Try Quests to earn cryptoDeFi on Flow
Introduction
What Is Flow?
Flow is a blockchain network designed to enable transactions that are fast and cheap. The flow blockchain is a competitor to ethereum, another blockchain platform that supports a native currency plus an ecosystem of blockchain-based projects.
The flow blockchain was launched in conjunction with Dapper Labs’ NBA Top Shot, a blockchain-based digital collectibles marketplace that specializes in basketball cards.1 According to Dapper Labs, as of May 2022, the flow blockchain has processed more than 20 million NBA Top Shot transactions worth over $1 billion.2
Flow was first built as a tool for Dapper Labs’ game developers to meet their own needs, and later launched publicly to support other decentralized applications.
The coin supply is not capped, although the inflation rate of FLOW—the annual rate at which new tokens are generated as rewards leading to an increase in supply—is currently limited to 3.75%.
What Is DeFi?
DeFi is short for “decentralized finance,” an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries.
DeFi draws inspiration from blockchain, the technology behind the digital currency bitcoin, which allows several entities to hold a copy of a history of transactions, meaning it isn’t controlled by a single, central source. That’s important because centralized systems and human gatekeepers can limit the speed and sophistication of transactions while offering users less direct control over their money. DeFi is distinct because it expands the use of blockchain from simple value transfer to more complex financial use cases.
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