DEFI platforms Built on AURORA that Nigerians can utilize

5 min readOct 1, 2022

DEFI systems started with the need to adopt decentralization in financial transactions, developing a permissionless and trustless finance economy void of third-party engagement. The Defi ecosystem has advanced so much that there are endless opportunities, platforms, and systems for Nigerians to utilize.

These systems range from lending, yield and yield aggregators, crowdfunding, insurance, decentralized exchanges, and stable coins. Many things can be done on the Defi architecture.

Aurora remains one of the blockchain networks driving massive innovation and change to the blockchain, crypto/Web 3 industry. This includes bringing Ethereum capability and NEAR’s scalability on “user-first” systems geared toward cost-effective options.

Aurora makes trading, building, and interaction on/with blockchain systems more accessible, faster, cheaper, and better. We can’t dispute that Nigerians make up a more significant percentage of the crypto space.

But, for optimal engagements to be achieved, it is essential to introduce Nigerians to better ways of making things happen. No Nigerian will want to spend so much on a crypto project when the gas fees are ridiculous or the Eth-compatibility is not achievable.

Let’s explore some Defi platforms built on Aurora that Nigerians can utilize.

Top Five Defi Platforms/Architecture Built on Aurora that Nigerians can utilize

There are over fifty Defi platforms built on Aurora that Nigerians can utilize. We will classify them for easy collation and explanation to give you a wide range of options.

Defi Lending

The Defi architecture is extended to lending systems, integrating lending mechanisms of traditional lending systems but with a decentralized module. This is done through P2P DApps, allowing people to borrow or lend funds, with crypto holders sharing percentages of the gains.

Aurora has a lot of Defi lending platforms that allow crypto holders to lend their assets and earn interest on them. Instead of leaving your crypto assets to lie to waste, as a Nigerian, you can utilize the Aurora Defi options to grow your portfolio.

Defi lending platforms offer accountability, transparency, and lending analytics. Users don’t need to worry about the borrower’s eligibility, and the platforms help you with all that, down to asset management.

But, what is Aurora doing differently in Defi lending that should make Nigerians consider them as an option? With the help of the NEAR protocol, Aurora solves the problem of scalability, speed, and Ethereum compatibility. Low cost of transaction, interoperability is assured, Defi lending got better with Aurora.

Here are some of the Defi lending platforms that Nigerians can utilize:
- Aurigami
- Bastion Protocol
- WePiggy

Nigerians can look out for the launch of other defi platforms on the Aurora network; DeFiner, Midas Capital, Nexon Finance, and Aries Protocol.

2. Defi Yield and Yield aggregators

Aurora optimizes the processes of yields and maximizes profits by providing liquidity, staking, lending, or borrowing. The goal is to maximize yields while protocols leverage the governance tokens to incentivize liquidity. In yield farming, users sell, swap, stake, deposit, and claim rewards.

Yield aggregators simplify the process by introducing a deposit pool and a mechanism where users should only be interested in deposits and withdrawals. To give users the best experience in the cryptosphere, building on Aurora offers a cost-effective option that cuts the high cost of gas fees during these trades.

Here are the Yield aggregators and Yield platforms on Aurora that Nigerians can utilize.

AutoFarm
Beefy Finance
BlueBit Finance
Cobo
Empyrean DAO
KillSwitch Finance
Minimax
Pickle Finance
PinkPea Finance
Thetanuts Finance
Vaporwave Finance
MetaPool
MoonFlower Farmers

Defi yield platforms like Unofarm, bRing Finance, and Atmos protocol are still developing. Nigerians can utilize these platforms when they are launched.

3. Crowdfunding

Crowdfunding has gone beyond the use of gofundme or any centralized platform that you can think of. Defi has made things easier by introducing Defi crowdfunding platforms allowing individual users, startups, and organizations to pool funds and raise money for a project. There is total decentralization, donors control funds, and there are options to incentivize users.

Aurora has the first stable coin crowdfunding platform that donors fully control. Nigerians can utilize the Help Each Other (HEO) finance to raise funds. You create a financial goal, indicate the stable coins you will love to receive donations, create a convincing story and cause, and watch people participate in your campaign.

Aurora HEO has no geographical limitations, political influence or restrictions, zero authoritarianism, and efficient withdrawal systems. To create a feasible, crowdfunding project as a Nigerian start-up, you can decide to reward your donors with stakes or shares in your company. Fundraising has never been this easy.

4. Insurance

The Defi community is not restricted from insurance policies and systems. Defi Insurance platforms replace traditional insurance companies that need to provide reliable and transparent insurance services/products for the blockchain/crypto community.

The Solacefi platform is a defi insurance platform on Aurora. The crypto community can be a risky place. Insurances are the protection users have in the event of losses. However, there are limitations and extent of coverage for defi insurance systems.

Insured users on Solace Finance have coverages on minting vulnerabilities, flash loan attacks, fake trojan tokens, proxy manipulation, math error, and re-entry attack. However, the insurance products do not cover losses incurred in NFT trades, phishing, security breaches, or personal carelessness. Nigerians can utilize this platform to protect themselves against unforeseen threats and mishaps in the crypto community.

5. Decentralized exchange

Decentralized exchange (DEXes) is the most prominent use case of Defi. It involves the art of trading and monitoring assets for gains. Users adopt a peer-to-peer(P2P) trade system to buy and sell crypto assets. One of the benefits of the Dex platforms built on Aurora is that they have the benefits of interoperability.

Here are some of