# DeFi on NEAR

**Published by:** [MirWhn](https://paragraph.com/@artidea/)
**Published on:** 2023-07-01
**URL:** https://paragraph.com/@artidea/defi-on-near

## Content

The DeFi (decentralized finance) industry continues to grow and develop. It has gained considerable attention and popularity due to its potential to revolutionize traditional financial systems by offering open, seamless and decentralized alternatives. DeFi platforms provide various financial services such as lending, borrowing, staking, yield farming, and decentralized exchanges (DEX). They run on blockchain networks, primarily Ethereum, but other networks such as Binance Smart Chain and Solana are also gaining momentum. But recently a significant step in the conquest of the DeFi space has been made by NEAR Protocol. A key feature of this blockchain is that by using sharding technology, it has a significant advantage in terms of network bandwidth, transaction speed and the handling of large volumes of data. These factors become key when it comes to the DeFi sphere with a large number of applications and projects solving tasks that require high speeds for a huge number of users. We are not going to go into a detailed analysis of sharding as a technology or other technical aspects right now. However, for mass-adoption, to attract new users to the crypto-sphere and to NEAR blockchain's sphere of interest, this is not so important right now. It would be good to focus users' attention now on those practical things that will benefit them and improve their user experience. DeFi services built on the NEAR blockchain can improve the end-user's UX and empower them to effectively conduct financial activities in the cryptocurrency field through the following aspects: a. Speed and scalability.b. Low fees. c. User-friendly interface. d. Integration with other services.e. Security: NEAR blockchain provides a high level of security, using modern crypto-protocols and consensus mechanisms, which protects user assets and data from unauthorized access. Overall, DeFi services on the NEAR blockchain currently provide more convenient tools for financial transactions in the cryptocurrency field than existing competitors. Here are some notable DeFi projects built on the NEAR blockchain: 1. dex.woo.org: A decentralized trading portal that allows you to instantly engage in trading when you have a NEAR wallet. 2. Ref Finance: A true full-scale portal in DeFi, a decentralized exchange (DEX) on NEAR that allows users to exchange tokens and provide liquidity for rewards. 3. Berry Club: An NFT-based farming game where players can grow virtual berries, trade them, and participate in growing crops. 4. Octopus Network: a cross-blockchain platform on NEAR that aims to connect different blockchains and ensure interoperability of DeFi applications, a multi-chain crypto network for running and running Web3.0 blockchains - appchains. 5. Paras: A decentralized marketplace for NFT, built on NEAR, allowing creators to sell and exchange digital art. It should be remembered that it is always a good idea to study the latest developments and do thorough research before getting involved in any particular project. NEAR is constantly evolving and developing new tools and opportunities for WEB3 business, so new projects keep appearing on this event horizon and not only in the DeFi sphere. In such a dynamic environment, it is extremely useful to keep track of new trends and promising trends. Therefore, it will be useful to join the NEAR community and keep abreast of everything. For example, you can get started by joining the Telegram group https://t.me/near_protocol, get acquainted at https://near.org/ and subscribe to https://teletype.in/@near_protocol I hope this article is useful for you, but not too hard to digest) Have a nice travel through WEB3!

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