One-stop-shop for DeFi to make staking easy, accessible and affordable
A new decentralized ecosystem for financial services is aiming to deliver greater levels of interoperability — in a world where hundreds of blockchains can’t talk to each other.
The One-Stop DeFi Interoperable Solution (known as TosDis for short) offers white-label solutions — allowing projects to offer services such as staking, yield farming and liquidity staking to their users affordably and securely. This helps eliminate technical barriers as well as the high costs that can often be associated with development.
TosDis also enables cross-chain transfers and liquid staking to be performed securely and trustlessly. An EasyStake feature will mean users receive a 1:1 asset-backed token in exchange for their staked assets — crypto that can then be traded and used as collateral.
In a whitepaper setting out their ambitions, executives wrote: “TosDis will make it possible for any PoW and PoS project to create a staking pool of their tokens for their communities to provide staking as a service in a decentralized way.”
One of the biggest challenges associated with getting involved in Ethereum 2.0 has been the requirement to stake 32 ETH to become a validator — but not everyone has $34,000 lying around that they can lock up. Through TosDis, users will be given the chance to deposit smaller amounts while avoiding the risk of loss through “software failure, malicious third parties and market volatility.”
Other services provided by the start-up include TosDex, which will serve as an incubator for new and upcoming projects.
“We are creating a decentralized ecosystem for financial services — an open marketplace in which people without access to the traditional banking ecosystem can buy and sell digital assets as easily as institutional investors,” the whitepaper added.
New P2P lending models
Another distinctive attribute of the TosDis platform involves a “highly efficient, secure P2P lending model” that’s based on Ethereum-based smart contracts. In time, it is hoped that this will unlock fast and convenient access to loans for borrowers around the world — as well as enabling lenders to access higher interest rates.
“Our goal is to build a globally accessible digital currency lending network. Any individual with internet access can quickly and practically take out a loan or access a range of financial services,” the whitepaper adds.
In time, it is hoped that TosDis will become a platform that can meet all of a crypto enthusiast’s DeFi needs — bringing staking, yield farming and liquidity farming under one roof. The service will also be affordable, with executives claiming their infrastructure is 70% cheaper than what competitors provide.
TosDis is going to be a decentralized autonomous organization, meaning that community members will be able to have their say in important decisions concerning how the platform should operate.
Shaking up DeFi
A new ERC-20 token called DIS has been created for the platform, with a public sale commencing on Jan. 11. This crypto asset has a total supply of 100,000 DIS — 35% of which are being sold at Polkastarter on Jan. 18.
As 2020 drew to a close, a series of development milestones were reached. Hacken performed an independent audit of the TosDis smart contract code. Staking-as-a-service is ready to launch for ERC-20 tokens post-sale.
In the first quarter of 2021, TosDis plans to roll out SaaS for the Binance Smart Chain and Polkadot, and deliver liquid staking for a greater number of PoS coins. Lending and borrowing services are set to follow in the second quarter of the year.
The company believes that blockchain technology is going to become increasingly common in financial circles in the years to come — pointing to how JPMorgan and Deutsche Bank are among the institutions performing research and development on this technology.
Highlighting the “great promise” that blockchain holds, the TosDis team added: “It is already clear that the financial sector must prepare for significant changes.”
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