Decentralized Finance has become one of the most trending topics in cryptocurrency lately. With new projects and protocols introduced, the DeFi industry has expanded users and total value locked. However, Ethereum Name Service (ENS) and SpookySwap (BOO) have been criticized for their lack of innovation and stagnant development.
Fortunately, one project continues to push the envelope in the DeFi space: Oryen (ORY). Oryen is an innovative staking protocol offering the market’s highest fixed APY of 90% on investments forever.
How Will Oryen (ORY) Revolutionize DeFi?
The DeFi business is swamped with creative concepts, but not all of them will thrive in competition. When starting a new project, developers must consider three factors: accessibility, profitability, and scalability.
Oryen (ORY), a newly launched Binance Smart Chain-based staking platform, seems to combine these requirements successfully. Users may now get staking incentives without locking their assets in a pool for a predetermined period, thanks to Oryen Autostaking Technic (OAT). Instead, OAT stakes customers’ funds inside their wallets and pays users every hour. The finest aspect of Oryen’s strategy is the highest fixed APY of 90%.
Oryen network introduces many features, such as lottery events, Oryen NFTs, and mobile applications, with the long-term objective of developing ORY into a stable, widely-adopted cryptocurrency. Therefore, the more utility ORY obtains, the longer users will hold, resulting in a more engaged community dedicated to the project’s success.
Ethereum Name Service (ENS) Issues
The Domain Name Service (DNS) model is precisely what Ethereum Name Service (ENS) adopts and modifies for the requirements of Ethereum users. Ethereum Name Service runs on the Ethereum blockchain and is fundamentally a distributed, open, and expandable name system.
ENS allows you to substitute a lengthy, complex string with something much more understandable and user-friendly. The Ethereum blockchain’s smart contracts power these technologies. The smart contracts handle domain registration and periodic changes to material connected with these domains. However, although queries to the blockchain are free, they are relatively slow. This is a huge issue on today’s internet, which is all about throughput and speed.
Another disadvantage ENS struggles to overcome is that if you lose your domain’s keys, you’re doomed. You are entirely responsible for preserving and securing your private key, just as you are for your crypto wallet.
Private key management is one of the most significant barriers to crypto adoption, as ordinary customers are unwilling to accept responsibility. They want to be able to call someone and have their password changed. That is just not achievable for ENS, making it a risky investment for broader adoption.
Is SpookySwap (BOO) A Good Choice?
SpookySwap (BOO) is a major decentralized exchange (DEX) and Automated Market Maker (AMM) powered by Fantom.
Spookyswap users may deposit their tokens in liquidity pools and receive a modest (0.2%) percentage of every transaction. It’s another solid technique to get passive revenue, and it’s also why Spookyswap has gained popularity lately.
However, as more projects emerge through the DeFi industry, more investors flee to easier income-generating solutions.
Unlike Oryen, Spookyswap does need some knowledge regarding liquidity pooling and other crypto-investing tactics. It’s suitable for intermediate crypto enthusiasts, but if you want something that works straight away without much intervention, ORY might be for you.
Current volatile trends also took a lot of liquidity from the exchange during the last few weeks, which paved the path for Spookyswap’s downfall.
Son Düşüncelerimiz
It has become evident that ORY is a much-needed answer for the progression of DeFi, while Ethereum Name Service and SpookySwap have been unable to keep up with the rapidly changing landscape.
ORY has the potential to provide the infrastructure needed for DeFi to reach its full potential. Holders may now easily make large rewards from their assets by purchasing and holding on to ORY, thanks to Oryen’s simple auto-staking solution.
Oryen Hakkında Daha Fazla Bilgi Edinin:
Ön satışa katılın: https://presale.oryennetwork.io/register
Web sitesi: https://oryennetwork.io/
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Source: https://www.thecoinrepublic.com/2022/10/25/oryen-is-necessary-for-the-evolution-of-defi-while-ethereum-name-service-and-spookyswap-stagnate/