Tezos Selected by DeFi Platform EQIFI to Expand Staking Options
EQIFI, a unified platform for DeFi products, has launched staking and borrowing services for open-source protocol Tezos (XTZ), which is backed by a global community of validators, researchers and developers.
EQIFI has also selected Tezos as their preferred blockchain platform to develop regulatory-compliant decentralized finance products. The company’s clients can now stake their XTZ and immediately start earning staking rewards. There is no minimum locking period and staking positions can be exited at any time.
Tezos is a highly-scalable platform that supports smart contract functionality and the development of decentralised applications (Dapps). It uses a variant of the proof-of-stake protocol which offers token holders the opportunity to delegate their assets to a validator and earn staking rewards.
Tezos also applies a governance model that automatically evolves and upgrades itself to ensure stability. Among blockchain projects, Tezos’s consensus mechanism is touted to be one of the most energy-efficient and technically sound platforms.
“A product offering with an industry leader such as Tezos signifies the bar EQIFI is setting in the DeFi space. Providing exposure to Tezos holders for staking and borrowing is just the next step in positioning EQIFI to become an industry leader,” said Jason Blick, Chairman of EQIFI.
EQIFI is a regulated platform for pooled lending, borrowing and investing Ethereum-based tokens, stablecoins and select fiat currencies. The startup operates under a community-focused, decentralized standard through its native EQX token, which allows community members to make crucial decisions about the future of the project. This includes listing and delisting assets and tokens, adjusting interest rates according to the market, and modifying collateral limits.
Powered by EQIBank, EQIFI also offers users access to bank accounts, loans, custody, debit and credit cards, over the counter, and wealth management. Consolidating such a range of services into a single interface helps address shortcomings within the DeFi ecosystem, such as high fees, obsolete pricing models and expensive cash handling.
“Tezos is one of the original Proof of Stake smart contract layer one blockchains. Since launching in 2017, it has successfully upgraded itself seven times, logged millions of transactions, and attracted a vibrant, global community. Developers are able to easily build powerful tools and products, while new users can explore NFTs, DeFi, DAOs, and more across hundreds of decentralized applications running on Tezos,” EQIFI said in a statement.