How Lynqyo is Building a DeFi Platform Like Kava and Solana

Researchers claimed that the value of contents of the creator economy stands at over $104 billion in 2021. Regardless, the global economy uses centralized structures to dictate how these contents flow, which in turn causes setback and limits the potential of contents.

Content creators rely on social media and partnerships with brands to generate revenue. After examining those issues, Lynqyo proposes to use web3 protocols

and applications to help creators control, manage and monetize their commodities.

In addition, Lynqyo will use different tools and measures to create a content economy mechanism that will exponentially drive the growth of non-physical content. The project will employ four practical tools: a content facilitator, Decentralized finance, non-fungible content (NFC), and a user engagement system.

These four tools will drive the Lynqyo web3.0 gateway: lynq.yo/ web pages, a web2 URL that will help users access the Lynqyo web3 ecosystem. Also, an Automated Artificial Intelligence will help creators analyze the quality of their content. This analysis and user traffic form the basis for determining the volume of digital media. In addition, a system that rewards Lynqyo both creators and fans.

Creators earn LNQ when fans visit their lynq.yo/ page to view and subscribe to content. Similarly, fans make LNQ when they comment on and share the content.

The Lynqyo team will design it to function as a multichain protocol. Also, Lynqyo will be built on the Polygon network and subsequently use a substrate-based chain to expand into Ethereum and other networks.

Lynkyo token

The LNQ token will serve three main functions:

Holders with a sufficient amount of LNQ can participate in the election of validators and council members.
Users can use the LNQ token to pay for subscription fees and other transactions within the ecosystem
For providing incentives to creators and users.

Scott Stuart, Brian Kerr, and Ruaridh O' Donnel founded Kava on the Cosmos network in 2018. They chose Cosmos because Ethereum had scalability issues due to the congestion of dApps on the network.

Besides, this blockchain depends on interoperability and customization. The developing team believes that these Cosmos features give Kava more functionality.

The Kava network allows users to lend and borrow several cryptocurrencies without a need for third parties. A rise in the demand for decentralized financial services in 2020 made Kava among the most relevant DeFi platforms.

Kava framework

On Kava, users borrow USDX minted by the Cosmos network after locking their funds in a smart contract. This lock-up creates a Collateralized Debt Position (CDP) which ensures that the USDX is equivalent to USD. After users repay the loan with an additional fee, they receive their collateralized funds.

Kava token

Holders of Kava can stake it to participate in governance and earn rewards. Further, users can trade the token on other crypto exchanges.

Lynqyo vs. Solana

Anatoly Yakovenko launched the Solana blockchain in 2020 as a rival to the Ethereum blockchain. Some dubbed it the Ethereum killer because of its high scalability.

This network can process about 65,000 transactions per second using the proof-of-stake and proof-of-history mechanism.

Solana blockchain

Solana blockchain is home to about 500 dApps with more likely to emerge. In like manner, it powers 11 DeFi projects offering financial solutions.

StepN is the largest decentralized exchange (DEX) on Solana.

The move-to-earn platform allows users to earn while moving, using NFTs in the form of sneakers. In turn, users receive (GST) tokes. Also, GMT functions as the governance token of StepN.

In addition, you can use the Solana blockchain to mint and trade NFTs.

Solana token

SOL is the native token of Solana, which users can stake on the network to earn rewards. Also, it is available on major crypto exchanges where you can convert it to fiat and other cryptocurrencies.