Review on The Force Protocol by Stephen Toluwani
The Force Protocol; Providing the bank of the free
I see The Force Protocol as a layer base to what Defi is actually built in for; To replace our conventional banking systems. Through The Force Protocol, people get to stake in tokens as with a bank, get a regular APR for their deposits and withdraw them at any time they want. The lending market on The Force Protocol is built very well to take the shape of a conventional bank. You get to provide a collateralized crypto to take out a loan. With low interests charged, they are even preferable for loan taking.
I prefer to see The Force Protocol as a building block for DeFi as what they provide takes the shape of our banks. Only difference is its on-ramp deployment on the Blockchain and it's distributed authority via governance. Unlike how other Defi (or supposed acclaimed Defi) protocols work, (providing insane APR that doesn't help the system and makes DeFi look more of a Ponzi scheme) The Force Protocol gives good yielding that fits with interest rates.
With a lot of partnerships, contract audits and long standing Commitment to building the Defi of our dreams, this project should be seen as true to the cause of making financial access, truly accessible to the unbanked population of the world. It's a long term project and it's very reliable
Pros
- Force Protocol stands out to be the true meaning of Decentralised Finance providing lending and borrowing service
- The Force Protocol comes with a lot of partners and backers. So they are pretty much legit in their works
- Since Mainnet launch in 2019, the project keeps breaking new records and officially releasing new products
- Provides a banking service that tends to take the shape of how our conventional banking systems work
- The Force Protocol uses Solidity for it's programming language being built on the Ethereum Blockchain. This means every activity executed here is done by a smart contract giving us more reliability
- Security audits of The Force Protocol has been carried out by notable names like Certik and the rest which provides more assurance on hacks
Cons
- I couldn't find any
