HOW RIGEL PROTOCOL AIMS TO BECOME THE BITCOIN OF DEFI
Introduction to DeFi
DeFi is an acronym for the word Decentralised Finance. The tone for Decentralised Finance was originally set in 2013, when Vitalik Buterin presented the whitepaper for the Ethereum, but became more prominent following the official launch of Ethereum and smart contract in 2015. It represents the use of Blockchain technology in finance in a way that grants autonomy of funds solely to the users. This is done using smart contracts. Smart contracts are automated enforceable agreements that do not need intermediaries to execute and can be accessed by anyone with an internet connection.
DeFi’s and its Characteristics
DeFi’s are usually characterised by decentralisation , meaning it isn’t controlled by a single centralized source. Several Decentralized applications are being built, as the market is increasing on a daily. Characteristics of traditional DeFi’s include:
1. Financial Autonomy: This implies that there’s no third party in control of the funds that are transacted, as is notable in centralised exchanges where the exchange take sole charge of the transacted funds and only released at the point of withdrawal. This leaves the users at risk of loosing their funds should the platform be attacked or hacked.
2. Low security risk: The chances of an attack on DeFi’s is very low as compared to the centralised finances, which once hacked can result to permanent loss of users funds. The security of funds are tied to the automated and unique phrase key which is only known to the users, the DeFi providers do not have access to the funds, thereby limited the risk of a one for all attack.
3. Information privacy: DeFi’s do not collect personal information from users as CeFi. Users only need to have some unique and automatically generated Phrases. This leaves users at the risk of manipulation of their personal info should the platform be hacked into. But in DeFi, there’s no need for a KYC, thereby giving room for anonymity.
Nevertheless the Defi is also plagued with some disadvantages that needs more innovation to solve, some of these Includes;
1. Poor user interface
2. Unavailability of Customer support
3. Scalability etc
The introduction of RigelProtocol
Rigel Protocol is a Blockchain Decentralized protocol for a diverse set of DeFi products ranging from cross-chain operations, token smart swapping, yield farming, margin trading, and many more. Rigel Protocol ecosystem is powered with $RGP token.
Major features of Rigel Protocol:
In addition to the basic services offered by DeFi protocols, The Rigel protocol is built to revamp existing Decentralized Finance (DEFI) products while introducing several innovative DEFI products to boost and support scalability, security, improve user experience and adoption. It is built on smart contracts on the two( 2) contemporary block chain; Binance and Ethereum.
The Rigel Protocol has a Native token known as $RGP which is live on DappRadar , Cryptototem, Blockfolio , CoinCodex Team, CoinMarketCap , link, coinpaprika, Dexguru , ICO Drops, and still counting. This token would be use to vote in the DAO Governance community. Some interesting features it unveils includes:
1. Cross-chain operation:
The Rigel Protocol combines the use of the Binance Smart Chain and the
Ethereum Chain to secure cheaper fees and faster transactions in
all of its Transactions. The cross chain operation will
enable users to swap their $RGP Ethereum Chain tokens to $RGP Binance
Smart Chain tokens and vice versa. More details on other tokens would be
revealed soon.
2. Token smart swapping:
Rigel Protocol has a unique Swapping exchange https://smartswap.rigelprotocol.com/ other than the traditional DEFi 2.0 Swapping Exchange we are familiar with. It will be a refined Smart Swapping with improved User Interface / User Experience as well as newly added and valuable features. It would allow users to trade various tokens like BNB, BUSD, USDT, ETH, TRON, BAND on the Binance Smart Chain, and the Ethereum Chain with many other tokens like USDT, LINK, DAI, CRO, UNI, YFI, OMG, HEX and many more.
3. Yield farming:
Rigel Protocol has launched a yield farming (https://smartswap.rigelprotocol.com/farming) application that would allow users to farm tokens such as RGP, BNB, BUSD, CAKE and others over a period of time. The Tokens mined through this pool will have a locking period depending on the assets supplied into the platform.
4. Margin Trading :
Rigel Protocol aims to introduce the concept of margin trading into the decentralised platforms. Before now, Margin Trading were mostly done in centralized platforms, its introduction to the Defi would help traders tackle the problems related to leverage trading. Rigel protocol would provide a non custodial to users, this will enable them to have full control of their funds without having to deposit them on exchanges.
5. Gaming:
In addition to all these amazing features, Rigel would also develop series of Decentralized gaming
products that will enable users to participate in tournaments.
Players will be able to participate in the tournaments by using the platform
native token: $RGP.
6. The Gift DApp:
The testnet of the gift DApp (https://gift.rigelprotocol.com/) is already live. It will allow users to win prizes and send gifts to their friends and followers. Other DeFi projects and Crypto influencers will be able to use the Gift DApp to reward their communities and fans.
7. Other incentives:
Rigel Protocol will be governed by the Decentralised Autonomous Organization (DAO - users who
hold $RGP), making it fair for the people to enjoy various benefits. The RGP has been listed on both CEX platforms such as BitForex Cryptocurrency and DEX platforms like Uniswap, PancakeSwap and its indegenous SmartSwap. Also the Rigel Ecosystem has attained security audit in order to assure its community of maximum security with the CertiK Foundation (details of the audit can be verified here - https://certik.org/projects/rigelprotocol). As well, the Rigel Protocol has activated the Certik Skynet security intelligence engine with the Certik Shield protection coming right next, which will insure against hacks of up to $500,000 - $1,000,000. The Rigel Protocol also has token allocated insurance covering losses up to 3,200,000 RGP.
Conclusion :
The Rigel Protocol has shown readiness to bring new solutions to the Defi space, on both the BSC and the Ethereum chain as well as provide the community access to multiple instruments to expand the adoption of Blockchain technologies in daily life.
More details about Rigel Protocol can be found on:
Website: https://www.rigelprotocol.com/
Twitter: https://twitter.com/rigelprotocol
Telegram: https://www.t.me/rigelprotocol
Medium: https://medium.com/rigelprotocol
YouTube: https://www.youtube.com/c/RigelProtocol
GitHub: https://github.com/rigelprotocol