When you visit the draken exchange https://draken.exchange/ the first thing that you notice is that there is no place to login or register instead there is a pop up that prompts you to connect your Metamask account or you can use the Dapp browser instead.
The https://draken.exchange is a decentralized exchange so that a user need not transfer funds like it is required in the case of a centralized exchange.
Instead a user can hold the funds on the Metamask wallet and simply connect the wallet in order to create a trade order.
However there is much more to https://draken.exchange than being merely a decentralized exchange.
It represents a part of a decentralized ecosystem and in this article we explore the progress of this progress.
https://draken.exchange/ can be seen as a front end of the draken blockchain.
With the birth of Bitcoin a decade ago it was slowly but surely established that the future of money and how we do transfer of value that was till then done by fiat currencies would change.
As bitcoin and later ethereuim began to cement its place the notion of a new kind of money or cryptocurrencies was born
With time DeFi was born
The idea behind DeFi is that all that you do with fiat that is borrowing , lending getting interest etc the same you can do with crypto that too with greater efficiency and increased productivity.
The way the DeFi transactions occur are they are carried out in a trustless environment governed by smart contracts.
The underlying currency for most of DeFi operations is Ethereum which is a proof of work (POW) coin.
The drawback of working with Ethereum is that the price of transaction is a function of the ethereum price and network transactions can be a bottleneck and slow down the transactions due to network traffic.
To improve upon the idea of DeFi and to overcome the bottle necks the concept of the DRK DeFi platform was designed.
In simple terms it is a DeFi platform with increased degree of efficiency.
The idea behind the DRK Chain is to overcome the shortcomings of the previous blockchains and bild on the strengths.
POH is Proof of Honor which uses Hodge rank to rank the nodes. This ranking is based on number of stakes and the number of transactions.
This is a stimulus or incentive to align and join the participants/ group partners to come and join under one node.
This alignment is intended to result in profit when interacting with financial transactions.
The POH algorithm is designed to use intelligent node ranking mechanism to eliminate fraud.
increase of network life and
reduction of the transaction cost.
smart contracts with multi tiered structure, ability to interact with other blockchains, possibility to expand with DRK DeFi platform
DaRK a privacy protocol on DRK chain and offers scripting tools and offer privacy on demand
In the current state of development the front end or the exchange part https://draken.exchange is up and running.
A user can use the metamask wallet to connect with the site and access the dashboard.
From withing the dashboard one can access all the trading pairs.
Currently we see
as the trading pairs which are not greyed out. With time more pairs would be added and made functional.
As part of the project the draken exchange and the underlying blockchain 4.0 ecosystem aims to develop as a functional DeFi ecosystem which would offer
borrowers to collateralize fluctuating cryptocurrencies and for lenders to earn interests from stablecoins (USDT, USDC,DAI, etc.).
A DeFi based insurance product as part of the standard interface.
The project is certainly a work in progress and gives a good opportunity to see how things are shaping up in terms of progress, vision and community support.
Once functional one would be able to trade and carry out DeFi operations not just on its own blockchains but also on other Blockchains that would give it a much desired competitive edge over other DeFi projects.
So what to expect from Draken DeFi Chain & the DaRK combo when fully functional?
Draken Crosschain Decentralized Exchange (DEX)
Draken Crosschain Decentralized Exchange (DEX)
DRK Crosschain Swap (coming soon)
The ability to swap and provide liquidity across blockchains
DRK Swap would be able to use UniSwap + Crosschain to provide liquidity to the DeFi platforms and in between different blockchains.
DRKompound (coming soon)
Borrow and lend crypto funds
DRK Insurance (coming soon)
Users would be able to buy insurance and protect digital assets from loss
DRK Governance (coming soon)
DrakenX Entertainment Platform
The place to play games and enjoy
DRKakao Decentralized Social Network (Coming Soon)
Please do your own due diligence and research before making an investment.
The purpose of this post is for education purpose only. It is not financial advice.
If you are interested in earning some extra income