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Here is everything you need to know about Cook Protocol – a transparent and secured platform for DeFi democratization that offers investors access to secured and liquidized funds.
The world of decentralized finance (DeFi) with lots of exclusive financial conveniences has been gaining continuous adoption as each day passes. Effective and efficient innovations established in the decentralized market are a major factor that has significantly boosted a large enthusiasm for DeFi. In a bid to establish the possibility of a seamless venture into the DeFi sector and fasten the adoption of DeFi, while enhancing the efficiency of the system, effective innovations take place. One of these innovations is the Cook Protocol (COOK).
Cook Protocol is a decentralized cross-chain platform that aims at igniting investors, both retail and institutional, with professional wealth managers. The platform serves as an exclusive gateway to DeFi democratization. It allows easy access to the decentralized ecosystem. Hence, it makes the sector simple to use, especially for newbies. Cook Protocol simply provides a transparent and secured mechanism that offers investors access to secured and liquidized funds. Besides, it allows users within the Cook community to freely initiate new strategies and instruments that are passively adaptable and deployable on several blockchains.
As such, investors are provided with diverse asset management services, giving them opportunities to choose instruments best suitable to them. Relatively, the platform addresses issues of complexities in operations. As such, it eradicates any form of complexity and sophisticated concepts as regards comprehending the DeFi operations, thereby choosing the best alternating strategy they understand best.
The idea to develop Cook Protocol appeared in mid-2020. It came from a desire to extend the conveniences of DeFi and the best wealth management services to the masses. A team of experts with solid experiences in their diverse fields within the crypto space has joined efforts together to actualize the initiative of Cook Protocol. Two experts Cage Chen and Andrian Peng sought a larger blockchain project that could accommodate diverse asset management services. As such, they shared an initiative that foresaw a platform like “Cook protocol” and joined efforts together to actualize the plans. They later became the CTO and CEO of Cook protocol respectively. Andrian Peng is notably more of a veteran in developing blockchain tech. He is a graduate with more than four years of experience in the digital asset sector.
Another team member is a software developer with more than 15 years of experience, Rahul Rodrigues. He is the main brain box of the platform being the chief architect behind the innovation of Cook Protocol. Further, the credit for the project goes to Antonio Wong, an expert in blockchain development. He has developed an interest in the crypto space since 2013 and has gathered high experience in the sector.
To commence the initial stage of Cook Protocol, the team released its Whitepaper that revealed the intent behind the platform and the system it seeks to deploy. This led to the architecture and UI design of the platform which happened in the early months of 2021. Then, the platform got listing on Uniswap, further releasing the Cook leverage and the Cook DeFi index.
While approaching the concluding stage of the development, the necessary audit process and testing was carried out on the platform. Moreso, the COOK token has been distributed on leading Initial Dex Offering platforms like WeStarter, Poolz, and BSCPad.
With the team behind Cook Protocol being individuals with satisfactory expertise and experiences from technologies, crypto, finance, and blockchain, a high-impact platform with an outstanding model is guaranteed for its users.
The platform is an exclusive gateway to DeFi democratization. It allows an easy access to the decentralized ecosystem. Hence, the sector becomes simple to use for newbies especially. In other words, it simply provides a transparent and secured mechanism that offers investors access to secured and liquidized funds.
A very interesting and unique quality the platform possesses is that it allows users within the Cook community to freely initiate new strategies and instruments that are passively adaptable and deployable on several blockchains. In addition, Cook Protocol establishes a mechanism that gives several skilled wealth managers the opportunity to implement potential strategies inspired by them.
The platform runs on the Ethereum mainnet and adopts a system that accommodates a wide range of asset management strategies initiated by professional fund managers on diverse blockchains. Therefore, the provision of access to a wide variety of assets, lending services, and yield sources on the Cook protocol allows possible mitigation of the effects of gas fees.
The platform uses COOK and ckToken to execute its operations. The former is the platform’s governance token that helps to make adjustments on the protocol level as well as initiate and vote for new strategies. It is capable of executing certain changes on the platform. Some of these changes include:
Besides, COOK empowers the vulnerability for new features on the platform. Anyone who desires to venture into the DeFi space can use COOK. COOK is available for purchase at any exchange that has the token listed, although not for fiat. A potential holder needs to purchase other leading cryptos on any exchange and further deposit to any exchange where COOK is tradeable, thereby exchanging the initial coin for COOK.
Meanwhile, the ckToken is a representation of a portion of an investment fund owned by an investor. More precisely, it is the unique LP token that is redeemable for underlying assets.
A community of entities holding the COOK token governs the Cook Protocol. These holders have the right to initiate strategies and vote for adjustments on the protocol. However, only users holding up to 1,000,000 COOK tokens can present governance proposals for adjustments on the platform.
Hence, eligible proposals are automatically executed after two days of voting.
The Cook Protocol is a fully decentralized platform that provides users with secure and transparent wealth management operations. Hence, it remediates the challenges of manipulative schemes and rampant loss of funds in the DeFi sector.
With Cook Protocol, investors have access to diverse asset management services. Thus, they have opportunities to choose instruments best suitable to them.
The protocol’s ability to provide investors with a number of asset management services alongside veteran asset managers makes it indeed a driving tool to help investors maximize profits.
Cook Protocol is a democratizing DeFi platform that is built on the Ethereum network. It aims to ignite and connect investors with asset managers considered as experts in their fields.
Cook Protocol solves the challenges that come with complexities associated with decentralized financial services. It gives users the opportunity to choose and adopt the fund management strategy that they prefer and that suits them the most.
A team of experts with solid experiences in their diverse fields regarding crypto and blockchain tech are behind the innovation of the project.
To mention a few of the team members, the key figures are Adrian Peng, the CEO at Cook Protocol with a graduate with over 4 years of technical experience in the crypto sector, as well as Rahul Rodrigues, a software developer with over 15 years of experience.
It requires investors to deposit cryptos into a smart contract where they would in return get a proportional amount of ckTokens. The ckTokens allocated to them signifies ownership of that portion of the fund. These smart contracts are executed by the platform’s asset managers who design investment tools and strategies deployable on the platform.
COOK is the platform’s governance token that allows investors to propose and vote for an adjustment in the protocol.
Meanwhile, ckToken is simply a representation of specific funds owned by the investors.
Cook Protocol’s ability to accommodate diverse investment strategies with extreme transparency makes it unique among other platforms. It solves issues of complexity by giving investors the opportunity to choose the strategies they prefer most.
The Cook token is listed on a number of exchanges. Users who desire to acquire the tokens would purchase them with other cryptos like Bitcoin, Ethereum, and the likes, on COOK-supported exchanges.
Notably, the token cannot be purchased with the traditional money, it is exchanged with other leading coins.