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India's Blockchain Ecosystem Is a Hotbed Of Crypto Innovation Crypto entrepreneurs believe continued global adoption makes a strong case for acceptance in the country

By Mervik Haums

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Tesla's decision to invest in bitcoin and accept it as payment for its electronic vehicles significantly boosted investor interest and saw the global cryptocurrency market increase by over $150 billion in just one day.

The move, masterminded by Tesla and SpaceX founder Elon Musk, hasn't escaped the notice of cryptocurrency startups in India. Crypto entrepreneurs believe continued global adoption makes a strong case for acceptance in the country, where the Indian blockchain ecosystem could become a burgeoning focal point for innovation in decentralized finance, driven by some of the key projects already established in this rapidly expanding space.

Matic Network Becomes Polygon to Support Multi-Chain Ethereum Scaling

Matic Network is at the epicenter of the Indian blockchain ecosystem, building out a layer-2 scaling solution. It rebranded to Polygon on February 9, coinciding with a strategic shift to create a multi-chain system, akin to Polkadot, on the leading global dApp platform, Ethereum.

The project, backed by Binance and Coinbase, will develop its network architecture with support for multiple layer-2 secured chains and standalone sidechains. This layer-2 Polygon aggregator will help Ethereum scale faster and more effectively while dramatically driving down network fees that have hampered adoption, creating an internet of blockchains allowing crypto projects and enterprises to access on-demand scaling for their applications.

To accelerate these efforts, Polygon is on a recruitment drive, seeking new talent to deliver its ambitious roadmap and become a global hub for production-ready blockchain scaling.

The MATIC token will continue to play a vital role in securing and incentivizing the network, with added value and functionality introduced by the layer-2 and sidechain integrations that benefit scalability in the space.

EasyFi Expands Defi Beyond the Ethereum Base Layer

EasyFi is a defi lending protocol focused on scalability, composability, and adoption, helping to solve real-world credit requirements through end-to-end lending and borrowing of digital assets.

Defi money market protocols have successfully created and aggregated much-needed liquidity in the market. However, the supply side is overwhelmed with excess capital, leaving it underutilized due to a weaker borrowing side. EasyFi aims to bridge this gap between borrowers and lenders, offering more appealing financial products while addressing the technological limitations of the existing network.

As EasyFi is based on Polygon's layer-2 solution, it can offer significantly faster and cheaper transactions than competing platforms like Aave and Compound while still accessing the liquidity of the Ethereum base chain. The EasyFi token, EASY, also provides impressive liquidity, indicating strong investor demand and helping to facilitate key platform features of collateralized, under collateralized, and uncollateralized loans, micro-lending, credit delegation, credit default swaps, deeper liquidity pools, yield farming, and dual MATIC farming with native EASY staking.

Rocket Vault Finance Automated Yield Generation

Advancements in artificial intelligence have led to the development of automated decentralized finance strategies to replace the role of traditional fund managers, monitoring the market to identify the best risk-adjusted assets to deliver investment returns.

Rocket Vault Finance leverages these advanced artificial intelligence predictive analysis tools and machine learning algorithms to develop data-driven, intelligent, and automated investment strategies to minimize losses and maximize gains. They consistently achieve over 100% APY returns for stablecoin capital and avoid managing multiple crypto assets over a range of liquidity mining, staking, or other defi platforms, reducing fees and risk.

Rocket Vault Finance is free to use for retail investors holding the platform's RVF tokens, with paid services on offer to institutional investors, providing an automated hybrid alternative to riskier yield farming projects and traditional market returns.

Developing the Ecosystem Further

Several other projects are also contributing to the rapidly growing Indian blockchain ecosystem, expanding the value proposition as a result.

The MahaDAO community-governed project is developing the world's first non-depreciating currency, known as the ARTH value coin, as a decentralized algorithmic alternative to stablecoins designed to maintain purchasing power over time.

Razor Network is building a truly decentralized oracle solution, providing data to smart contracts using a network of stakers, better suited to the requirements of defi, lending, insurance, synthetic assets, and prediction markets.

PlotX is taking a community governance approach in delivering defi prediction markets for crypto traders. Its non-custodial prediction protocol enables users to earn instant on-chain rewards on high-yield markets.

To solve the liquidity and liquidation issue limiting the growth of defi adoption, UniLend combines spot trading services and money markets with lending and borrowing services through smart contracts within the same defi protocol.

XinFin is introducing an enterprise-ready hybrid blockchain for global trade and finance. Its innovative network utilizes relay bridges to combine the power of both public and private blockchains with interoperable smart contracts.

The Future of Blockchain in India

No doubt, there are many challenges ahead. However, with Indian projects now so prominent in the global ecosystem, and cryptocurrency startups and entrepreneurs establishing a campaign to lobby for greater recognition of the potential that the digital asset space can bring to the country, there is good reason to believe that India will still be at the forefront of blockchain innovation in the years to come.

Mervik Haums

Entrepreneur and founder Startup Fortune

Mervik Haums is an entrepreneur, branding specialist and technology enthusiast who founded Startup Fortune, a global startup platform that lets entrepreneurs from across the world to learn, share, connect and collaborate. Startup Fortune also brings latest news and updates from the industry aiming to provide startups and small businesses with guides, training and trends to help them with branding and growth hacking strategies.
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