INTRODUCING PARIBUS - A CROSS-CHAIN DEFI PROTOCOL
Paribus (PBX), a cross-chain decentralized finance (DeFi) protocol, seeks to provide foundational liquidity for a number of conventional and novel digital assets. It is powered by Cardano, a blockchain platform that uses proof-of-stake. Its main objective is to investigate financial tools and NFT-related goods enabling the protocol to be chain independent and connect many assets across numerous blockchains simultaneously.
The platform aims to provide low transaction costs, astoundingly high throughput, security and dependability for big-value transfers, as well as a robust DApp ecosystem. However, Paribus makes an effort to provide a variety of functionalities in order to improve its value proposition as the DeFi protocols on the Cardano blockchain. It plans to use and enhance the ability to unleash liquidity across a number of assets by default due to the characteristics of Cardano.
Additionally, the asset is intended to support synthetics, NFTs, virtual land, and LP tokens. The platform also aims to implement every DApp tenet, such as censorship resistance and being trustless, noncustodial, and permissionless. The platform allows users to lend, borrow, or stake synthetic assets that increase capital efficiency or investment flexibility. NFT collateral-based loans and NFT staking, which enable users to receive a yield on their assets, are further features that Paribus aspires to have.
However, there are numerous different user kinds in the Paribus Network. Lenders are the first to mention because they are the foundation of any DeFi network and are frequently referred to as holders in the cryptocurrency world. With its underlying assets rising in value over time, Paribus aims to provide new opportunities for lenders to generate passive income. The second group of borrowers aims to run a platform for collateralized loans only. To borrow against assets, borrowers must deposit such assets.
With Paribus, people will have access to a single location where they can easily and freely participate in this financial revolution. As of now, lending platforms and decentralized exchanges are in the lead, with exotics making slow but steady progress. For Paribus, we are expanding on what has already been established and moving forward iteratively in response to available opportunities and in anticipation of demand. In order for holders of non-fungible tokens, liquidity positions, and synthetic assets to properly benefit from their value, DeFi apps are necessary.
Interestingly, Paribus has opted to innovate while keeping in our space, even though we recognize the more unique concepts that the chain agnostic strength of Cardano and the embedded toolkit of Ethereum may bring. The study conducted has led us to a stage where a cross-chain, interoperable, Cardano-powered marketplace that supports NFT, staking, synthetic assets, and the possibility to leverage liquidity positions is comprehensive and feasible.
SUPPORTED ASSETS BY PARIBUS
Cardano can interact with many other blockchains, so Paribus will also be able to open up liquidity across other blockchains and their range of virtual assets. In addition to traditional assets, Paribus will also manage synthetics, virtual lands, and non-traditional assets (NFTs), as mentioned above.
- Synthetics and LP (Liquidity Provider) Tokens
With an emphasis on supporting more complicated use cases employing both Synthetics and LP tokens, Paribus intends to establish a product line for borrowing and lending to better leverage the various underlying assets.
- Non-Fungible Tokens (NFTs)
With improved liquidity and more alternatives for use outside simply selling the NFTs, Paribus seeks to increase the economic worth of these distinctive digital assets. Owners of NFTs will be able to finance other transactions and investments through Paribus and unlock liquidity with collateralized loans against their NFTs.
There the question lies, how can NFTs benefit DeFi?
Herein is the importance of Paribus. As we all know, Paribus is a cross-chain borrowing and lending mechanism for NFTs, liquidity positions, and synthetic assets. It therefore provides customers with a platform for secure and quick borrowing against their digital assets, whether they are NFT or synthetic assets.
With the aid of Cardano, Paribus is advancing DeFi. The interoperability of Cardano expands the capabilities of the protocol and its users by removing the constraints imposed by the restricted environment. Cardano has made it possible for users to borrow money against their digital assets from DeFi's perspective.
- Virtual Land
The DeFi world's virtual land market is constantly expanding, with land selling for up to $900,000, as evidenced by a recent Decentraland transaction. By putting forth a set of smart contracts that would enable virtual lands to serve as collateral, Paribus seeks to encourage this asset class. It also aims to test out concepts that will allow for the borrowing and lending of funds using these assets to create liquidity.
Others includes;
- Metaverse Integration (Unlock the liquidity locked into your metaverse plots and assets)
- LP collateral-based loans (Borrow against your AMM liquidity positions, allowing you to leverage up while staking or earning through LP)
- NFT collateral-based loans (Borrow against your investment, freeing up your capital while the underlying NFT appreciates in value)
- LP Staking (Market specific staking pools for LP tokens from multiple blockchain based liquidity pools)
PARIBUS MVP PLATFORM - ITS MERITS AND FEATURES
The Paribus MVP platform is a decentralized trade settlement and clearing platform that seeks to provide users with a number of special features and advantages. Users of the Paribus MVP platform can take advantage of a number of distinctive features and advantages, such as decentralized trade settlement and clearing, borrowing and lending utilizing NFTs, Cardano integration, user-centric design, and governance. Due to these merits and features, users also seeking access to a decentralized, open, and comprehensive financial system will find the platform to be a compelling choice
The platform's main advantages and features include:
- User-centric Design: The platform's user-centered design makes it simple and intuitive for users to access and use the platform
- Governance: Users can participate in decision-making and have an impact on how the Paribus MVP platform is developed thanks to a governance mechanism that is included in the platform.
- Trade Settlement and Clearing: Through the decentralized and automated trade settlement and transaction clearing capabilities of the Paribus MVP platform, users can eliminate the need for middlemen and improve the effectiveness of the process.
- Cardano Integration: The Cardano blockchain, on which the Paribus Protocol is based, offers scalability, interoperability, and security among other benefits
Therefore, Platforms like Paribus are going to play an increasingly significant role in determining the direction of finance as the DeFi industry expands and changes.
UNLOCKING LIQUIDITY FOR UNCONVENTIONAL DEFI ASSETS - PARIBUS MAINNET LAUNCH
Users can be reassured that a well-refined, proven, and secure platform is available owing to the recent Paribus Mainnet launch on Arbitrum which took effect on the 28th March as well as upcoming releases of more works. Paribus is indeed excited about the next stage of the process since this signals the end of a protracted rollercoaster of ups and downs in the development that was accompanied by tumultuous market conditions.
For consumers to have access to even more liquidity, Paribus, which offers unconventional liquidity for unusual assets, has teamed with a number of other DeFi platforms. For instance, Paribus has partnered with Aave, a prominent DeFi lending platform, to enable customers to borrow money using Paribus assets as collateral. As well as Compound, a well-known DeFi lending platform, and MakerDAO, a platform that enables users to produce stablecoins by locking up collateral, Paribus has merged with both of these platforms.
In general, Paribus intends to give the DeFi ecosystem a new degree of adaptability and liquidity. It will be especially helpful for users who hold unusual assets or who are searching for ways to obtain liquidity without having to sell their assets because it enables users to borrow against a larger range of assets. Also it has positioned itself to dominate the DeFi market by collaborating with other DeFi systems and connecting with the Arbitrum network.
PBX, PARIBUS GOVERNANCE AND UTILITY TOKEN
The native Paribus token (PBX), for which token holders need only stake a little amount of money, is essential to the protocol’s governance. The PBX token holders will take over management of the network’s operations and protocol from the team as it intends to build a decentralized autonomous organization (DAO) infrastructure during the following five years, which coincides with the project’s plan of action.
Apart from that, the protocol gives owners of the Paribus token (PBX) a chance to generate passive revenue. Holders of PBX tokens can stake their assets using a tiered structure to share in the fees that the protocol collects. payouts are proportional to the amount staked; the higher the percentage of payouts, the more PBX tokens are pledged. This encourages locking up tokens, which raises their value as a result of increased scarcity.
The main objective of adopting the Paribus token (PBX) for governance is to give everyone the chance to participate. Holders of tokens have the option to participate in the protocol for borrowing and lending as an investor, trader, or other role. Platform governance can help the PBX token holders, the Paribus protocol, and asset security all at once.
Succinctly, Any off-chain item that can be confirmed can be tokenized by users using Paribus. The platform's borrowing and lending protocols can then be used by users to employ these NFTs, giving previously unused assets a new purpose.
To get more information. Visit Paribus on:
Twitter: https://twitter.com/paribus_io
Telegram: https://t.me/paribus_io
Website: https://paribus.io
Medium: https://blog.paribus.io
