New inflection point of Defi based on the bottom layer of Galaxy Network
The emergence of DeFi is the only way for traditional finance to decentralize in the future. More and more people are looking for more transparent and effective storage solutions.
As the demand for encrypted asset derivative financial products continues to increase, DeFi, as a decentralized financial derivative system for encrypted assets, has gradually highlighted problems that hinder the healthy development of DeFi ecology.
Network congestion caused by TPS defects
Insufficient capacity, poor scalability
The operation steps are cumbersome and the process is complicated
The integration of DeFi and Galaxy Network effectively uses traditional economic scale, security, efficiency and transparency. The Galaxy Network system can provide high-quality solutions to the current problems of DeFi.
Galaxy Network’s official decision: We will support developers from the global community to jointly create and run various valuable DeFi applications on the Galaxy Network system. Galaxy Network will provide technical support and assistance to developers exploring the DeFi field. .
1. How to solve DeFi’s TPS defect
Currently DeFi is mostly based on the ETH network
The more participants, the higher the gas cost
Network congestion is serious, not enough to support commercial use
As a distributed network system, Galaxy Network uses sharding technology to form a high-throughput storage model using transaction fragmentation and network fragmentation, which can completely solve the problem of DeFi network congestion. Galaxy Network can provide millions of requests per second (RPS), and it can increase as the system scales.
2. How to achieve expansion performance
Ethereum 1.0 insufficient capacity
2.0 expansion plan is not yet known
The DeFi project has no time to delay. Expansion performance pays more attention to the realization of applications and functions, which is very important.
Galaxy Network has the ability to run multiple parachains, and each parachain can process multiple transactions in parallel. In this case, the Galaxy Network network is equivalent to unlimited scalability. Through the creation of parachains, the number of transactions per second can be doubled, so that the Galaxy Network network has higher performance. And through application chain technology, it provides DeFi with unlimited future-oriented technical service capabilities (DAPP).
3. How to simplify operability
Operating various DeFi on Ethereum is not only complicated in steps, but also cumbersome. For novice users who are not familiar with Ethereum, it is not easy to complete a set of procedures.
Galaxy Network lays out multiple application chains to achieve effective separation of different data types. Through the use of the Substrate framework at the bottom layer, the interconnection is in the form of “bridges”, which simplifies the association between chains and improves the operational performance of applications.
4. How to enrich the underlying application scenarios
The Galaxy Network application chain technology can better meet the full needs of the DeFi scenario. The underlying cross-chain technology and the oracle technology for real third-party data connections and the use of the Layer 2 network. The Solidity virtual machine is supported through the bottom-level reconstruction of the chain, and it fully supports Turing completeness. Smart contracts, these have the opportunity to greatly enrich the scalability of DeFi application scenarios.
5. How to improve cross-chain interoperability
Can be combined to lead to excessive dependence, flexibility is proportional to risk
Smart contract vulnerabilities, easy to cause malicious attacks by hackers
One of DeFi’s major advantages is its composability. However, while delivering flexibility, the risks are actually magnified accordingly. This kind of “DeFi Lego”, as long as there is a security problem in one link, the risk may spread to the whole Building Blocks.
Galaxy Network uses Substrate to develop application chains, and developers only need to implement a small number of function callbacks in the code, and then they can obtain a cross-platform database and file storage abstraction, and can even run in a browser, which is equivalent to passing a “bridge” Form interconnection, shared security and interoperability between chains.
A financial public chain more suitable for DeFi
Galaxy Network
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DeFi targets the traditional financial system. Although it is in a 100-billion-level or even a trillion-level blue ocean market, it is limited by the current underlying Ethereum public chain interaction difficulties, single collateralized assets, and cumbersome product operations.
Galaxy Network is more like an operating system, rather than the infrastructure of a specific business. The prospect of DeFi in the Galaxy Network is because the financial business is currently the most promising area for blockchain.
But at the same time, the Galaxy Network public chain technology research and development team itself does not do specific financial business, but by grafting real DeFi financial scenarios, the market reversely derives the demand for the underlying public chain technology to continuously iteratively update.
The real future of DeFi lies in how it truly serves users and the landing of more application scenarios. For the long-term development of DeFi, the underlying technology of the Galaxy Network system is indispensable.
We look forward to seeing the future of decentralized financial DeFi soon. With the Galaxy Network system as the underlying foundation and the DeFi application as the superstructure, the two are essentially interdependent and jointly promote (CeFi) the historical transformation of traditional finance.
