Since entering the market in March 2020, Solana (SOL) has been one of the best-performing cryptocurrencies. However, recent analysis shows that SOL is losing ground. In addition, a new cryptocurrency, Retik Finance, is gaining popularity over Solana in the market.
Solana (SOL)
Solana is a layer-1 blockchain platform that was designed to address Ethereum’s scalability issues. Solana uses a hybrid consensus mechanism that combines Ethereum’s Proof of Stake with another mechanism, Proof of History, to reduce latency. Solana claims to achieve up to 50,000 transactions per second (TPS). This is a huge improvement over Ethereum, which can only process around 15 transactions per second.But this does not come without its challenges. Ethereum co-founder Vitalik Buterin proposed three main issues—decentralization, security, and scalability—developers encounter when building blockchains, forcing them to sacrifice one “aspect” as a trade-off to accommodate the other two. Solana’s developers seemingly sacrifice decentralization.The number of validators a blockchain platform has determines its block confirmation speed and the extent of decentralization. Solana relies on a little over 1000 validators to achieve a faster block time. However, this small number of validators also leaves the network less decentralized.As a result, Solana has become unappealing to most investors seeking to participate in decentralized finance activities.Its DeFi ecosystem is significantly smaller than that of Ethereum. This smaller blockchain activity translates to reduced demand for SOL, slowing down its growth.
Retik Finance (RETIK)
Blockchain developers can bypass the above issue proposed by Mr.Buterin by designing their protocols as layer 2 solutions. In this context, layer 2 refers to a blockchain protocol built on top of a layer 1 network to improve its functionality. Layer-1 networks include Solana, Ethereum, and Bitcoin. Layer 2 networks leverage the strengths of the layer 1 network while improving on its shortcomings.Retik Finance is built as a scalable solution on top of Ethereum. It leverages Ethereum layer-1 top-notch security and decentralization features while improving its speed. The protocol aims to bridge the gap between traditional and decentralized finance by enabling users to use their crypto holdings for daily expenses such as grocery shopping. This is through its ecosystem of innovative products and features.
Retik Finance Ecosystem
Retik DeFi Debit Cards
Retik DeFi debit cards function like standard debit cards but with crypto integration. The cards are linked to the holder’s wallet, allowing them to pay for goods and services in the real world using digital assets. Retik has partnered with traditional payment systems like Mastercard and Visa, allowing instant crypto-to-fiat conversion. This way, users can use the cards even in establishments that do not directly accept crypto payments.
Retik Wallet
Retik Wallet is among the most secure Web 3 wallets. It is a holistic solution that enables users to participate in all traditional DeFi activities, such as swapping, staking, lending, and borrowing. The wallet also expands its horizons with CeFi-like functionalities. It is linked to the DeFi debit cards, allowing effortless cash conversions.
Retik Pay
Cryptocurrencies are becoming widely accepted as a means of payment. Retik Finance provides Retik Pay as a safe landing for businesses looking to integrate crypto payments. The platform is competitively cheaper, faster, and more widely spread, making it excellent, especially with global payments. In addition, there are no hidden fees or a third-party platform, ensuring that users receive every cent of their earnings.
Retik AI-Powered P2P Lending
The team behind Retik Finance recognizes the potential of AI technology and has integrated it into Retik’s peer-to-peer lending platform. The platform uses machine learning technology to match creditworthy borrowers with potential lenders in an approach that addresses the shortcomings of traditional lending models, such as defaulting.
Retik vs Solana: Why will Retik Finance be bigger?
The decentralized finance industry (DeFi) continues to rapidly grow, necessitating a platform that can accommodate the demand. Solana’s centralized ecosystem makes it an unattractive choice for most investors. Ethereum-based Retik Finance, actively developing in this space, is a far superior option.
What Now?
Retik Finance is currently holding a presale, allowing investors to invest at a discount. The presale has recorded over $700,000 in less than a week. The first three days saw investors gobble up 15 million RETIK tokens to raise over $450,000. The protocol is also having a giveaway where 10 lucky participants will each win $33,300 worth of RETIK tokens for completing simple tasks.
Visit the links below for more information about Retik Finance (RETIK):
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