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Oasis Network has surpassed $200 Million in TVL in record time and it keeps growing. Now is the perfect time to join the Oasis DeFi Ecosystem.

We’ve recently announced the Oasis Bloom $200,000 hackathon to encourage innovation in the Web3 movement and DeFi sectors. With support from Jump Crypto, Newman Capital, Neo Global Capital and Hashed, the Oasis Bloom Hackathon will take place from March 10 until May 2, 2022.

One of the focal areas of the hackathon is seeking the brightest and best developers to create a DeFi 2.0 DApp on Oasis Emerald, the EVM Compatible ParaTime. The winners will be rewarded with access to funding, community, network support and $200,000 in prizes.

The success of DeFi 1.0 has led to a new iteration: DeFi 2.0. The changes from its predecessor solve common issues found in earlier versions. But, what exactly is DeFi 2.0, why is it so important, and the key differentials from DeFi 1.0?

DeFi 2.0: The Next Iteration of Decentralized Finance

DeFi 1.0 was a seismic shift in the accessibility of personal finance, but its limitations resulted in an uneven user experience, stifling initial progress. The difficulties associated with scalability, security, and an underwhelming user experience required further innovation and development. Additionally, the high gas fees and lengthy transaction times have impacted the adoption of DeFi services. Thus, creators needed to address the shortcomings of DeFi 1.0 by encouraging the development of its successor — DeFi 2.0.

DeFi 2.0 is a major upgrade from its predecessor, aiming to fix several problems that were present in DeFi 1.0 and implements significant improvements in several crucial aspects; scalability, liquidity, security, capital efficiency, and mitigation of Oracle attacks. Improvements that allow DeFi 2.0 to reduce gas fees and encourage liquidity in the DeFi space.

DeFi 1.0 vs. DeFi 2.0: Major Differences

DeFi 1.0 built upon open network systems that enabled innovative applications for personal finances by eliminating traditional finance, or TradFi, barriers. Legacy institutions were discarded, with users favoring peer-to-peer lending amid flexible and minimal restrictions. DeFi 2.0 implements significant improvements compared to DeFi 1.0 in several key user and platform facets. The most notable differences are:

Popular DeFi 2.0 Applications

DeFi 2.0 enables new use cases of DeFi technology. Some applications are still under development. However, some platforms have deployed working DeFi 2.0 solutions.

OlympusDAO: A algorithmic currency protocol designed to solve liquidity issues in DeFi 1.0 applications.

Abracadabra: A DeFi lending platform allowing users to convert interest-bearing cryptocurrencies into stablecoins called Magic Internet Money (MIM). MIM can be exchanged for stablecoins including USDT, DAI and USDC.

Alchemix: Alchemix is a DeFi 2.0 application that combines peer-to-peer lending with high yields to enable self-repaying loans. Users of Alchemix can create synthetic tokens that leverage the Alchemix system to repay loans over time. The platform requires a deposit of the DAI stablecoin, which it uses to mint alUSD for the loan. alUSD is the synthetic token enabling users to borrow up to 50% of their collateral amount.

Additional noteworthy DeFi 2.0 projects include Tokemak and Convex Finance.

To learn more about the Oasis Bloom Hackathon, please visit here.

Why Oasis is The Perfect Layer 1 Blockchain for DeFi 2.0 DApps

The Oasis team has introduced a new level of technology to the DeFi space with our solutions to leverage DeFi 2.0 services. Emerald, the EVM compatible ParaTime, allows easy integration with EVM-based DApps, such as DeFi, NFTs, Metaverse, and crypto gaming. In addition, we provide tools for developers who want more advanced features and applications that work seamlessly within decentralized networks, including:

• Scalable, reliable and versatile architecture
• Parallel Workloads
• Efficient design

Oasis is ideal for DeFi and GameFi due to instant finality, 99% lower gas fees versus Ethereum, high throughput and secure architecture.

DeFi 2.0 Hackathon Ideas?

The Oasis Bloom Hackathon seeks to promote solutions for DeFi 1.0 challenges and propagate the adoption of blockchain technology through efficient DeFi 2.0 applications.

Developers can increase liquidity by using locked/staked/security tokens for other crypto investments. Users can employ their collateralized assets in crypto investments like trading or liquidity provision to earn interest.

A better internet is only a matter of time: Platforms like Oasis improve the internet with novel solutions in demanding industries. Holding hackathons will lead to increased innovation in a nascent sector. Expect to see more DeFi 2.0 applications after the Oasis Bloom Hackathon.

How to Enter: To get started, please visit our hackathon page and submit your application by May 2, 2022.

The Oasis Bloom Hackathon Opening Day is only a few days away; register your spot using the following link!

We look forward to seeing the next flagship DeFi 2.0 project!