Celphish Finance, Uniswap, and Maker: Three DeFi Protocols with Multichain Capabilities
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Decentralized finance (DeFi) first emerged following the launch of Ethereum in 2015 with its pioneering smart contracts platform, which allowed project creators to develop advanced financial applications on the blockchain using cryptocurrencies beyond sending and receiving transactions.
One of the first DeFi protocols is MakerDAO (MKR / DAI) which launched in 2017, yet it wasn’t until the launch of Uniswap in May 2020 and its Uniswap (UNI) token in September of the same year that DeFi started to gain traction.
At the time of writing, the total value of locked funds in DeFi protocols across all blockchains is $74.46 billion. This number is only set to increase with the launch of innovative, unique cryptocurrencies and protocols such as decentralized exchange (DEX) and Celphish Finance (CELP).
Maker (MKR) and MakerDAO Prelude the DeFi Movement
MakerDAO (MKR) is a DeFi protocol built on Ethereum, consisting of two tokens: Maker (MKR) and Dai (DAI).
Dai (DAI) is an algorithmic stablecoin pegged one-to-one with the US dollar and collateralized by other cryptocurrencies, including Maker (MKR). Maker (MKR) includes deflationary and inflationary mechanisms to control its supply and demand and help maintain the DAI-USD peg.
MakerDAO is a protocol for peer-to-peer lending and borrowing cryptocurrencies by connecting their Ethereum wallets via Metamask. On May 30, 2022, MakerDAO deployed the StarkNet Dai Bridge to drive scalability and allow users to move Dai tokens between Ethereum and StarkNet. It is expected that MakerDAO will make further steps towards becoming a multichain platform in the future.
Uniswap (UNI) V3 Is Currently Live on Polygon and Aributrum
Uniswap (UNI) is an ERC20 cryptocurrency used for utility and governance on the Uniswap protocol, a DEX for peer-to-peer cryptocurrency trading on the Ethereum blockchain. Uniswap supports all ERC20 tokens and uses an automated market maker (AMM) protocol to connect traders without the involvement of centralized intermediaries.
As a decentralized autonomous organization that governs Uniswap (DAO), users who own tokens can submit and vote on governance proposals to influence the protocol’s future. You can also stake your tokens into high-yield liquidity pools on Uniswap.
Uniswap (UNI) now features multichain compatibility since it deployed version 3 (“v3”) of its DeFi protocol to the Polygon blockchain in late 2021. It had deployed on layer-2 scaling network Arbitrum earlier that same year.
Celphish Finance (CELP) Powers Multichain DEXs for Crypto and NFTs
Celphish Finance (CELP) is used for utility on the Celphish Finance community-driven protocol and DEX. Celphish Finance features an AMM protocol that allows for multichain sourcing and trading via different liquidity sources. It also provides a safe and easy-to-use DeFi solution to tackle issues like poor UX and limited options faced by users of many platforms.
The Celphish Finance AMM protocol powers CelphishSwap, a user-friendly decentralized exchange for cryptocurrency trading, featuring low fees and high-speed transactions. There is also the Celphish Finance NFT marketplace for trading NFTs.
In total, 199,465,000 Celphish Finance (CELP) tokens will be minted, with 42% of the supply distributed through sales: 22% through presale, 10% at private sale, and 10% in the public sale.
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