DeFi, or decentralized finance, is one of the fastest growing spaces within the Algorand network. There are many interesting applications within the ecosystem that encourage its expansion and provide solutions in this regard. Through this article, today we will carry out an analysis on PACT.
DeFi: decentralized finance
DeFi is a space within the blockchain ecosystem that allows generating true decentralization in finance. Traditional financial systems have brought a series of problems to today’s world, where procedures have become obsolete, leaving a large number of people outside the system. Many times this is due to the lack of access that exists in different parts of the world.
Through an innovative solution, as finances are decentralized, intermediaries are no longer required, in the strict sense of the word, to carry out different types of transactions. Although there are platforms that function as the support of a revolutionary financial framework, people operate directly.
Algorand has been designed from the ground up as a blockchain network intended to build the foundation for the finance of the future. Through its robust features and infrastructure, this blockchain is ushering in a new era, with integration and inclusion across the board.
Pact and DeFi solutions on Algorand
Pact is a true automated market maker, enabling DeFi development on Algorand. Thanks to its features, it easily allows users to swap currencies within its platform, as well as to be able to provide liquidity to certain pools, receiving commissions for said activities in a safe and guaranteed manner.
All this is carried out thanks to its own protocol, which uses a series of smart contracts so that transactions are carried out efficiently. In turn, the application has a very polished user interface, to facilitate the experience when operating on the platform. Pact demonstrates through its development that the goal is to make finance accessible in the simplest way possible.
Through the ease of use, low operating costs, and speed of the Pact application, it provides a gateway for both experienced and inexperienced users. Being built on the Algorand network, Pact has the same levels of security as the network, therefore operations within its platform are supported.
What can we do with Pact?
Pact is a decentralized exchange within the Algorand network that allows us to trade quickly, safely and with minimal costs, with an extensive list of assets including USDT, USDC, gALGO, goBTC, among others. The platform has been designed to provide a fluid trading experience, being available on mobile devices, providing an efficient solution when performing operations.
In addition to the functionalities as an exchange, Pact offers the possibility of providing liquidity to a large number of pools, which cover different types of tokens, allowing users to benefit from rewards established for each particular case. In this way, a new era for decentralized finance is ushered in.
You can operate with Pact through the most recognized wallets within the ecosystem, and all you have to do is connect to their platform. The wallets with which you can interact with Pact are: Pera Wallet, Fireblocks, My Algo Wallet, AlgoSigner and Defly. Also, Pact is committed to the environment, with environmentally sound innovation and product development, fully supporting Algorand’s emissions initiatives towards a carbon negative approach.
DeFi on Algorand is a space that is expanding, giving users the possibility of accessing the finances of the future in a completely decentralized way. Pact offers a solution so that people can carry out swaps or provide liquidity with security, speed, low costs, and receiving great benefits.