Blockchain
DeFi Technologies Provides Update on Its Governance Business – Announces initial Shyft Network Node Earning of 300K+ of Shyft Tokens Over Two Months
DeFi Technologies Inc. (the “Company” or “DeFi Technologies“) (NEO: DEFI) (GR: RMJR) (OTC: DEFTF) announces initial Shyft Network Node earning of 300K+ of Shyft tokens over two months and expects to generate about 6800 Shyft tokens daily or 2,482,000 Shyft tokens per year. The Company is running a validator on the Shyft Network, the private, semi-permissioned blockchain designed to embed trust, validation and discoverability into public and private ecosystems.
The Shyft Network protocol is an intraoperative, transformative solution that enables identity verification, validation and the sending of credentials and other data across multiple different blockchains and networks. The protocol was designed to help virtual asset service providers (VASPs), brokers, and financial institutions achieve full compliance with the Travel Rule, which was standardized globally by the Financial Action Task Force in 2019, and ease friction in the deployment of technical compliance solutions for virtual assets.
DeFi Technologies generates revenue by running a node on the Shyft Network which secures the network and validates transactions. In return for providing the service, DeFi Technologies earns the transaction fees on the network and the Shyft Network token issuance. The earnings generated by running this node on the Shyft network will be used to help fund development of products being built on the Shyft network, as well as several other initiatives like providing liquidity to the market, creating institutional trading products, amongst other things.
Russell Starr, Executive Chairman of DeFi Technologies stated: “As our entire business platform at Valour continues to grow in terms of AUM and revenues, to see our governance product now kick in and add to our already substantial revenue profile is incredible news for shareholders. What is even more exciting are our new products coming to market along with our intent to also build out a node portfolio. DeFi Technologies remains one of the only ways for investors to get exposure to DeFi TVL (which has grown to US$157 billion) in a listed and regulated equity market.”
Currently DeFi Technologies is running one Shyft node. Through July and August of 2021, DeFi Technologies has generated over 300,000 Shyft Tokens. The current network price of the Shyft Tokens is US$1.05.
Wouter Witvoet, DeFi Technologies’ Chief Executive Officer, said: “This is a really exciting start of our governance business line and shows the potential of DeFi Technologies to be a core actor in enabling decentralized networks. The lessons learnt in our initial partnership with the Shyft foundation will give us a template of how we can work with other players in the space.”
DeFi Technologies offers governance as a part of its product suite. As more DeFi applications seek to improve the way their projects are governed by their respective token holders a need has emerged for independent governance.
The best way to think of it is similar to a public company opting to install independent board members. The DeFi Governance product works with decentralized networks to run independent nodes that validate transactions and provide governance on the network.
As the only public company dedicated to the DeFi space, the company believes it is uniquely positioned to fulfill this emerging need in the marketplace.
Blockchain
Accredited Solutions, Inc. Announces Strategic Acquisition of GlobeTopper, a $37M Revenue Platform Acquisition to Anchor Fintech Strategy
Blockchain
DIGZAX Enhances Collaborative Security System, Pioneering New Heights in Cryptocurrency Trading
DIGZAX
Blockchain
CryptoBlox Signs Amended & Restated Share Purchase Agreement to Acquire Blockchain Fintech
-
Blockchain5 days ago
DNA Holdings Venture Inc. and Validation Cloud Partner to Deliver $50M Institutional SOC 2 Compliant Staking Solution on TON
-
Blockchain Press Releases6 days ago
FDUSD Expands to the Solana Blockchain to Further Strengthen and Bolster Access
-
Blockchain Press Releases5 days ago
Bybit Launches Localized Website for Kazakhstan Community, Offering Comprehensive Crypto Trading Services
-
Blockchain6 days ago
XSOLLA TO LAUNCH XSOLLA ZK, ADVANCING WEB3 ADOPTION FOR VIDEO GAMES
-
Blockchain7 days ago
OKX Celebrates “A New Alternative for the UAE” with ‘Trade Like a Pro’ Brand Campaign Featuring Local Influencers
-
Blockchain4 days ago
Kyrrex Expands into the U.S. Market, Offering Crypto Solutions with Low Fees
-
Blockchain Press Releases4 days ago
Bybit Protects First-Time Copy Traders Against Potential Fiat Losses in Limited-Time Offer
-
Blockchain Press Releases7 days ago
Nomic Launches Babylon Bitcoin Staking Smart Contract on Ethereum