COMPETITOR ANALYSIS
Gorilix Protocol will not be “just another DeFi platform” that enters the market. The Gorilix Protocol ecosystem will emerge as a solution that will become the top market player, which is why we have analyzed various competitors to fix their mistakes and cover their shortcomings.
Launched in 2017, Compound Finance is a DeFi platform for interest generation and borrowing on an autonomous protocol for developers. The biggest issue of compound finance is its private-like ownership. The Compound’s team, shareholders, and founder hold a majority of its native COMP token. In addition, proposals for a change in compound governance only move if 1% of the total token supply holders sign the proposals, leaving much voting power to the team and founder, raising questions about its decentralized protocol. Furthermore, even with multiple audits, new bugs keep rising on the Compound platform.
Decentralization makes DeFi. Gorilix Protocol will strive to keep team members and founders from gaining a hold over the protocol and ecosystem. The $SILVA token will be allocated as such to keep the team members, founders, or a major stakeholder in proportion to the rest of the Gorilix Protocol community. Gorilix Protocol will employ secure interfaces and initiate partnerships with analysts and advisors for a safe platform. In addition, we will also provide handsome rewards via bug bounties and grants to users who can enhance our ecosystem’s safety.
Aave’s decentralized lending application, launched at the beginning of 2020, is another market competitor for Gorilix Protocol . Lending and borrowing of assets on Aave is not all sunshine and rainbows as Aave has negative and low-interest rates, making it less enticing to investors. Investors interested in liquidity mining or yield farming cannot obtain a high amount of profit, causing them to steer clear of Aave and harm its ecosystem and popularity.
Gorilix Protocol ’s interest rates will be dependent upon the supply and demand of the asset, allowing users to maximize their profits by opting for the assets depending upon the market. Thus, attracting all investors to become a part of an enriching and lucrative ecosystem.
Gorilix Protocol will put its crucial emphasis on taking care of two main prospects:
Constrained Borrowing: The rough borrowing mechanisms that lead to incorrect asset valuations and do not do anything for small investors.
Borrowing requires the submission of collateral in an amount greater than the asset which the user wants to borrow. Such mechanisms can prevent small investors with little capital from initiating borrows. Borrowing requires a significant collateral ratio, as seen in the case of popular DeFi borrowing platforms, as shown.
We will tackle this problem by creating a system that will consider both small and large-scale investors and provide borrowing with a market-leading, lower collateralization ratio.
Negative Returns: The lack of returns from assets due to unmitigated risks of storage costs and high fees.
Involving a lesser number of transactional steps to lower gas fees until Ethereum 2.0 is launched and providing good interest rates are practices that will allow Gorilix Protocol to tackle the problem of negative returns for users on its platform. Gorilix Protocol will provide substantial investment opportunities and integrate various applications, expanding its ecosystem and forming additional partnerships. Gorilix Protocol ’s community will benefit from its authentic stakeholders, who will contribute to the ecosystem’s growth.
Last modified 9mo ago