OH! Finance is Joining on Avalanche Ecosystem

Published on: 26.09.2021

OH! Finance team is excited to announce the next phase on their journey to delivering an outstanding product. While the OH token will be native to Ethereum, they plan to establish the core of their operation on the Avalanche Network. As they approach the launch date of the OH platform, they like to spend some time discussing why they are choosing this innovative blockchain.

WHY AVALANCHE?

Avalanche is one of the most promising projects emerging in the world of decentralized finance. While DeFi and smart contract platforms are still in their infancy, users are becoming more aware of what is most important to them. The ideal blockchain is highly decentralized, interoperable, has reasonable transaction fees, high throughput, and rapid transaction finality. Ethereum blazed a trail for smart contracts, but the rise of DeFi brought its flaws to the surface. It’s decentralized, but slow and expensive. Several Ethereum Virtual Machine (EVM) compatible blockchains, such as Binance Smart Chain, Polygon and many others, quickly stepped up to be the new contenders to bring DeFi to the masses. While they had great improvements in lowering fees, they have come with their own sets of flaws. These include: High centralization, poor network stability, and slow transaction finality. This is where Avalanche sets itself apart from the pack.

Developed by Ava Labs, based out of Cornell University, and lead by Emin Gün Sirer, Avalanche was carefully created to be the ideal blockchain. There are 3 primary chains in the network, but we’ll specifically discuss the “C-chain” as this is the EVM compatible chain where OH will be operating.

The Avalanche C-chain is a layer one blockchain that is compatible with existing Ethereum tooling. Developers can migrate their dApps seamlessly to the network. Its Delegated Proof of Stake (DPoS) consensus mechanism allows for high throughput, registering at 4500 transactions per second (TPS) and sub 1 second finality. Compare this to Ethereum’s 14 TPS and finality of about six minutes. As for decentralization, there are currently over 1000 unique validators with the potential to support millions. The authority of this network is highly distributed. Avalanche has all of the strengths of other networks, yet seemingly none of their weaknesses. Our users will find it easy to onboard, as popular wallets like MetaMask can be used to interact with the C-chain.

AVALANCHE RUSH

The Avalanche main-net went live in September of 2020. Until recently, there was a small but loyal base of users and developers building the foundations for DeFI on the network. Things changed quickly with the announcement of “Avalanche Rush,” a $180,000,000 liquidity mining incentives program from the Avalanche Foundation, designed to attract a higher TVL (total value locked). Liquidity providers will be able to earn additional tokens on top of the high yields they already earn from various dApps. This program has already seen major players like Aave and Curve moving their operations into the network.

At the beginning of August, the TVL in Avalanche DeFi was under $200 million, and had recently peaked at $3.2 billion since the introduction of the initiative!

“Avalanche Rush will be a showcase for users to see the power of Avalanche, and dive into a vibrant community at the cutting edge of decentralized finance,” claims Emin Gün Sirer.

OH Finance is thrilled to become a player in this burgeoning ecosystem. Given all of its advantages in speed, stability and decentralization, Avalanche will be the perfect home base for our platform and their users. Over the course of the next few weeks, they will be communicating how their platform will be rolled out on Avalanche.

About OH! Finance

Oh! Finance is an optimized yield-generation protocol, focused on reducing risk and increasing volume exposure. Start earning industry-leading interest rates on stablecoins in just a few clicks: https:/ohfinance