Sirlibz
Enjin, a gaming community platform with over 20 million users has announced that they plan on bringing Decentralized Finance (DeFi) to the gaming market through the Aave defi protocol.
Aave is a smart contract governed lending pool on the Ethereum blockchain where users can earn interest on borrowed assets, they can also borrow assets using their deposits as collateral.
Through their protocol, users can earn interest for leaving ENJ on the Aave protocol which is borrowed by other people through an immutable, transparent smart contract on Ethereum with price feeds from chainlink’s decentralized Oracle.
Users also stand a chance of using their deposited ENJ as collateral to borrow any other coins of their choice. Currently, the Aave market has about 18 different assets which are available for both deposits and lending.
How to Do This
You can interact directly with the Aave protocol form the Enjin wallet
Open Aave in the Enjin DApp Browser
Choose the “Aave Market” Pool
Select “Browser Wallet” to link the Enjin wallet to the DeFi protocol.
Decentralized Finance
They are simply a system of Smart Contracts that automatically execute an action when certain conditions are met. They eliminate the need to rely on centralized intermediaries like Banks etc.
