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DeFi Application in WidiLand

16 March, 2022 Blockchain | GameFi
widiland defi
Heyy Widians, wanna know how DeFi is applied in WidiLand? One step closer to this beautiful green world, are you in? ☘️☘️ Check this out!!

Beginning with Bitcoin, blockchain technology has begun to seep into our daily lives, from Decentralized Finance (DeFi) to Non-fungible Token (NFT). But there is one area that is the blend of the two which I believe will bring mass adoption to blockchain and reshape people’s lives, GameFi.

How GameFi utilizes DeFi?

Source: CoinExpress

“DeFi is the gamification of finance, GameFi is the financialization of games”, said Kieran Warwick, the co-Founder at Illuvium.

Short for decentralized finance, DeFi refers to a variety of financial applications and projects in the public blockchain. Unlike traditional finance where lending and borrowing, trading, insurance and so on must go through a central party, DeFi eliminates the middleman through the use of smart contracts.

Now, many GameFi are utilizing DeFi to bring more revenue streams for players besides Play-to-Earn and selling NFT.

Yield Farming

Yield farming, also known as yield or liquidity harvesting, involves lending cryptocurrency and in return, you get interest and trading fees.

Similarly, in GameFi, you can deposit a pair of cryptocurrency to a pool to get revenue. This is called dual-sided staking. On the other hand, single-sided staking involves only one cryptocurrency, such as the game’s native one, where players lock a certain number of tokens in exchange for more tokens and other special perks.

Moreover, you can see innovations in many games which even allow players to lock their NFT for a certain amount of time to earn rewards, as in My DeFi Pet.

Lending and Borrowing

Crypto holders can lend on decentralized lending platforms to earn interest fees paid by borrowers who are in need of extra funds for arbitrage trading or investment opportunities.

In GameFi, you can lend and borrow not only tokens but also NFT. However, contrary to tokens, because each NFT is unique and has different attributes, the lenders will specify the time and interest paid instead of having an algorithm doing so for them as in Aave or Venus. In return, the borrowers can use these NFT to boost their revenue stream or increase their likelihood of winning in competitions by borrowing powerful pets or characters.

A case in point is Mobox where players can lend or borrow Momo to increase mining power.

DeFi in WidiLand

Here at WidiLand, we understand that players are the most important factor in a game’s success, and we believe that by utilizing DeFi, we will bring a more seamless and intuitive experience while providing more financial incentives to gamers.

Yield Farming

In WidiLand, participants can provide liquidity to $WIDI — $BNB Crates through PancakeSwap and get LP Token. Farmers are rewarded with more $WIDI or can directly stake $WIDI for less rewards but without the risk of impermanent loss.

To provide the best returns for stakers and farmers, our Dev team introduces WidiLand Crates, a set of optimized farming Smart Contracts, which automatically seeks the best yield for users.

In the beginning, Widiland will support 2 LP Tokens and open additional single tokens, LP tokens later.

Lending and Borrowing

In our marketplace, borrowers can use WidiLand’s NFT Assets such as Land or Characters as collateral that the lender will automatically receive if they do not repay their loan, which allows them to borrow money or NFTs to raise play-to-earn productivity.

So for example, if you already have a Miner but no Farmer, you can borrow one in our open marketplace so that you can raise your crop production and finish your daily quests, thereby earning a small profit minus the interest paid.

Final thought

As with the entire crypto industry in general, both DeFi and GameFi are still in their infancy so it is difficult to tell which direction they will take in the future. Maybe we will even see new innovation in the NFT sector used in GameFi such as NFT fractionalization or NFT flash loans.

However, the WidiLand’s team is committed to the long haul and we will continue to seek new features and innovations should the players deem it valuable to add to the games.

Please wait for more detailed analysis of our gameplay and features in the upcoming weeks!

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