Moonstake Announces DeFi Entry

Moonstake, currently the 16th largest staking asset in the world, is officially entering the DeFi sector. As of now, Moonstake has surpassed $200 million in total staking assets. The leading staking pool is also in partnership with more than 10 public blockchains as well as reputable DeFi projects on the market. Moonstake is also accepting applications from DeFi products looking to connect to its staking network.

The company debuted its staking business last year with the aim to create the largest staking network in Asia. Since then, it has developed staking wallets for both Web Wallet and Mobile Application Wallet (iOS / Android) that are compatible with 2,000-plus cryptocurrencies. Moonstake also collaborated with public blockchains who are active in the DeFi field, such as Emurgo, NEO, Ontology, and Wanchain.

In August 2020, Moonstake partnered with RAMP DEFI to develop and popularize DeFi and connect DeFi products to the Moonstake platform. In December, Moonstake co-sponsored the Defi section in “Business Blockchain Expo” hosted by Binarystar, a Japanese blockchain business hub. Moonstake highlighted DeFi projects such as MakerDAO, NEO Flamingo and Zilliqa.

Currently, the total amount of crypto assets locked in DeFi surpasses $25 billion, up 290 per cent from the same period last year. The DeFi ecosystem is largely built on the Ethereum blockchain and further growth in the future will require collaboration with other blockchains and access to Ethereum from other blockchains.

Major PoS (proof-of-stake) protocols often require a locked period during staking. The illiquidity of crypto assets during this locked period has been a challenge. As a staking service provider, Moonstake enters DeFi this time with plans to launch products that facilitate and expand access to DeFi by working to resolve this illiquidity.

Moonstake said it has already completed proof of concept and the upcoming completion of the staking liquidity protocol will enable access to DeFi products such as decentralized exchanges and lending platforms. It will also allow for scalability of the service by linking it to the staking pool operated by Moonstake.

The company is developing a litepaper on DeFi products and business models which will be released within the first quarter of 2021. In addition to creating its own products, Moonstake will also be widely accepting applications from DeFi products that wish to connect to the Moonstake platform.
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