Avalanche is the premier smart contracts platform at the forefront of the decentralized finance (DeFi) revolution. DeFi is a fairly new and still-developing technology that uses distributed ledgers to manage transactions rather than relying on traditional third-party controls such as banks and related financial institutions. In doing so, decentralized finance offers an abundance of advantages over old-fashioned financial protocols.
It allows users to circumvent service fees levied by banks; it enables users to hold money in a digital wallet instead of an institution controlled by another party; it provides speedy, near-instantaneous transfer of funds; and, finally, it requires no approval process to participate, only an internet connection.
Decentralized finance is, in part, about getting rid of the middleman—but more importantly, it expands access to a wide range of financial services by leveraging the power of peer-to-peer transactions.
Avalanche was conceptualized in 2018 by Ava Labs, founded by Cornell computer science professor Emin Gun Sirer. Since then, Avalanche publicly launched in September 2020. At present, there are hundreds of dApps on Avalanche.
Avalanche comes with a variety of benefits that competing blockchains cannot equal. The Avalanche platform boasts the quickest time-to-finality in the industry (1 second), literally thousands of validator nodes, and extremely strong resistance to Sybil attacks. These benefits have already attracted a broad spectrum of professionals from the worlds of private industry as well as the government sector.
From collectors of digital art to veteran DeFi pros, the Avalanche community contains multitudes, and will surely continue to grow. In November 2021, the Avalanche Foundation launched a $200+ million fund dedicated to stimulating further growth of the platform's ecosystem, including DeFi applications.
How does the Avalanche smart contracts platform figure into this brave new world? With Avalanche and its suite of developer tools, you can create and launch low-cost, Solidity-compatible decentralized applications (dApps) that are capable of processing literally thousands of transactions per second. You can also stake AVAX with the Avalanche Wallet, mint ERC-20 tokens, and integrate an exchange with the EVM-compatible Avalanche C-Chain. In short, there are a variety of ways to generate yield through DeFi apps on Avalanche—and here are a few techniques to get started.
If you’re new to DeFi, it’s likely that you have at least a few questions about how to navigate your way through the world of decentralized finance. This is perfectly understandable. To aid you on your journey, we have assembled a brief tutorial that will walk you through the process of using DeFi on Avalanche.
This short video touches on several key aspects of Avalanche DeFi, such as how to acquire AVAX (Avalanche's native platform token) from an exchange and how to download a DeFi-enabled wallet like MetaMask. You will also be introduced to a few basic DeFi strategies about lending, trading, farming, and related features on Avalanche.
Learn how to wade into Avalanche DeFi using this quick and informative tutorial. If you’ve already viewed the video in full, you can always jump back to a specific section to review the information.
00:00 - How to Use DeFi on Avalanche
00:20 - Acquire AVAX from an Exchange
00:57 - Download and Connect to MetaMask
01:43 - Earn Passive Income With Lending
02:23 - Earn Passive Income by Providing Liquidity to Liquidity Pools
03:02 - Swap One Asset for Another
04:06 - "Farm" Your Pool Tokens to Earn Additional Income
Avalanche is a low-cost, extremely fast, and environmentally friendly platform. The fast-growing Avalanche community supports more than fifteen languages. To get started in the world of Avalanche, visit any of the websites listed below.
Avalanche Resources:
Website: https://www.avax.network
Ecosystem: https://ecosystem.avax.network
Twitter: / avalancheavax
Discord: https://chat.avax.network
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