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At the heart of blockchain technology is decentralization, which helps drive financial inclusivity and transparency in money matters. However, this premise has been severely compromised as decision-making in the fragile crypto industry has been left in the hands of centralized exchanges, which are controlled by a few individuals.
While these exchanges play a crucial role in simplifying crypto trading, they’re also prone to market manipulation due to lack of transparency. By and large, this has resulted in catastrophic events in recent times, such as the Terra LUNA crash and the fall of crypto trading giant FTX.
Due to the centralized nature of the market, there’s a need for decentralized finance (DeFi) platforms that are run by smart contracts rather than a handful of individuals. However, most decentralized exchanges (DEXs) still face challenges of high slippage, failed trades and complicated trading processes.
Renq Finance offers an all-in-one solution for the various challenges facing the DeFi space. Let’s learn more.
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