AlphaDex is a decentralized exchange aimed for highly skilled community having confidence in their abilities to traverse DeFi and are seeking for yield farming possibilities as well as sophisticated asset tracking tools. Borrowing, Lendbook, and On-chain lending are all examples of on-chain lending.
Their NFTs and DAO will be the first products to be released. Further tools, such as DAO vaults, options, futures, and derivatives, will be made available soon after. The tech firm that registered for the Solana Hackathon in May 2021 is eagerly engaging at IGNITION “A Global Solana Hackathon,” where Solana enthusiasts assemble to create and back the development of DApps using Rust- a highly accessible programming language that has a robust reputation as an effectual, safe, and remarkably interoperable language.
Enlisting in the Hackathon assists the venture in recruiting team members as well as key Investors who promote impact-driven DeFi activities. Choosing Bancambios to develop the solution over Solana is presumed to be a strategic decision that pushed the initiative to higher heights, facilitating their aim of delivering DeFi to millions of people.
“We’re enthusiastic about how well the venture has come together in the end, and we believe we’ve drawn up the perfect solution to motivate mass adoption- an open-source range of applications that retrieves micro-fees from each trades and reroute them into an impact wallet that fully promotes green initiatives with proven capabilities. The enormous quantity of plastic trash poisoning our seas is the project’s first emphasis.”
“Bancambios is the foremost venture on Solana to use a reflecting balancing method.”
Bancambios DAO (Decentralized Autonomous Organization) is where the community of BX holders suggests and votes on where to focus the DeFi community’s effect.
Other options will focus on initiatives related to the United Nations’ 17 Sustainable Development Goals. The initiative intends to establish “Proof of Impact” by producing a “before and after NFT. This will function as an everlasting environmental impact statement. The DeFi goal of Bancambios is to offer open-source solutions so that other groups may establish similar efforts.
The backend is being built by three full-stack engineers with ten years of experience developing FinTech solutions. To ensure a grade-A platform, the Bancambios team has pledged to cybersecurity assessments conducted by four independent firms. This enables the venture to provide a high-security platform while also solidifying its image as reputable partners, which is critical for onboarding new people and organizations into the cryptocurrency sector.
Bancambios’ CEO chimed in. Solana is the quickest open-source and censorship-resistant blockchain network presently enabling the creation of decentralized apps, and it is gaining popularity because to its superior efficiency, usability, quickness, and audited safety.
Solana’s better computing capabilities enable higher computational efficiency, which scales proportionately with network capacity. The confluence of these characteristics, as well as Solana’s ‘proof of history’ consensus method, processing capacity and scalability, is unique in today’s blockchain industry. As a result, it supports and can dramatically increase the current pace of 50,000 trades per second.
Bancambios’ CEO has said that establishing their platform on the Solana blockchain would aid in the standardization of the usage of Web3, a major goal on the path to enabling the internationalization of DeFi. “We want to create a DeFi environment that is concerned with people and the platform; we don’t want crypto to act like conventional participants in legacy financial systems.
Blockchain, and particularly highly accessible platforms like Solana, provide us with the opportunity to build something unique. Today, we can utilize programmable decentralize finance to create DeFi systems that have an actual material beneficial impact on the issues we face, such as pollution and destruction of habitat.
Consider the impact this kind of impact-driven technology might make if every DEX on every chain implemented it. It promotes monetary sovereignty, employment development, and biodiversity conservation simultaneously.”
These efforts are often praised in a society that aspires for greater accountability and stewardship. Furthermore, the acceptance of Bitcoin in Latin America has placed the Bancambios venture in a favorable position, with individuals interested in learning more about cryptocurrencies and decentralized banking.
We want to target the 1 billion individuals who are local Italian, French, Spanish, or Portuguese and instantly recognize the proposed message behind the name Bancambios. The initiative aims to reach out to people in markets that have traditionally been neglected, if not abused.
The name Bancambios is a combination of ‘Bank’ and ‘Cambios’ (a Spanish word for ‘change, permutation, or evolution’), and the team thinks it conveys their motives: “we want to alter finance, and by consequence the environment around us.”