The post Can SpacePay Become the Next Big DeFi Crypto? appeared first on Coinpedia Fintech News
DeFi cryptocurrencies have always highlighted their nature as the gateway to financial freedom as their core marketing point. While it worked in the initial days, all it could attract were tech savants who knew what they were doing. The technological complexities didn’t make this niche appealing to investors who didn’t care much for these nuances.
Now that the market has understood that, accessibility has become the name of the game. More and more projects are coming out of the woodwork, trying to appease people through simplified measures. Some are introducing robust ecosystems with interfaces akin to Web2 space, while others are incentivizing users.
SpacePay is using a different take. While it is not letting go of the technological nuances, it is doing so in a way that everyone can understand. Will it be enough to make it the next big DeFi crypto on the market?
What Constitutes the Best DeFi Crypto?
Let us come down to brass tacks as of now. While the term “DeFi” sounds good as a buzzword, no one has been able to clearly define what it should bring to the table. The following list showcases the qualities that most decentralized finance projects should have.
First, it should have clear and robust documentation. The technological nuances should not be hidden but should be presented in a way that everyone understands.
Security features should be implemented so that people have an easier time adopting a technology that most deem untested. Insurance and safeguards also go a long way.
Uniqueness is an attribute that should not be ignored. If a project isn’t unique enough, chances are it won’t have much mileage to gain traction among common investors.
Community governance should be the primary feature. Since the term is “DeFi,” emphasis should be put on the concepts of decentralization, and people should be incentivized to participate in a project.
The project should have strong tokenomics. Developers shouldn’t have most of the tokens. This distribution avoids any issues like rug pulls from happening to investors. A strong utility should also be present, and plans should be made to make the project sustainable for the long term.
Also, there should be a focus on user-centric design. Complexities have always plagued the DeFi space, and if it has to accommodate more users, it has to adopt a simpler approach to let investors use its features.
Finally, one should not forget about risk management. The crypto market is volatile, and safeguards should be put in place so that merchants and customers can remain relatively safe if the market crashes in any event.
With these seven qualities, a DeFi project becomes more well-defined. All of these features are encompassed within SpacePay.
SpacePay Encompasses All the Best Qualities of a DeFi Project
SpacePay isn’t just any DeFi project; it is a cryptocurrency project of modern times. After repeated market crashes, people have grown wiser to look for projects with feasible use cases, and SpacePay hits all the key points.
When it comes to documentation, SpacePay has opted for a simplified whitepaper. Presented in a PPT form, it is the right mix between text and imagery, highlighting the key points of the project without overburdening people with technical terminology. That does not mean, however, that the project omits key details. All aspects are covered, making it a project worth relying on.
SpacePay has also taken proactive measures when it comes to security. While standard smart contract audits have been done already, SpacePay also focuses on bringing the standard Web2 standards of understandable security to the Web3 space. User data will be secured, and the network will continually evolve to become more secure.
The uniqueness of this project stems from its unique payment solution. It is not providing any hardware or some other breakthrough that requires the need for a new application. It has created a terminal-agnostic system that can interact with existing payment peripherals.
The project is designed to be extremely decentralized, with SpacePay’s native crypto SPY acting as a governance token. It allows users to decide the direction in which the project grows in the future.
In terms of tokenomics, only 5% of the total supply has been allocated to the team. The remaining tokens are divided among presale, future developments, marketing, strategic partnerships, and other aspects. SpacePay has ensured that only a single body isn’t in control of the whole system.
The user-centricity of SpacePay comes across properly when we consider how it is naturally designed to integrate with standard payment card systems and over 325 wallets. The entire ecosystem has been designed to work similarly to how standard payment paradigms work. Payment companies need not pay any extra costs, and the transaction fee is only 0.5%. These points have enough appeal that SpacePay can attract a massive following.
Finally, SpacePay addresses the volatility risks by making the fiat value of a product the basis that decides how much crypto will be transferred. SpacePay’s payment system is in tune with market conditions, ensuring that merchants don’t suffer any loss if the value of a crypto falls.
SpacePay Raises Over $800k During Presale
The aforementioned positive qualities of SpacePay have allowed it to raise upwards of $800k to date. The SpacePay presale is evolving into a paradigm-changing event, which means those who are interested should visit the website today and participate.