For growth and better scalability, FireProtocol has chosen to move its Decentralized financial offering to Polkadot. The year has been excellent for FireProtocol, which noted an increase in adoption and user base within the market.
Moving beyond the boundaries
Following the profitable sale of Tokens, the FireProtocol team believes there are certain advantages in utilizing Huobi Eco Chain. But after careful consideration of the pros and cons, the team concluded that the best for FireProtocol is to move to a better sustainable and scalable solution.
Many factors pitch in to cause the team from FireProtocol to consider this decision. Firstly, the team believed a lack of significant support for the system by Houbi would cause the adoption of the Fire Protocol to drop. Some problems highlighted by the group include limited developer tools, lack of sustainable upgradeability, performance and functionality issues, and ultimately no governance guarantee.
Polkadot boasts many features up its sleeves including, much greater throughput, the ability to incorporate other protocols with cross-chain functionality, ease to upgrade, and much more freedom in the development. All these features stacked up, ultimately prompting the team to migrate towards Polkadot to acquire the most satisfactory experience for their community.
Developed around flexibility
FireProtocol is not only a decentralized exchange but also a lending company for crypto-assets. With services ranging from providing different types of credit to users, supporting more than one digital asset for its lending platform, and establishing bridging service.
There is also a governance token named Fire which utilizes to aid financial incentive systems and help aid community voting and proposals. Users equally benefit from the flexibility and low fees as tokens could also be employed for liquidity farming over Uniswap.
Long term future of FireProtocol
The future for Fire Protocol looks extremely promising because of reliable backers like x21 Digital, strong support from the community, and a team that has worked in previous successful Decentralized Financial ventures like Celcius.
The company was intended to be at the forefront of technological advancements, and that is exactly what the Fire Protocol has accomplished throughout its Q1. Currently, Fire Protocol is looking to introduce a staking platform that will allow users to earn and stake diverse assets.
The latter half of this year would bring new releases from FireProtocol like derivatives trading and cross-chain loans. In conclusion, the move made by the team at FireProtocol seems to be the right one, which will solidify the company’s proposition, setting it nicely with the ever-growing Decentralized Finance scene.