Cryptocurrencies are gaining great ground in modern times. Bitcoin burst onto the scene on 22nd May 2010. This day is popularly known as Bitcoin Pizza Day. That day, Laszlo Hanyecz, a programmer from Florida, paid 10,000 Bitcoins to purchase two pizzas. Since that day, Bitcoins and other similar cryptocurrencies have become hugely popular.
Fast forward to today and we have amazing technology known as Bella Protocol. Stackzea is happy to bring you an overview of this popular cryptocurrency so that you might learn more about it.
One of the most attractive features of cryptocurrencies, particularly to the modern, tech-savvy generation is the transactional security they provide. Decentralized ledger technology, such as blockchain, has given rise to a new paradigm for finance. This is because of the immunity it provides against duplicity of cryptocurrencies. Decentralized finance (DeFi) is becoming the talk of the town in the virtual currency world.
DeFi aggregators are being introduced by modern engineers, aiming to bring a revolution in the traditional finance world. Bella Protocol is the latest addition to that revolution. Recently, it became the maiden project to be hosted on Binance Launchpool. This novel platform is designed to offer decentralized finance (DeFi) experience to all the Binance users.
What is Bella Protocol?
Bella Protocol is a DeFi aggregator that aims to unlock the potential for greater yields. It also aims to provide smoother, better user experience. It is a modern ecosystem project developed by ARPA, a famous layer 2 MPC (Multiparty Computation) network.
The Bella Protocol provides a set of DeFi products for streamlining the crypto banking experience. With its 1-Click, Bella aims to bring the mobile banking experience into crypto. The primary motive behind the development of the Bella Protocol is to simplify the user experience of the DeFi users.
It does this by helping them get rid of the pain points such as higher gas fees, slower speeds, and substandard user experience. Bella Protocol is able to achieve its goal through a subsidized gas fee and a smoother user experience.
Features of Bella Protocol
Experts at Bella Protocol believe that a majority of the crypto holders fail to enjoy the benefits of DeFi infrastructures because of higher costs and inferior experiences. With products like One-Click Portal, Flex Savings, Bella Liquidity Mining, and Lending, Bella Protocol aims to provide a routine banking experience to crypto holders.
The following are some of the most highlighting features of Bella Protocol:
Bella tries to automate every single thing possible. Bella does this to enable the users to interact using a single smart contract for initializing liquidity mining.
Zero Gas Fee
Higher gas fees become a great barrier for crypto holders. It is one of the most important features of the Bella Protocol. It ensures every crypto holder gets access to superior financial services.
If a user chooses to use the custodian service, Bella Protocol aggregates hundreds of transactions together. The protocol executes them using a single smart contract transaction at the most efficient time of day. That way, a single transaction gas fee is shared among hundreds of users, effectively bringing the gas fee to nearly zero for each user. Moreover, they subsidize the fee using their own capital, making it a zero gas fee.
Bella Protocol makes use of smart pools to direct your funds to pools with the most aggressive returns in the market.
Bella Product Suite
The Bella Protocol comes with the following open finance products:
It is one of the core concepts of the Bella Protocol products. It is aimed at bringing in more crypto holders to the decentralized finance space. 1-Click enables users to only deposit and relish higher yields via state-of-the-art arbitrage strategies. Users can choose any of the on-chain or custodian services. With 1-Click, users are no longer required to shuffle between various protocols to farm for the best yields.
Bella Lending is a product that offers a decentralized money market along with higher flexibility. It provides easy-to-deploy liquidity mining and referral bonus, while also supporting liquidity pool tokens.
BEL Flex Savings
This key product of the Bella Protocol that acts as a smart Robo-advisor. It picks the highest yield for you, having support for several cryptos and stablecoins.
Product Motivation for Bella Protocol
Bella Protocol derives the motivation for their product development from the potential of the DeFi market. People at Bella believe the following factors to be the guiding force behind all of their products:
- A trillion-dollar DeFi market that is supported by the rising stablecoins.
- Despite the large number of crypto holders, present-day DeFi users are only about 1 percent.
- The requirement for interoperability over emerging protocols in order to attain the best yield.
- With smartphones being considered the next big thing, a combination of DeFi and CeFi to create a hybrid finance system is the need of the hour.
- The existing difficulties that DeFi users encounter such as higher gas fee, substandard user experience, and trouble understanding the concept of smart contracts.
Bella Protocol is set to launch the inaugural version of its Bella Lending Protocol in the fourth quarter (Q4) of 2020. Bella will also launch the first version of Bella 1-Click by the first quarter of 2021. Furthermore, it plans to introduce the initial versions of both Bella Flex Savings and Bella DeFi Robo-advisor by the second quarter of next year.
The core team of blockchain masters and serial entrepreneurs at Bella are committed to bringing familiar mobile banking to crypto. With its lined-up promising products that aim to simplify farm yielding and guarantee the best yields with superior user experience, Bella is certainly an ecosystem to look forward to, both for the existing as well as future crypto holders.
Author Name: Vishwa Deepak
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