New projects continue to emerge making the industry not only lucrative but also promising. For instance, the decentralized finance(DeFi) movement emerged into the mainstream eye in 2020 but has already grown to almost $50 billion in market cap within the shortest time.
This proves that the market will reward disruptive, innovative, and functional blockchain technology projects in the foreseeable future. As with every emerging industry that challenges the status quo, early adopters have a significant upper hand in reaping the long-term benefits.
A new wave of digital asset heavyweights is gaining momentum. Behind the frenzy is a myriad of promising, groundbreaking blockchain projects currently scaling up to position themselves as future industry leaders. Here are a few visionary projects that should be on your radar.
Decentralized finance applications are currently being built on protocols that aren’t flexible enough to meet the needs and requirements of DeFi system such as scalability.
Radix is the first breakthrough layer 1 platform built to serve the most pressing needs of the thriving DeFi market. Radix intends to make DeFi more accessible by facilitating easier transactions through the DeFi ecosystem.
The original blockchain that underpinned bitcoin could only handle a few hundred transactions at a time, making its mainstream adoption a challenge.
Radix seeks to address this challenge through a process called sharding. Sharding involves cutting up a distributed ledger into 18 quintillion pieces. Radix has built a sharded, decentralized ledger that’s an alternative to blockchain and can handle millions of transactions at once.
Using its remarkable technology, Radix demonstrated a whopping 1.8 million transactions per second in 2018. Their current integration, Cerebrus, is theoretically infinitely scalable.
The potential and future impact of Radix as an innovator in DeFi can’t be underestimated. If it becomes successful, it could become the platform that can deliver blockchain-style services to entire nations of people.
The crypto industry has seen numerous security breaches that resulted in the loss of millions of dollars.
Bridge Mutual seeks to leverage the power of DeFi to offer its users a decentralized, discretionary, peer-to-peer risk coverage. Users can obtain insurance cover and pay for it through in-platform transactions. It also allows users to provide insurance services to others and earn interest.
Bridge Mutual addresses the discrepancy in the traditional insurance system that doesn’t offer risk coverage for crypto assets.
Like other forms of established financial systems, the crypto industry is introducing its lending services.
TruFi was launched by TrustToken to cater to companies interested in crypto loans that don’t have collateral. TruFi’s star is shining bright. The unsecured on-chain lending space has cleared over $60 million in loans with no defaults since its launch in November 2020.
TruFi is a promising industry leader in the crypto lending space.
Gather is a platform that enables publishers to monetize without ads and provides businesses and developers access to cheap and reliable processing power.
Imagine an internet where web and application developers can monetize without having to rely on intrusive ads. The processing power gathered is redistributed, providing a cheaper alternative to existing cloud market products.
Cartesi is focused on making DApps easy, scalable, and cost-efficient by leveraging tools developers have been using for decades.
Usually, developers need to comprehend blockchain-specific coding languages like Solidity to create decentralized applications. With Cartesi, all developers will be able to create DApps using mainstream software and Linux resources.
Allowing mainstream programmability is a necessary step towards the maturity of the blockchain ecosystem.
PolkaFoundry is a one-stop production hub for DeFi apps on Polkadot.
It simplifies the creation of vital financial products such as decentralized insurance, cross-chain decentralized exchanges, DeFi derivatives, digital auction houses, prediction markets, etc.
PolkaFoundry is compatible with Ethereum Virtual Machine(EVM) making it a valuable bridge between Ethereum derivative DApps and the Polkadot ecosystem.
DAOventures is an automated money management platform that seeks to make DeFi simpler, more accessible, and inclusive.
DAOventures provides Robo-advisory and automated asset management services for DeFi. The platform assists with investments in DeFi products as a pooled asset manager with the aim to ensure optimum results. It works similar to a typical VC; where instead of actual human beings sourcing favorable deals and opportunities, technology is leveraged to achieve this goal.
The DeFi products available on the platform include unbiased Robo-advisory, yield farming aggregation, structured products, decentralized insurance, etc.
APYSwap is a protocol for the decentralized exchange of shares of Tokenized Vaults.
APYSwap seeks to address an important problem. The DeFi ecosystem is challenged by issues of complexity, numerous indecipherable products, rapid changes, and high transaction costs. APYSwap was created with the goal of providing users with a marketplace for trading all financial assets.
Through the creation of a layer 2 blockchain, it allows users to swap assets and accounts from layer 1 protocols such as Ethereum, Binance Smart Chain, and Polkadot. Users can enjoy financial services without sacrificing ownership of their assets.
APYSwap’s solutions to some of the biggest challenges in DeFi make it one of the most important projects in 2021 and beyond.
The exciting future of blockchain
Less than a decade ago, nobody would have predicted that blockchain will become the buzzword it is today. The blockchain industry has proven that it will be a force to contend with in the future of financial services.
With more versatility, flexibility, and scalability, it has a massive potential to become a key player in mainstream day-to-day operations.