Spores network is a cross chain DeFi powered NFT market place that seeks to Define decentralized pop culture. It’s main aim is to build a full stack NFT platform consisting of an NFT meeting portal in the marketplace for trading NFT’s supported by cross-chain DeFi protocols which is user friendly. Spores is currently Asia’s top NFT marketplace. Spores seeks to Give creators the power to Create, exchange, and communicate their lifes work, supported by cross-chain interoperable and frictionless protocols on multiple major blockchains (Ethereum, BSC, Cardano, Solana, Polkadot, Avalanche, Cosmos), which solves the addressed limitations of the NFT industry.
Decentralized finance contract still at its initial stage as of march 2021 locked more than $41 billion.The total value locked is calculated by multiplying the number of tokens in the protocol and their value in USD. Although many DeFi tokens lack sufficient liquidity and volume to trade in crypto markets. DeFi “rug pulls,” in which hackers drain a protocol of funds and investors are unable to trade, are common. However, well-established protocols that can reduce this risk significantly exist.
Spore designed a DeFi powered NFT marketplace to eradicate intermediaries between transacting parties. Multiple technologies and protocols are used to achieve the goal of decentralization. For example, a decentralized system can consist of a mix of open-source technologies, blockchain, and proprietary software. Most transactions at banks or other financial services companies are accomplished with the help of technology nowadays. Spores decentralized finance is a system that makes financial products accessible and available on a public decentralized blockchain network. This makes them open to anyone to use and eradicates the use of middlemen. DeFi does not require the use of banks or a brokerage account, a government-issued ID, Social Security number, or proof of address DeFi is open, flexible and fast.
Software written on blockchains makes it possible for buyers, sellers, lenders, and borrowers to interact peer to peer or with a strictly software-based middleman rather than a company or institution facilitating a transaction. DeFi is an incipient industry whose infrastructure is still being built out. Regulation and oversight of DeFi are minimal or absent.
COMPONENTS OF DeFi
1) Stablecoin
2) Usecases
3) Software stack
All components of a decentralized finance system belong to a software stack that enable development of applications. DeFi components take the form of stablecoins and services like crypto exchanges and lending services. Smart contracts encode the terms and activities thereby providing the framework for the functioning of DeFi apps. For example, a smart contract code has a specific code that establishes the exact terms and conditions of a loan between individuals rather than manually by a bank or other institution. If certain terms or conditions are not met, collateral could be liquidated. Each layer’s components are meant to perform a specific function in the building of a DeFi system. Composability is a defining characteristic of the stack because the components belonging to each layer can be composed together to fashion a DeFi appLayers of the DeFi stack
- Settlement Layer: This is also referred to as Layer 0 because it is the base layer upon which other DeFi transactions are built. Transactions occurring on DeFi apps which may or may not be traded publicly are settled using native digital currency or cryptocurrency. One example of the settlement layer is Ethereum and its native token ether (ETH), which is traded at crypto exchanges.
- Protocol Layer: Software protocols are interoperable standards and rules written to control specific tasks or activities meaning they can be used by multiple entities at the same time to build a service or an app. One example of a DeFi protocol is Synthetix, a derivatives trading protocol on Ethereum
- Application Layer: This is where consumer-facing applications reside. These applications abstract underlying protocols into simple consumer-focused services. Common applications in the decentralized cryptocurrency ecosystem, such as exchanges and lending services, reside on this layer.
- Aggregation Layer: They contain aggregators that connect various applications from the previous layer to provide a service to investors. For example, they might enable the seamless transfer of money between different financial instruments to maximize returns.
