How then do we know legit DeFi project? (PersistenceOne A Litmus Test)

Decentralized finance is becoming more and more popular and this topic is becoming unavoidable on social media. It is just natural that many investors turned into this new finance system to leverage its features and grow their income passively. Since the introduction of DeFi, different projects have launched a unique product for the community members and some had come to scam people of their hard money.

How then do we know legit DeFi project?

One of the problems in DeFi despite the solution it provides if we consider it to the traditional banking system is the scalability problem, but the introduction of an interoperability function solves this problem.

Knowing legit DeFi project can be traced to the following nuggets:
The Product

DeFi ecosystem is big and a launch of a new project under this ecosystem should at least have one unique product that differentiates it from others. As one of my favourite projects (Persistence.One) building the bridge through the use of multi-chain protocol powering next-gen financial products.

The Team

Accessibility of users to the team of the project is highly important in other to build trust for any new project in the space. Yes, Satoshi is anonymous but if you have nothing to hide, there is nothing stopping the team of a project to declare themselves and gives opportunity to the project users to interact with the team.

Still using (Persistence.One), the Founder/CEO Tursha from time to time create time to interact with the user/community members. Some days back, Tursha had an interview with one of Persistence's guardian and Tursha been an intelligent person, provided answers to all questions. Check out the video below.

Credit: Confident In Crypto

Proven Track-Record of Completed Milestones

Every month, Persistence release a community newsletter that comprises achievements for the month. Here are the July achievements.

The Utility Token Growing Potential

The token attached to a newly launched project is valuable when it offers the right to a service or product. $XPRT is the utility token of Persistance.one and the caption below shows the roles of the token within the Persistence.one ecosystem.

I am not a fan of talking about the price action of an asset, I believe most on the value the token has. I bagged $XPRT some few days ago at $5+ and within two days, it already rises to $8+ in the market.
With the list of where $XPRT can be used, it's in high demand in the crypto market and the transaction on PersistenceOne 24th, August 2021 surpassed 200,000 network transactions.

Where $XPRT can be Used?

• Persistence Wallet: You can delegate $XPRT and start earning passively
• Osmosis App: You can provide liquidity and stake the LP for reward
• Emeris App: You can provide liquidity and stake the LP for reward
• pSTAKE: You can do naked staking and generate staking reward

In conclusion, amazing things are happening in DeFi if only you interact with the quality project and engage with their protocol to start generating passive returns for yourself. There are many projects that help grow your income, you only need to find them.

kindly note, I am not a financial advisor, DYOR.

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_{Published on LERNblogs.com}