Everybody who deals with money wants to be as discreet as possible. PlutusDeFi, a new full-stack DeFi-As-A-Service solution, adresses security concerns and puts users’ privacy and anonymity on the first place.
DeFi or Decentralized Finance has become very popular in recent months. While they have been prophesied by many blockchain analysts since a few years ago, it’s only in the past few months that they successfully made it to the mainstream crypto news.
Nowadays, the biggest crypto publication media talk about DeFi almost every single day. Well, it’s normal considering the growth of Total Value Locked (TVL) for DeFi platforms. For comparison, by May 11th of this year, TVL in DeFi platforms was only $880 million. Just 2 months later, by July 11th, the TVL was over $2.2 billion. The graph shows over 175% increase.
The liquidity mining concept has successfully helped DeFi to become much more popular than before. COMP token, the native crypto token behind Compound protocol, has been hyped so much and has triggered the launch of other DeFi crypto tokens. However, among the wave of all these DeFi tokens, people have raised concerns about privacy and insurance. Whales who put millions of dollars in DeFi protocols want to stay as anonymous as possible. This is where privacy features matter when it comes to DeFi activities.
PlutusDeFi With Privacy And Insurance
And then, there’s PlutusDeFi. This newer platform understands the biggest concerns among DeFi participants. PlutusDeFi is a full-stack DeFi-As-A-Service solution that prioritizes user privacy and anonymity. Not only that, but it also helps the users to feel safe about their funds with the insurance option.
PlutusDeFi even made a bold claim that its user-level privacy is as strong as the “Dark Web”, which means the privacy level is very high. The platform is able to achieve this with both on- and off-chain privacy solutions. They use the combination of Tor Network, Aztec Protocol, OpenVPN, Camouflage.eth, and Tornado.cash to help DeFi users stay anonymous from the public.
PlutusDeFi also integrates Nexus Mutual and Opyn for its insurance features. For your information, these insurance offers do not work like traditional insurance companies. They are operated entirely by the members and only they can decide which insurance claims are valid. Interestingly, all member votes are recorded and enforced by Ethereum smart contracts.
If you want to try how to interact with PlutusDeFi, it has “Lend & Earn” which allows its users to opt for the most competitive DeFi protocols in a 3-step process. When users use this option inside PlutusDeFi, they will be able to see their lending portfolio alongside the earned interest. Everything will be displayed in a very simple and user-friendly User Interface. If you are interested in trying this feature, you can follow the link and click “Start Lending”.
The lending here basically aggregates DeFi famous protocols like Compound and dYdX. Users will be able to earn easily the most competitive rates straight from their browsers without the need to download any extra program or learn a new UI every time they want to try a new protocol.
The simplicity of PlutusDeFi lending feature, combined with its privacy and insurance options, might be able to trigger the launch of other second-gen DeFi platforms. If it gets popular, it would also help the DeFi audience to understand the importance of easy UI, privacy, and insurance.
PlutusDeFi is still considered a microcap project without much visibility. It has raised $1 million with a bonding curve for the last $150,000 of their fundraising efforts. There will be a decentralized exchange bonding curve and its native token called PLT will be listed in Uniswap. Their investors include big names in the crypto space such as Nabais Capital, Ethereal Capital, Bitcoin.com’s CEO, Changelly CEO, Head of Trading at Goldbaum & Partners, George Samman, and others.
Platform’s team teased the plan to integrate with Lipisha, Vodacom, which is already listed on the Johannesburg Stock Exchange Limited. They will also team up with M-pesa, which is one of the biggest telecom corporations in Africa. If everything works according to their plan, PlutusDeFi will be able to bring money credits to be directly deposited into their DeFi lending feature.
All fees that are received will be redirected into three different pools, which are used for different purposes: re-audit fund, buyback and burn model, and staking pool. PlutusDeFi is currently conducting a private token sale event if you are interested in PLT token.
Taking Care of the Big Issues in DeFi
Just like everywhere else online, privacy is a big concern. Experts believe that average users should be concerned about their online privacy more than ever. And especially when it comes to money, everybody wants to be as discreet as possible from the prying eyes. Hopefully, PlutusDeFi and other upcoming platforms will be able to address privacy and security concerns in the DeFi space. After all, Decentralized Finance should continue to evolve if it wants to keep growing and eventually become more mainstream.
Cryptocurrency investor, journalist, analyst, and growth hacker. I cover crypto, blockchain, crowdfunding, and education.