As recently as a few months ago, in summer 2020, the world has seen the DeFi boom. The tokens of the projects in the field of decentralized finances demonstrated six-figure returns. One example is YFI, the price of which has grown 130000% in one month. But this hype is already a part of history. The market sees a continuous correction, and the YFI has dropped in price by more than one-third from its peak.
This being said, the industry has already welcomed a new decentralized instrument that combines the stability and liquidity of traditional financial instruments with the security and transparency of blockchain technology, CrossFi. This instrument is based on the LPoS (Liquid Proof of Stake) consensus algorithm that has several benefits, in comparison to DeFi:
- There is no need to lock tokens used for staking, users always have full access to their funds;
- Every node with a certain amount of coins can participate in the blocks’ creation and validation.
Among other key benefits of CrossFI there are its deflationary mechanism and lack of volatility of the basic asset, system’s scalability, low transaction costs. Moreover, its opened source code and a huge number of validators allowed the creation of the most decentralized blockchain among all possible blockchains.
STAKING 2.0 – BANKS ARE LEFT BEHIND
MINE tokens are the internal currency of the platform used for operational transactions within the platform, like paying commissions and distributing bonuses. PLEX tokens, on the other hand, are used for trading in the cryptocurrency exchanges. Its dynamics could be monitored on the famous portal Coinmarketcap. The price of PLEX grows in accordance with the algorithm on which it is built.
The MinePlex Banking users and partners can receive income in 2 ways:
- Mining. All holders of the core token MINE receive FLEX, the exchange rate of which is based on the mathematical formula. This allows users to receive up to 20% of income monthly;
- Multi-level partnership program and bonuses on the structure’s turnover means.
During the period from January to October 2020, Russian citizens had withdrawn 1.5 trillion rubles from rubles and foreign currencies bank accounts and deposits. By the end of the year, capital outflow could reach 200-300 trillion rubles, reports RBC citing analysts from the National rating agency. The outflow is linked to the decline of bank rates. According to Banki.ru portal, the best offers on deposits annual return ranges from 4 to 7%. Thus MinePlex’s offer with a 20% monthly return is much more profitable than offers from the traditional banking industry. This return is the direct result of combining traditional finances and cryptocurrencies.
CRYPTO BANKING AS A DRIVER OF DEMAND FOR CRYPTOCURRENCIES
One of the main goals for cryptocurrencies is their mass adoption. Despite the bitcoin price being above $24000, the technology itself remains complicated for the majority of people. For example, according to last year’s survey of the Hi-Tech mail.ru, 42% of Russian citizens named Bitcoin one of the worst gifts for New Year. Even though the BTC price has grown almost 4 times in a year.
To facilitate mass adoption of cryptocurrencies, MinePlex offers a solution that allows all people to enjoy usability and efficiency and benefit from using decentralized technologies without doing deep into its technological aspects. Most significantly, the service allows users to use their cryptocurrencies even for purchasing goods in regular shops that do not accept cryptocurrencies and do not have special crypto processing mechanisms in place.
MINEPLEX BANKING ECOSYSTEM
One of the key MinePlex products is the debit card that can be used for paying in cryptocurrencies around the globe at any shop that accepts VISA, Mastercard, or Unionpay. The transactions are executed as easily as in fiat without any limits or extra costs.
The main benefits of the MinePlex debit card include:
- Cost benefits on exchange commissions – the conversion are executed directly from one currency to another, lowering costs for cardholders;
- The bank can not single-handedly block your card;
- It is possible to execute transactions without limits;
- The card is ready for use in international travel (In future, MinePlex plans to add the majority of national cryptocurrencies);
- It is possible to withdraw cash in euros at any ATM;
- Buying euros and dollars for a favorable market price almost without commissions and without searching or queuing for exchangers;
- The card can be used at any place on earth with the same comfort as at home.
MinePlex Banking security is safeguarded by blockchain technology with smart contracts. Blockchain does not require salaries, vacations, or annual bonuses. Thus, it brings huge cut costs without compromising efficiency that results in lower commissions for users. The MinePlex blockchain is flexible enough to change the infrastructure without the hard fork risks. And transactions on the MinePlex blockchain take seconds. Such high transaction speed is a core competitive advantage even in comparison with such a market leader as Bitcoin, on which a transaction could take up to 40 minutes.
MinePlex Banking has created a service that facilitates the mass adoption of blockchain and cryptocurrencies. This project makes this new industry a part of everyday life thanks not only to its MinePlex debit card but also to giving users an opportunity to accumulate savings and funds that bring real passive income.