.
Furthermore, your tokens grow in value depending on the demand. So, the more uses the token has, the more people are likely to buy it. And, as a result, the more your farm harvest increases.
So, what’s the difference between yield farming and DFC farming?
Well, in yield farming, investors deposit cryptos into lending protocols. Next, they earn interest from trading fees. Also, on some protocols, farmers receive rewards for participating in the governance and other operations.
On the other hand, DFC token farming enables investors to harvest, currently, up to 1,13% of their seeds sizes after 24 hours of planting. Also, when the seed produces the maximum yield of 90% of its size, it goes back into the contract. This way, investors get to keep both their seeds and up to 90% of their initial sizes.
For example, if you plant 1,000,000DFC into the ecosystem, you will get 25,300DFC back (2.53%) daily. This happens for a plantation period of 75 days or until the seed reaches a cap of 190%. However, the plantation period may reach a maximum of 360 days. It all depends on the circulating supply of the token in the ecosystem.
And, if you want to increase your farm size, you can take your daily harvest and put it into the liquidity pool. This way, you can improve your potential yield as you go.
Lastly, all participants to DeFi Connect can monitor and see the growth of the seeds during plantation. This unique transparency metric helps you see the chains binding and how the demand and supply system works. As a result, you can make informed decisions before investing more.
Digital Marketing Launchpad
This feature enables users to create and launch several programs on the platform. For instance, they can develop a Smart Contract-Based MLM, a Crowdfunding enterprise, or a Referral Program.
DeFi Connect released it in July 2021 and promised security and transparency in a permissionless and completely autonomous environment.
Real-world businesses can use the Smart Contract-Based MLM platform to transfer their marketing structures to the blockchain. In the future, the platform will run KYC (Know Your Customer) on all the company’s clientele.
At the time of writing, DefiPay is on the brink of release. DeFi Connect wants this feature to “be a pathway for merchants to efficiently run their e-commerce businesses.”
According to the developers, DefiPay will work similar to Paystack but only for crypto payments. The platform users can leverage it to pay for various services. Among them should be hospital bills, transportation tickets, and even shopping.
Soon, DeFi Connect should also release a mobile app to go with DefiPay. This way, users can scan goods for prices.
DeFi Token Hub
This new application should help businesses dealing in digital marketing. It comes with a list of Top Crypto Assets and offers project owners a venue for advertising. Also, it creates a voting system on the platform that depends on the following actors:
The DeFi Connect Community (Users)
Users can vote for their favorite cryptocurrency projects. In return, they earn $DFC every time they cast a vote for crypto. However, they can also vote on multiple coins to boost their earnings. Voting for an asset takes place every 24 hours. Lastly, the voters can use the tokens they earn for various other applications on the platform.
Project Owners (Advertisers)
This feature enables Project Owners to use the platform for promoting their products. For instance, they can advertise coins, tokens, and other digital assets. This way, they gain visibility, and the community’s positive votes can bring them more popularity.
Promoting projects requires payments in the platform’s native token, DFC. New premium features should help advertisers attract more traffic, community patronage, and interest.
This abbreviation stands for Decentralized Health Insurance Marketplace. While it’s still waiting for its release date, this feature should focus on healthcare with options like:
- Managing electronic medical records
- Protection of healthcare data
- Personal health record data management
- Point-of-care genomics management, and
- Electronic health records data management.
By purchasing DFC tokens, users can use the platform’s health package from a mobile health app. This way, they can monitor their well-being constantly. Also, they should have rapid access to emergency medical personnel, who can see their medical records on the network.
The DeFi Connect Health App
This feature should work like Google Fit. Simply put, it collects the user’s biometric stats and daily activity data for better health management. It will work on almost any smartphone through an easy installation process.
Health Insurance Marketplace
This feature will work as a healthcare package with insurance for its users. The marketplace will bring together clinics, doctors, and other medical professionals. This way, the DeFi Connect community can count on expert medical advice.
The healthcare professionals who opt for insurance access a platform to list products, packages, and other services. Their prices will be available for premium subscription users in either DFC or fiat currencies. However, those who opt for the first option can unlock bonuses and extra rewards.
DeFi Connect aims to solve the growing global traffic issue. In this regard, a blockchain solution that tracks vehicles can be the answer. Through temperature-controlled products, easier carrier onboarding, and vehicle communication, transportation may become more efficient.
Additionally, the platform seeks to streamline the transportation industry and help reduce dependency on third parties. Through specific solutions bespoke to each case, DeFi Connect should help increase vehicle communication. In the long run, these logistics methods may help save costs and ensure fuel efficiency.
DeFi Connect offers 10% referral rewards to any user that brings in other people to use the platform. With every successful sign-up, the referrer will automatically receive the payment.
DeFi Connect is still in its early stages of development. The project developers still have to launch all the services and features they talk about in the whitepaper.
Nevertheless, DeFi Connect has an ambitious plan to leverage blockchain technology for real-world businesses and applications. The platform could have a strong influence if it reaches its goals soon.
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