Key Takeaways:
DeFi 3.0 Alliance is a group of eight platforms that aims to improve and boost the sector’s growth.
NEW DELHI (CoinChapter.com) — Decentralized Finance, or DeFi, has seen tremendous growth since 2021. The total market cap of DeFi projects has gained 203.5% YTD. DeFi is creating a foundational layer for permissionless, blockchain-based financial services within the emerging digital economy.
A group of eight DeFi related projects has formed the DeFi 3.0 Alliance, a global not-for-profit association that aims to promote the development and adoption of transparent and affordable DeFi 3.0. In addition, the alliance promotes easy and secure use of Farming-as-a-service (FaaS) solutions.
Developers use DeFi offerings to build complex products for a vast potential of applications, from cross-border payments to yield farming. Furthermore, innovations in Web 3.0 would also help evolve the sector.
Also Read: First decentralized finance (DeFi) ETF set to launch in Brazil.
In detail, Web 3.0 is the third generation of online services that combines AI-based semantics, augmented and virtual reality capabilities, and blockchain-based decentralization to provide transparent, open, and socially responsible internet.
The DeFi 3.0 Alliance has eight founding entities, which the association claim are ‘ a leader in the DeFi space.’. Additionally, the association has a collective market cap of $150 million, with a 100,000 strong community.
The members include Aggregated Finance (AGFI), Cross Chain Farming (CCF), Reimagined Finance (REFI), Alpha Brain Capital DAO (ABC), The Chads Club (#Chads), Inu Capital (INC), All Coins Yield Capital (ACYC), D3 Protocol (DEFI).
Moreover, crypto trader and investor Foodfarmer.eth would join the association as an advisor after launching his DeFi 3.0 FaaS project.
DeFi 3.0 Alliance Focus Area
As per the alliance’s announcement, the association aims to collaborate for driving innovation and best practices for operations. Additionally, the alliance plans to work on the Research and Development to advance innovations and products.
The R&D would help optimize cross-chain DeFi 3.0 and FaaS.
Also Read: Supply chain crypto SUKU soars by over 90% amid crypto market crash.
Additionally, the association plans to invest in creating security standards that would serve as minimum security requirements for DeFi projects. To recap, the sector lost $1.3 billion to hackers in 2021, as per a report by security firm Certik.
The DeFi 3.0 Alliance would also help promote the exchange of information on market trends. Meanwhile, the association plans to publicize DeFi 3.0 and FaaS to reach a wider user base and attract more members.
In addition, the DeFi 3.0 Alliance features an accelerator that would offer seed funding for promising projects. The group would also help members access a network of DeFi 3.0 developers, tools, and solutions to boost the sector’s progress.
