The Decentralized Finance (DeFi) industry is currently worth over $100 B and is expected to grow ten-fold in the coming years. Indeed, the DeFi space has grown considerably, with the launch of numerous DeFi protocols to stake, swap and earn tokens. However, amidst its growth, the DeFi sector has been marred by several challenges. The large number of DeFi protocols with the lack of interoperability makes it daunting for users to select an ideal protocol. Additionally, using more than two DeFi platforms for staking, yield farming, DeFi lending & borrowing can be pretty challenging, time consuming and costly.
Vortex is an innovative project with unique aggregating capabilities, combining leading DeFi platforms and protocols under a single platform to enable users experience the full potential of decentralized finance. Here’s a comprehensive review of this DeFi platform unlocking the world of DeFi.
Vortex DeFi Overview
Vortex DeFi is a decentralized platform that aggregates various DeFi platforms and protocols to enable users to benefit from the full potential of decentralized finance. The platform brings together several leading DeFi protocols such as MakerDAO, Compound, AAVE, Yearn. Finance, Uniswap, Nexus Mutual, Idle, Curve, Kava and 1inch among others. It allows users to access accurate data and manage their preferred DeFi protocol(s), from a single platform.
The platform also features an Ethereum to Binance Smart Chain bridge as well as Ethereum to Polkadot ecosystem bridge, providing plenty of interoperability benefits especially to yield farmers. As such, users of the DeFi platform built on Ethereum, Binance Smart Chain and Polkadot ecosystem can seamlessly swap (cross-chain swapping) between the three cryptos. Additionally, they can engage in DeFi activities such as borrowing, lending, NFT asset tracking, insurance of crypto assets and more
Vortex was launched in 2020, but the founders remained anonymous for the first few months to develop a viable platform. Unlike most crypto projects which carry out an ICO (Initial Coin Offering) when launching a product, Vortex launch took a different perspective. After successful completion of the platform, the company carried out an IDO on Duckstarter, which was an instant success, creating more than 25x return to investors.
The Team behind Vortex DeFi
Vortex DeFi is led by the founder, Rahul Singh. Singh has more than twelve year experience in the project management sector, specifically in aerospace and retail industries. The success of Vortex DeFi is largely attributed to Singh’s vast knowledge and technical expertise in project management, which he decided to apply in the highly dynamic DeFi industry.
Other members of the Vortex DeFi team include Lester- Strategic advisor, Sunil- Technical lead, three developers and a community manager. The team is small, but dedicated to the project to enable it realize its goals.
The Vortex Ecosystem
The Vortex Ecosystem comprises six main components, each designed to perform a specific function. The six components are:
V-Pay: A payment solution that allows users to trade supported cryptocurrencies using their bank account or credit card.V-Swap: A all-in-one P2P crypto asset swap platformV–NFTs: A product to swap and manage NFTs within the Vortex ecosystemV–Yield: A feature that allows users to earn passive income by depositing their crypto assets on the platform to earn passive income.V–DEX: A blockchain agonistic DEX that facilitates cross-chain bridgingV–Insure: A feature that allows users to insure their DeFi exposure within the Vortex Ecosystem.
Vortex DeFi Key Features
Vortex DeFi has outstanding features that ensure users have a unique experience on the platform. These features make Vortex one of the most advanced crypto platforms in the DeFi market. The key features on the platform include:
Borrow
Vortex DeFi allows individuals to borrow assets using crypto assets as collateral. The DeFi space leverages smart contracts, allowing users to deposit assets as collateral and receive funds either in fiat or digital assets. The borrower would be required to pay back the loan plus interest at the agreed time.
Lending
Vortex DeFi allows users to lend out their crypto assets and earn passive income in the form of interest and rewards on the crypto deposit. The platform has one of the best interest rates in the DeFi market, meaning that users can earn more rewards via lending.
Insurance
Vortex DeFi is one of the few platforms to offer insurance in the decentralized market space, enabling users to hedge risks. Thanks to the insurance feature, you’re guaranteed protection against smart contract failure, synonymous with DeFi protocols.
Non-Custodial
Security is a crucial aspect of any crypto platform. Vortex DeFi is secure enough, leveraging a non-custodial approach to safeguard users’ crypto deposits. As such, users’ coins are stored on an in-built wallet and are the only one who can access their coins. Vortex cannot access users’ funds, guaranteeing top-notch security and privacy.
Swapping
Vortex DeFi allows users to swap crypto assets instantly, at the best rates. The platform obtains liquidity from multiple decentralized exchanges, solving the challenge of looking for liquidity and the best exchange rates from multiple exchanges.
Asset Management
Vortex DeFi consolidates leading DeFi platforms and protocols under one platform facilitating easy management of the protocols. Get all your DeFi platforms, tools and needs under a single interface. The platform greatly saves you from the hassle of the extreme UI learning curve of every DeFi platform and shifting between different platforms.
VXT Token
The Vortex Ecosystem is powered by the $VTX token. $VTX is an ERC-20 token with several use cases in the Vortex Ecosystem including:
Governance TokenDeflationary tokenLiquidity RewardsEcosystem Discounts
$VTX Distribution Model
Tokenomics
Current Price: $ 0.0276
Market cap: $ 1,483,658
FDMC: $ 4,000,000
Circulating Supply: VTX 37,091,440
Token Allocation
Total Supply: 100, 000, 000
Private/Pre-Sale: 32,500,000 (32.50%)
Public Sale: 2,500,000 (2.50%)
Token Distribution
Vortex DeFi Roadmap
As per the project’s roadmap, the Vortex DeFi team has already achieved Milestone 1 i.e. V-Yield. The project is expected to launch the V-NFT feature in September to allow users manage different NFT assets within the Vortex ecosystem via its integration with Opensea– a leading NFT marketplace. In October this year, the platform is set to launch the V-Swap and V-Insure with the V-Pay coming live later in December, 2021. The expected launch of these products will definitely enable Vortex DeFi to unlock the enormous potential of decentralized finance.
Final Words
The enormous growth of the DeFi space in recent years has seen the launch of numerous DeFi platforms and protocols, each with different purposes. For users, keeping track of different DeFi platforms can be pretty challenging, time consuming and also expensive. The fact is, with so many DeFi protocols out there, it’s hard to determine where your funds will be safe, how to find the best APY yields, and sometimes how to actually participate. Vortex simplifies that! It’s essentially a one-stop gateway and aggregator that provides seamless, consolidated access to protocols such as Compound Finance, Aave, and YFI from a single app. Going forward, the platform will indeed transform the DeFi sector for the better, enabling users to assess proprietary DeFi solutions.
Disclaimer: This article is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only. Readers should do their own research. The Capital is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by reliance on any information mentioned in this article.
All DeFi Protocols Under One Platform: Vortex DeFi Review was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
