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Nimbus Runs on DeFi: How This is Trustworthy, Nimbus Has Captured the DeFi Momentum

Nimbus, a blockchain-based company, specializes in DeFi solutions.

Nimbus Runs on DeFi: How This is Trustworthy, Nimbus Has Captured the DeFi Momentum
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India, First Published Nov 18, 2021, 5:35 PM IST
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Decentralized Finance (DeFi) is a relatively new concept for mainstream Crypto enthusiasts. Essentially, DeFi is able to circumvent the need for third-party financial institutions such as banks and brokers through a decentralized nature that runs based on blockchain technology. DeFi based solutions are created with the goal of using existing DeFi ecosystems to earn currency and tokens without the worry of third-party involvement. 

DeFi is still a growing field, and there are some hurdles that must be crossed for it to truly reach its potential. Chiefly of these is the adoption rate, which while steadily growing, hasn’t hit its stride yet due to lack of knowledge and perceived security risks that DeFi and Crypto are seemingly unable to eliminate. Nimbus, a blockchain-based company that specializes in DeFi solutions has taken steps to eliminate that doubt. 

The nature of DeFi means that existing platforms do not have a “hub” that is vulnerable to attack. Without this hub, DeFi offers a great deal of security for its users that traditional institutions are unable to match. Nimbus has taken this further by ensuring that all transactions on its platform are protected by Smart Contracts, electronic contracts that only activate when certain conditions have been met. 

Additional security measures have been taken via tightening security around the Nimbus ecosystem and ensuring that bugs and exploits are hunted down by independent white hackers who are offered a bounty upon finding such weaknesses. Furthermore, Nimbus works with its community openly to ensure that concerns are met with an attentive and reasonable answer. Generic responses and open letters are abandoned in favor of a more personal touch with users, meaning that user trust in Nimbus is earned and not freely given. 

Nimbus recognizes the potential that DeFi has to offer and has rapidly grown as it has taken advantage of DeFi systems. Users appreciate the fact that the company is open and honest and doesn’t take a fee off of transactions in place. Meaning there is no brokerage fee placed when one uses a Smart Contract on the Nimbus platform. Users are free to use their tokens as they see fit, with no outside source demanding they use it a specific way. 

Nimbus also realizes that many users are not as well versed in Crypto as other parties may be and offers tutorial videos and guides on its YouTube channel and through such social media outlets as Twitter. A lively community also thrives on communities like Telegram and Discord. 

Resources are also offered through such things as the Nimbus Lending Mechanism DApp. Where first-time users are able to take a loan directly from the Nimbus Platform itself rather than a user. While the user is offered a fair loan of tokens that they can use as they want, Nimbus is able to make some profit and allow another user to explore the DeFi market. 

The benefits of DeFi are not tied only to the individual, however, as it could benefit existing benefits and financial institutions. “DeFi opens doors for companies with higher profits to increase that profit through a lending mechanism like the one on Nimbus Platform” said Nimbus CEO Alex Lemberg. Businesses that choose to use DeFi solutions now would be ahead of the curve on innovation and would be amongst the first to utilize this new technology. 

The largest obstacle that stands in the way of further DeFi expansion is the hesitance that many feel in adopting it, or the lack of knowledge that many in the community suffer from. Nimbus is committed to spreading DeFi awareness through interaction with both its community and those who are interested regardless of their affiliation. 

DeFi is the way of the future for those seeking complete control of their financial livelihoods. Nimbus is and will remain the first choice in platforms to allow them to make that dream a reality. 

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