Although Ethereum currently has the monopoly over the decentralized finance (DeFi) sector, it does not mean that other networks aren’t doing their best to get a crack on the booming DeFi trend. Enter Tezos, practically guaranteeing that its DeFi landscape will be much more comfortable, promising users faster transactions with much lower costs.
As announced by the venture capital company, Draper Goren Holm, Tezos Stable Technologies has successfully finalized a seed round today without disclosing the actual amount. Notably, Tezos Stable Technologies is a subsidiary of the recently established Tezos Stablecoin Foundation, which is tasked by the network to focus on DeFi development.
This particular seed round is regarded as the very first step towards the network’s plan to establish its very own DeFi ecosystem. Many see this move by Tezos as its effort to sway Ethereum’s DeFi users and developers to jump ship to their cause with the promise of grander user experience. It is worth noting that Ethereum’s DeFi ecosystem has been plagued by several issues recently in correlation to the growing interest in the particular sector. Users are now becoming frustrated with Ethereum’s congestion issues and outrageously high gas fees. That being said, Tezos now hope to be their answer.
Tezos’ Dexter Exchange
Further establishing that the DeFi sector isn’t exclusive to Ethereum anymore, Tezos launched its own Decentralized Exchange (DEX) – Dexter – this last September 30th by way of camlCase. Although at first glance this may be seen by many as Tezos’ play to capitalize on the still-growing DeFi hype, Dexter has actually been in the works for quite some time now, dating back more than a year ago.
As per the announcement of camlCase regarding the newly launched DeFi platform, Magma (mobile wallet), Beacon (web wallets), and Thanos could easily be integrated into Dexter. As it currently stands, the cryptos available in the brand new DEX are Tezos-pegged dollar (USDtz), Tezos-wrapped bitcoin (tzBTC), and its native token, Tezos (XTZ).
Users wouldn’t be confused with the new platform as well. According to camlCase, participation rules would mirror that of other Automatic Market Makers (AMMs). This means that Dexter users may swap tokens containing a 0.3% maker fee or commit liquidity to pools in exchange for rewards. As per security concerns, which is crucial especially to newly-launched platforms, camlCase confirms that the codes for Dexter have been fully audited. Additionally, Nomadic Labs itself has verified its smart contracts.