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The growth of Defi has been impeccable since its launch. Today, the ecosystem consists of several classes of Defi smart contracts. Among them are platforms for lending and payments, DEXs, derivatives, insurance, staking, and NFTs. However, one problem that the DeFi space has to counter is complexity.
To enjoy different Defi services, you must register accounts on several applications. This comes with numerous inconveniences. What if there was a platform that integrates the many Defi services in one dashboard? Vortex Defi is a new platform operating since late 2020 to streamline Defi service provision.
Understanding Vortex Defi
Vortex Defi is a platform introduced to simplify the Defi service provision. The platform reduces Defi fragmentation, bringing key Defi components to one dashboard.
Once it completely launches, the need for multiple platforms will be over. Both beginner and expert Defi lovers can use the platform and see the benefits. What are the key features of Vortex Defi?
Vortex Defi: The Key Features
For Vortex to provide DaaS, it must have different tools in the world on each service. Here are the top tools that Vortex ecosystem has or is planning to introduce in the future;
- V-Swap- Part of the DEX services, this tool enables investors in Defi to swap Defi assets across chains.
- V-Pay. The Vpay section is a payment gateway for investors to buy tokens with a bank account or credit card.
- V-Yield- This is a tool for yield farmers. The yield farming tool connects with yEarn finance. Thus, investors will get good lending rates.
- V-NFTs. This feature allows Vortex to provide NFT asset management services.
- V-insure. The Vortex network offers V-Insure, to help investors protect against the Defi risks.
The ultimate intention of Vortex is to be an all-around service provider.
Vortex Defi: The Token
Vortex has introduced its token, $VTX, to be a complete Defi network. Also, $VTX is the main token powering the network and providing income creation opportunities.
Generally, this ERC-20 token helps in the payment of fees charged in the network. As an income creation token, Vortex is exploring the following areas;
- Using the coin to pay for the liquidity pool rewards
- Using the token to stake and earn rewards
- Providing fee reduction for $VTX users on the platform
- Making this coin deflationary. Generally, the team will be burning tokens to reduce the amount in circulation.
This token takes position 2329 in Coinmarketcap, with a market cap of a little over $970k. Vortex completed its IDO with the VTX token in February.
Vortex Defi: The Blockchain Technology Backing
Blockchain technology is the primary backing for the Vortex Defi. This network chose to use Ethereum smart contracts to develop its Dapp and hub its services. Why?
Ethereum is currently the lead in the smart contract business, hosting over 200 DApps. By leveraging Ethereum as their host, Vortex will interact with a world of DApps. The platform will thus have a wide reach.
Vortex aims to expand vastly, even out of the Ethereum chain. Plans are underway to introduce services in the BSC and then the Polkadot network later.
Vortex Defi: The Team
Without a doubt, one of the strong points of any project is the team. Vortex Defi has a team of renowned individuals working from different parts globally. Foremost, Rahul Singh is the project’s founder. Mr. Singh has 12 years of experience in the retail industry and aerospace. His technical expertise will help create a highly efficient platform as we advance.
Other team members also take part in making this platform even bigger and greater. Among them include;
- Rahul S- The products head and specialist in project management
- Lester- Strategic advisor
- Sunil- Technical lead
There are also three other developers for software and backend. Additionally, a team member is focusing on managing the community.
Vortex Defi: The Pros
One Dashboard for All Services
Vortex brings most of the services you need on one dashboard. Everything from the fiat gateway, Dex, and insurance tools are easy to access. Using only one account, you get benefits from the Defi space.
A Non Custodial platform
The concept of non-custodial wallets is gaining traction. Non-custodial means that whenever you use the platform, you have full access to your funds. Vortex does not control your funds. You can access the funds at any time.
The provision of a non-custodial platform helps in strengthening user security. The V-Insure is a good tool that can help users get investment security in DeFi.
Vortex is working hard to provide a user-friendly interface (UI) for a good user experience (UX). The interface is simple to use both for new and experienced users. You can, with a single click, access the services that are already live.
Vortex Defi: The Cons
As a new platform, it’s quite hard to explore the cons associated with the Vortex Defi platform. Although the platform’s interface is friendly, it does not have the dark mode option. In the future, the developers could work it out to bring an even better experience.
Currently, the VTX coin is not performing well in the markets. As the platform grows in the future, the coin will gain value and additional benefits.
To the Future
Vortex is still in plans to introduce other features in the coming months. According to the roadmap, the platform already hit its first milestone. They launched the V-yield for passive income. Coming up next, in September, is the NFT management tool.
In October, Vortex will achieve its 3rd milestone, introducing the DEX and V-insure. Finally, Vortex will end the year in December, introducing the payment gateway, V-pay. Indeed, Vortex Defi is providing the much-needed services in the Defi world.
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