DeFi Isn’t the Only Place Where Innovations Are Happening 

DeFi Isn’t the Only Place Where Innovations Are Happening 

DeFi has been the leading narrative in the crypto space in 2020 with its pulsating innovation and stellar growth. Not only has the entire concept of financial services been turned on its head but we've also witnessed some of the speediest development in tech of all time. In the savage unforgiving decentralized landscape, competition is fierce and protocols are required to iterate almost daily to survive.

DeFi has been the leading narrative in the crypto space in 2020 with its pulsating innovation and stellar growth. Not only has the entire concept of financial services been turned on its head but we've also witnessed some of the speediest development in tech of all time. In the savage unforgiving decentralized landscape, competition is fierce and protocols are required to iterate almost daily to survive.

All this growth and amplification of choices for investors has brought with it many gains beyond the 1,000%+ weekly ones. We've had the privilege of seeing how developers are pushing the edge of this fascinating technology and bringing real-world solutions to life. 

Of course, as with all areas in any nascent space, some teething trouble has also arisen. Investors attracted by overnight wealth myths clashed with unscrupulous actors just waiting to scam them. Then we've had technical issues with smart contracts, oracles, and a lack of auditing.

Yet despite the early days of DeFi and the ups and downs, the fundamentals are growing stronger, the ecosystem broadening, and the value locked in its protocols continuing to climb, currently standing at over $11 billion. But while DeFi has been the most deserving focus of our attention this year, it's not the only area where innovations are happening.

Non Fungible Tokens (NFTs)

Non-Fungible Tokens (NFTs) otherwise known as crypto-collectibles have also seen tremendous growth this year. Made famous by the unforgettable CryptoKitties back in 2017 when the popular collectible cat platform clogged the Ethereum network--and went on to sell its most sought-after collectible for $170,000--NFTs had slipped off many people's radars. Yet, their use cases are expanding at a rapid pace, with more than $8 million traded volume in the last month.

That might be small fry compared to the money changing hands in other areas of blockchain, but we're talking about digital collectibles like in-game items, limited-edition player cards, and online pets. And we're even beginning to see NFTs merge with DeFi to offer liquidity mining and incentivize users with provably rare or digitally unique items, such as the winners of the OKEx User Voting event, MEME, and GHST.

Beyond entertainment, such as creative memes and sport player cards, the technology behind NFTs has explosive potential. The creation of rare and unique items that can’t be destroyed, replicated, or forged, and that come with an immutable history can be used in the tokenization of fine art, precious jewelry, and even real estate as a way of authenticating ownership and facilitating the transfer of ownership.

Decentralized Data Storage 

Great developments have been made that will make navigating the web and storing data a safer and more secure experience for all while enabling us to access faster speeds and tap into idle computational power across decentralized networks. 

In fact, the area of decentralized data storage has already seen some really impressive players and promising projects like STORJ, GOLEM, and MAIDSAFE. And, with the Filecoin mainnet launching this week, it will be interesting to see how far--and how fast--we move into the decentralized web.

Why is it so important? Because it will allow us to work in ways that we were previously unable with greater speed and decreased cost. It also creates a fair decentralized ecosystem in which people connected to it are paid for providing their free computer space. Golem as a "supercomputer" can allow network participants to make faster and greater advancements in the fields of AI, machine learning, and so much more.

Decentralized cloud storage made possible by projects like Storj Network and Filecoin will allow us to circumvent central actors such as Amazon Web Services (AWS) for a faster, safer, and more affordable storage alternative that cannot be closed down or censored.

At OKEx, we're proud to be pioneers in such early-stage technology and its continued expansion. Not only do we provide support for key projects in the areas of DeFi, NFT, and decentralized data storage, but we also iterate and create, BUIDL, and experiment with the technology through high-quality cutting edge products like our decentralized public blockchain OKEx Chain and our accelerator program that allows for liquidity mining, OKEx Jumpstart.

decentralized-finance decentralization nfts decentralized-web defi defi-top-story defi-and-traditional-finance defi-and-nfts

Bootstrap 5 Complete Course with Examples

Bootstrap 5 Tutorial - Bootstrap 5 Crash Course for Beginners

Nest.JS Tutorial for Beginners

Hello Vue 3: A First Look at Vue 3 and the Composition API

Building a simple Applications with Vue 3

Deno Crash Course: Explore Deno and Create a full REST API with Deno

How to Build a Real-time Chat App with Deno and WebSockets

Convert HTML to Markdown Online

HTML entity encoder decoder Online

Decentralized Finance (DeFi) Development Company | DeFi Development

Build your own DeFi platform and Upgrade your business with Highly sophisticated features from the top Decentralized Finance (DeFi) Development Company

DeFI Development Company, Decentralized Finance Development Services

Defi Development Company Coin Developer India offers decentralized finance defi applications, coin, token, exchange, web wallet, smart contract and dApp development services.

The Management Guide to Decentralized Finance (DeFi)

21 years ago, in 1999, Ethan Rasiel published The McKinsey Way. This book quickly became a "must-read" for business school students and anyone applying to work in the management consulting industry as it shares insider tips into what it is like to work for "The Firm."

Decentralized Web (DeWeb Tokens) 101 – The next big thing?

Over the last years, but especially the last months, DeFi (Decentralized Finance) emerged to a popular and highly hyped niche within the crypto space.

DeFi Crypto Decentralized Finance (DeFi)

It is learnt that **[Decentralized Finance ](https://www.hashogen.com/blog.php "Decentralized Finance ")**(DeFi) act as the movement that completely leverages decentralized networks to transform old financial products into trust less and...