The decentralized blockchain platform, Tezos (XTZ/USD), is seeking to launch a number of yield and lending products and become a part of the growing sector of decentralized finance (DeFi). To do it, Tezos has teamed up with EQIFI, an already established DeFi platform that will provide support to Tezos’ own ecosystem.
According to what is known EQIFI chose Tezos due to its on-chain governance, which has already managed to withstand the test of time without crumbling, which has happened to many other projects so far. Tezos also uses the Proof-of-Stake (PoS) consensus mechanism, which is much more convenient and efficient than PoW used by the likes of Bitcoin (BTC/USD) and a variety of similar projects.
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Plus, Tezos also has an advantage in the form of a grand and inventive development community that has proven not only loyal but also quite capable. This partnership will also allow EQIFI to ensure the first seamless global bridge to DeFi.
What will EQIFI get from the partnership?
As mentioned, the DeFi platform will offer staking, as well as lending/borrowing services to its users, which will also be beneficial for EQIFI, as its chairman, Jason Blick, stated. He believes that EQIFI is on its way towards the top of the industry and that a product offering with an industry leader like Tezos will be a major deal for EQIFI, providing it with an opportunity to cement its spot in DeFi.
EQIFI is already doing rather well for itself, as it is funded by EQIBank — one of the world’s top licensed and regulated banks. However, despite the fact that its funding is coming from such a source, the platform itself is decentrally governed by the owners of EQX token, and no major centralized entity.
As for Tezos, this is not its first encounter with DeFi, as the project has already logged millions upon millions of transactions while offering support from pretty much everything, from NFTs and DAOs to DeFi, hundreds of dApps, and more. Now, it is only taking the next step in offering more services in an attempt to expand and ensure new opportunities for its users.
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