What’s Next for Paribus?
With the recent launch of the Paribus Mainnet V1 which serves as a significant milestone in the development of the Paribus platform. The project is now taking a major leap towards a sustainable future. The team is now focusing on two key areas — governance and NFTs as collateral. These are super important for making sure the platform can survive and thrive in the long run.
In the words of Paribus CEO Deniz
“We’re really excited about the next milestones in our roadmap — governance and NFT collateralized loans. They’re going to bring a ton of new benefits and utility to PBX, and we can’t wait to share them with you.”
This article will help explain how these two areas are crucial for maintaining the integrity and stability of the platform, as well as for providing users with greater flexibility and control over their digital assets.
First, in the aspect of governance, Paribus is working on creating a decentralized governance system that will allow the community to vote on important decisions related to the platform’s future, such as upgrades, improvements, and new features. This will ensure that the interests of all stakeholders are represented and give the community a greater say in the direction of the platform which will give room to a more inclusive and collaborative community.
To make this work, Paribus is using a system called veTokenomics, which incentivizes people to hold onto their PBX tokens for a certain amount of time. This system prevents big players from manipulating the token price and encourages people to participate in the governance process. In addition, token holders can receive staking rewards and a percentage of protocol fees based on the number of tokens they have locked up.
Paribus wants to create a fair and open governance model that benefits everyone in the community, and they are learning from other successful implementations of veTokens to make sure they get it right. They believe that this approach will help them achieve long-term success and sustainability, and they are committed to ensuring that everyone’s interests are represented.
Secondly, Paribus is exploring the use of NFTs (non-fungible tokens) as collateral for loans. This means that users could potentially borrow money against the value of their NFTs, which would be held as collateral until the loan is repaid. This would provide a new use case for NFTs beyond just collecting and trading and could unlock liquidity for NFT owners who need access to funds.
The Paribus team believes that this approach could help to make the platform more sustainable in the long run by expanding its user base and increasing the amount of value that flows through the ecosystem. By offering innovative features like NFT collateralized loans, Paribus hopes to differentiate itself from other DeFi platforms and create a more diverse and vibrant community.
I personally look forward to these implementations as this will be a major leap towards a sustainable future for the Paribus ecosystem.
About Paribus
Paribus is a decentralized finance (DeFi) protocol built on the Cardano blockchain. The platform aims to provide a lending and borrowing system that supports both traditional and unconventional crypto assets, allowing users to unlock liquidity without having to liquidate their assets.
Paribus uses algorithmically derived interest rates, based on the supply and demand for a given asset, to create pools of assets. The platform also allows users to stake their assets as collateral to borrow funds from the protocol.
To learn more about Paribus be sure to follow on the following channels.
