Apart from being a revolutionary technology, Blockchain has been a platform promoting sheer innovation. Building on top of Blockchain has instilled a new perspective as to how different business processes or any process, in general, has been operating.
Take the finance industry for instance. The applications of Blockchain in the finance industry did not just stop at the inclusion of cryptocurrencies, ICOs, token economy or the remodelling of the system as a decentralised one(DeFi), but the innovation seems to have no bounds.
Taking the concept of decentralised finance even further is the implementation of yield farming. Regarded as the rocket fuel of DeFi, Yield farming is a practice where you can earn rewards by staking your cryptocurrencies.
All the hype of DeFi soon became a normal part of our lives with cryptocurrencies experiencing mainstream adoption. Substituting that feeling of excitement for something new and unique in the world of cryptocurrencies, NFTs soon came to our rescue and took over DeFi as the hottest topic in the crypto world.
But it wasn’t long before the crypto community realized that NFTs and DeFi both have some drawbacks. While NFTs provide a relative application it lacks mass adoption and while Defi has mass adoption, it fails to sustain the interest of a user.