Introducing Rigel Protocol: A Decentralized Blockchain Protocol satisfying your DeFi Needs
Obviously, Decentralized Finance, or DeFi, is based on blockchain, the technology that underpins digital currencies such as bitcoin and ethereum. Blockchain allows several entities to keep a copy of a transaction history, allowing for decentralization.
What is Decentralized Financing?
Decentralized Financing also referred to as “DeFi “ is a blockchain-based type of finance that uses smart contracts on blockchains, the most common of which is Ethereum, to offer traditional financial instruments without relying on central financial intermediaries such as brokerages, exchanges, or banks.
What is Rigel Protocol?
Rigel Protocol is a decentralized Blockchain protocol for a variety of DeFi products. A protocol designed to extend and enhance existing Decentralized Finance (DEFI) functionalities while also introducing various new DEFI products to boost scalability, Blockchain security, user experience, and acceptance.
The native token of this protocol is known as $RGP, where this token will be the form of reward for liquidity providers. The Rigel Protocol community devised, set up, developed, and is in charge of the protocol. $RGP tokens would also be available to yield farmers and lending institutions.
The Rigel Protocol Yield Farming feature protects cash-flow providers by lowering the APY (Annual Percentage Yield) and imposing a locking period on tokens produced through this pool. The user retains power and ownership while the community retains control of the funds in a decentralized and non-custodial manner.
Also, to enable high speed transaction, low latency, low fees, and quick
adoption, the Rigel Protocol launched it’s token on both the Binance Smart Chain (BSC)
and the Ethereum Blockchain(ETH).
The Binance Smart Chain and the Ethereum Chain, both of which are created with solidity, serves as the foundation for the Rigel Protocol’s smart contracts. The incorporation of different more chains would be considered among our community members as part of the platform’s governance.
The Rigel Protocol combines the Binance Smart Chain and the Ethereum Chain to provide lower costs and faster transactions in swapping, yield farming, and futures trading, among other things, while also providing access to a large number of tokens and liquidity.
A protocol designed to increase the scalability, security, user experience, and acceptance of existing Decentralized Finance (DEFI) products while also introducing various new DEFI products.
Importance of Rigel Protocol to the Blockchain Space
The Rigel Protocol strives to provide new solutions to the Defi space, a Decentralized protocol that intends to provide the community with a number of tools to help them use Blockchain technologies in their daily lives.
The Rigel Protocol community created, set up, developed, and is in charge of the protocol. The community establishes and decides on all proposals and decision-making.
Users can govern monies in a non-custodial manner since decision-making and ownership are kept within the users. There is no need for a KYC, users are anonymous, and their identities are kept confidential.
To utilize the platform, no passwords, wallet keys, seed phrases, or two-factor authentication are required. All transactions and interactions are handled by smart contracts that have been verified and reviewed. The Blockchain is as safe as it gets.
Rigel Protocol Major Products
- Margin Trading Ecosystem
- Yield Farming
- Token Swapping
- Cross-chain Operation
Benefits of Rigel Protocol
- Lower Transaction Fee:
When opposed to trading on centralized exchanges, decentralized platforms usually have lower fees. Utilizing Rigel Protocol for cross-chain operations are always beneficial as crypto traders are always on the lookout for the best deals on their assets. In order to compete with Decentralized Exchanges, centralized exchanges will eventually have to lower their fees.
2. Financial Deepening:
Financial Inclusion is the process of ensuring access to appropriate financial products and Services needed by all sections of the society in general and vulnerable groups such as weaker Sections and low income groups in particular at an affordable cost in a fair and transparent manner by mainstream institutional.
Hence, Many centralized exchanges do not allow residents of particular countries to use their services. This is not an issue with the Rigel Protocol because they may be used by anyone from anywhere in the world. This results in a far more inclusive and equitable ecosystem.
3. Reduced Risk:
Risk management is one of the most considered factor in the cryptosphere as many centralized exchanges have been hacked throughout the years, resulting in the loss of funds held on these platforms by their many users. Rigel Protocol is safe and exchanges or transactions are done directly between people through an automated procedure, eliminating the need for middlemen.
Data and other files are easier to maintain secure on decentralized servers and platforms than on centralized ones. The risk of a single entry point is decreased by storing data across several processing devices in multiple places, which makes less data available at each point.
Decentralized systems can even avoid keeping sensitive data entirely by not saving passwords and instead relying on various keystore mechanisms to allow users to retrieve data, effectively removing trust from the equation.
People who use Decentralized Platforms do not have to give their information to third parties, and there are usually no registration or KYC procedures.
In summary, Rigel Protocol is a platform for people that intends to provide the community with numerous instruments to expand the usage of Blockchain technologies in everyday life.
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