MIGO Creates an Open Financial Ecosystem with NFT and DeFi

2021-03-02

If you are interested in blockchain technology or the cryptocurrency markets, then you would surely have heard about the explosive growth of DeFi in 2020. The launch of various innovative financial applications in the crypto space has met many needs, while creating even more needs. With DeFi occupying the leading position in the cryptocurrency market, it has received increased attention from capital institutions. The rise of a new generation of DeFi, represented by the Binance Smart Chain (BSC), has opened up a new stage of DeFi development, brought new vitality to DeFi, and promoted the expansion of the DeFi markets in a better direction.

The DeFi 2.0 era is all about connecting blockchain technology and DeFi applications with brick-and-mortar businesses to realize a new round of potential growth. As a pioneer in the DeFi 2.0 era, MIGO, also known as the benchmark for industry innovation, has not only inherited the core characteristics of decentralization and DAO mechanism, but is also incorporating the NFT system within its platform to package physical goods on-chain to transform the traditional financial space.

DeFi sector

DeFi on the MIGO platform can create a technical infrastructure for a new type of financial system powered by blockchain and smart contracts. At present, there are thousands of DeFi projects in the markets. The four main types of DeFi applications include investment, lending, stablecoins, and DEX (decentralized exchanges). In addition, there are also other services available in DeFi, such as decentralized wallets, insurance platforms, oracles, and identity authentication. DeFi is in a stage of rapid development, and the entire DeFi ecosystem has expanded greatly in the past two years.

Compared with traditional finance, DeFi has a wider range of financial services, more affordable transaction costs, higher privacy and security, and transaction anonymity. As of 2021, the total market value of DeFi has reached 79.05 billion U.S. dollars. MIGO will attempt to capitalize on the momentum of DeFi by creating a new gameplay based on DeFi and NFT technology. The gameplay will be based on a maze’s design and concept, such that everyone can enjoy an innovative type of gameplay while simultaneously receiving substantial rewards off the DeFi system.

NFT play

MIGO is a maze-like puzzle game that is also notable for integrating NFT gameplay into its DeFi ecosystem. It forms an autonomous community with a collaborative approach of "governance through building", allowing users to mutually benefit and help each other to reap huge benefits.

DeFi's broad applications will empower NFT. In turn, NFT, as a blockchain and physical product, will make the combination of DeFi and traditional businesses a reality.

The DeFi ecosystem in the MIGO platform will mainly be used to confirm the rights of financial certificates and enable the utility of NFT. By empowering the tokens with NFT technology, each token will have an independent and unique ID. Compared with FT (fungible tokens), NFT has the attributes of tradability, indivisibility and consensus value, which are comparable to physical assets with market value such as stamps, or intangible ownership such as copyrights, patent rights, and network assets.

HDAO Architecture

Enterprises are increasingly feeling the pressure to push employees to work faster and better, and efficiency is inextricably linked to profits for many organizations. In today’s digital age, the development of a traditional company may appear stale and inefficient. The key to solving this problem may be with the adoption of a brand-new organizational structure to improve productivity and morale.

MIGO will use HDAO's main-chain for decentralized management and operation. "DAO" is the abbreviation of Decentralized Autonomous Organization, and is the core organization governing the MIGO, responsible for all matters concerning the operation, management, and development of the platform. The governance of the MIGO platform will adopt the "tokenization" governance method with the platform token MIGO. Every member within the organization will be required to hold MIGO tokens to participate in platform governance and jointly maintain platform development.

In the era of stagnant global economic development that is giving way to the rapid development of an emerging financial ecosystem via DeFi, MIGO will build on the works of its predecessors, transform the digital economy, and create a new era of open finance.

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