Bondly solving trust issues in Defi

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Bondly is another Defi project that is making waves around decentralized finance circles. The team are building their project on the Polkadot substrate ecosystem, with the aim of improving buyer and seller protection in the Defi world.

DeFi has come a long way from when the term was first used in August 2018, in an Ethereum chat group, on Telegram.

Since then, the development of the concept has created some impressive shifts in the way online transactions are being done.

Everything, from currency exchange to lending money have gone through a revolutionary change due to its progression.

However, there have been some limiting factors that have held back the concept of DeFi from reaching its full potential.

In layman’s terms, there are barriers to mass adoption, that need to be addressed.

And. this is where Bondly is making its name.

The following feature is on the Bondly swap protocol. What it is, and its significance in the world of Digital assets.

simplified transactions

WHAT ARE THE BARRIERS TO DEFI ADOPTION?

The 2 biggest barriers to mass adoption are interoperability and trust.

First, you need better interoperability, that will reduce the frighteningly expensive gas fees. These are detrimental, as they scare away investors with less capital to play with.

Ethereum, one of the biggest blockchains in existence has seen some massive increases in gas prices.

The Gas price is the fee that the network charges from users for a specific transaction.

This means that every time a user converts something in the Ethereum blockchain to send to a different blockchain a cost is added on. Furthermore, this adds up over time to quite a significant number.

If you are someone that is not comfortable with paying for it, this can act as a limitation for transactions.

Moreover, we need the ability to move assets that are on native blockchains, seamlessly to other blockchains. Bondly aims to rectify this.

Next, for higher adoption we need to build trust. Those of us who are familiar with the workings of Defi and crypto in general, appreciate and understand the anonymity of crypto.

However, Joe Soap isn’t. Therefore, Bondly are stepping in, to fix this too.

Bondly escrow services

WHAT PROBLEMS DO BONDLY AIM TO SOLVE?

Bondly have identified 5 main problems they intend to resolve. These are;

  • Defi options across lower cost platforms
  • Transactions that are safe
  • Ease of trading across blockchains
  • Simplified peer to peer transactions
  • Ease with which online marketplaces can interact with crypto currencies.

WHAT DOES BONDLY BRING TO THE TABLE?

Bondly as an idea has existed for quite a while. However, due to the technical difficulties associated with its implementation, no one has dared try.

Unlike, most other protocols and ideas being put into work, Bondly is not an improvement on an already existing system.

Bondly is more of an all-in-one solution to some of crypto-currencies biggest drawbacks.

Equally, it has more security and flexibility, due to the fact that it is partnered to the Polkadot Network.

Bondly mainly solves these existing problems through its three main products; BONDSWAP, BOND DEX, BOND PROTECT.

These we will discuss individually later on in the feature. First though, it is important to know that Bondly offers much more than a single service.

BONDLY REAL WORLD EXAMPLE

Here we will try to show you how Bondly can be a worthy investment for anyone interested in Cryptocurrency.

Let us say, that you want to transfer Bitcoin to an Ethereum blockchain. Normally, this would require a lot of work, as multiple conversions would be needed.

First, you would need to convert Bitcoin to Ethereum. Then you transfer it only to swap it back.

This is a repetitive process that was previously necessary as there was no way around it. This consumes time and even more, Gas fees.

BONDSWAP from Bondly essentially does all this for you in one single action, thereby saving time and money.

Not to mention, the exchanges are instantaneous, therefore you are not open to price volatility issues.

Defi finance with Bondly

WHAT EXACTLY IS BONDLY?

Bondly is actually an exchange that is powered through blockchain. Its specialty is that it allows interaction(peer-peer) with all decentralized platforms.

Its most progressive feature is Bondswap, which allows users to transfer cryptocurrency from one blockchain to a different blockchain.

Even though Bondswap is built through Atomic Swap, the design eliminates the scaling hindrance of the current generation of atomic swaps.

Additionally, Bondly allow users to access the DeFi ecosystem through its network.

In order to access different chains Bondly partners with Polkadot. Polkadot is the reason why Bondly can work so efficiently and securely.

The presence of the Polkadot network removes the complications of both speed and security.

In addition to that, the Polkadot network also provides access to multiple blockchains.

And since there is no price slippage, even decentralized over-the-counter trading of digital assets is possible across different blockchains.

The developers have really thought out everything to make it work. Bondly is present as both a Web service and an App.

Therefore, users can access it with ease. Using the system is as simple as filling in a few fields where necessary. Once done, Bondly will do everything else for you.

The best part of Bondly in terms of ease is that it supports popular chat applications.

This means that once you generate your unique weblink, you can easily forward it through a chat app.

WHO DEVELOPED BONDLY

Bondly has some big names backing up its development. Some of the most brilliant minds in the world of both digital and traditional finance are behind its creation.

The CEO of Bondly is Brandon Smith. He holds the position of managing partner at Shuttle Capital.

Bondly also receives advice from a variety of high ranking figures in the world of finance such as Dan Friedman, Nicholas Davies and Semhal Araya.

Therefore, we are certain that the program will always have some of the best minds at work to tackle everything that comes their way.

This is to say nothing of the famous and controversial YouTuber Logan Paul. Logan is a big fan and has given his endorsement.Logan Paul NFTs

BONDLY NFTS

Who has endorsed Bondly?

Even though the Bondly Swap protocol is quite new it already has quite the reputation.

Recently, Logan Paul announced that he is partnering with Bondly for his historic event where he unboxes Edition 1 Pokémon booster packs.

At the given moment these Edition 1 booster packs are the rarest physical assets. With these Pokémon going for over $10000 a pack.

He is even giving away 44 NFTs dubbed “Paul Logan One of a Kind Custom Pokémon Cards” to winners of the auction.

In honor of this endorsement Bondly have made special edition Logan Paul NFTs. He is giving away 44 NFTs dubbed “Paul Logan One of a Kind Custom Pokémon Cards” to winners of the auction..

This is to go along with their native NFTs. These include an NFT digital card game and also Polkapets.

NFTs card game
Bondly digital card game

BONDLY PRODUCTS

Industries that Bondly are active in, include the Music, Gaming, Social Media Influencers, Pop Culture and Sport.

Their products include an NFT launch pad, BONDSwap, BONDDEX and BONDProtect.

Bondly products

BONDSWAP

BONDSwap application can be used on 3 different blockchains; the Ethereum, network, the Binance Smart Chain and the Houbi eco-chain.

The app gives you the freedom of, over the counter trades which are independent from centralized exchanges. It gives you the opportunity to set up a swap of tokens or NFTs. This can be done in either a public pool or through a private link.

BONDPROTECT

BONDProtect operates through a Smart Contract. This is present to provide both safety for trading and security when needed.

It even works with traditional payment gateways such as PayPal. BONDProtect has the ability to protect merchants against the risks of price volatility.

BONDDEX

BondDex uses the protocol’s ability to work with multiple blockchains. In simple terms it is a decentralised exchange.

This allows users to exchange digital assets or wealth privately. T้he exchange of assets is possible, even if, the two assets are functioning on different blockchains.

Another plus of this feature, is that it allows users to carry out yield farming through liquidity pools. In order to communicate with markets in real-time, the pools use trusted oracles.

THE IMPORTANCE OF BONDPROTECT

BONDProtect will have a massive impact on the ecommerce market once it is fully implemented. BONDProtect can revolutionize how trades are being made on the internet.

Thanks to its NFT features, BONDProtect will completely eliminate the inflation of value through fake reputations. This is something that is very commonly seen on e-commerce sites such as Amazon(fake reviews).

decentralized trading

BONDLY TOKEN AND STAKING

The Bondly token is Bondly’s native currency.

The token follows the ERC20 Token standards. There are a billion Bondly’ s available for supply.

There are many uses for the Bondly Token. One of the main uses is staking. The process known as staking is where you lock digital tokens in a wallet.

The purpose for doing this is to secure the network. Users will also get certain rewards for staking as it is important for stability.

During the distribution of tokens, the spread will always be carefully monitored. The community is allowed to have 22.6%, Staking accounts for 40% and liquidity pools add up to 0.5%.

The team received 17% whereas development of the eco accounts for 18.6%.

CONCLUSION

With big names already stepping into endorse Bondly and even bigger backing up the upcoming swap protocol, it would be very wise to quickly get your slice before it is snatched away.

This is now on our radar for a bright future along with other recently reviewed DeFi startups such as BarnbridgeSushiSwap and Yearn.

However, I must advise you to delve deeper into the subject, and do your own research (DYOR).

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