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PolyTrade (TRADE) wants to change the future of our financial world with their DeFi platform. On this platform, they offer a system that can pay invoices instantly, fully automatically with stablecoins. In this way parties that send an invoice, no longer have to wait weeks or months for the invoice to be paid. PolyTrade ensures that their users receive their money immediately.
PolyTrade can be seen as a bridge between DeFi (Decentralized Finance) and TradFi (Traditional Finance). Do you have a business? Then unfortunately you have had to deal with people who pay their invoices late or not. Even if you don’t have a business, you can probably imagine this problem occurring. Luckily, business owners can now use PolyTrade.
On the PolyTrade platform, companies can tokenize invoices. This means that they convert their invoice into a unique token that runs on the blockchain. In this case, non-fungible tokens, or NFTs, are used. These are tokens that are distinguishable from each other because they have a unique character trait.
NFTs are ideal for tokenizing these bills. This is because each invoice is unique and should be treated as a separate case. By tokenizing an invoice, a real-world invoice can be converted to an on-chain invoice.
As a paying party, you can go with the selling party to PolyTrade (or vice versa). As a buying party you can build up credit with PolyTrade. By doing so, it is not necessary to pay an invoice immediately, giving you the option to leave it open. However, the selling party immediately receives his money. This money comes from PolyTrade’s liquidity pool.
Users can provide liquidity to the liquidity pool to pay the invoices of selling parties directly. As rewards, these liquidity providers receive an interest in the form of stablecoins, and TRADE tokens. TRADE is a reward token for everyone who uses PolyTrade.
If you want to earn a return on your crypto, PolyTrade is an ideal platform. How high the interest is varying per moment and per invoice.
To build up a credit, you must first secure collateral. Also, the creditworthiness of a buying party can be checked by members of the community. They receive rewards in the form of TRADE tokens when they take on these types of tasks. Because a check is carried out, all parties involved run less risk.
Crypto traders get the opportunity to invest in real-world assets at PolyTrade. When you want to start a business, you obviously need money. Unfortunately, it is difficult to raise money. That’s why PolyTrade wants to help these start-ups get off the ground.
When companies are given the space to pay their invoices at a later stage, they can invest more money in building their business. This ensures that companies can develop themselves faster and more easily. At the same time, the crypto lending users don’t have to worry about their investment because collateral is secured.
PolyTrade has entered into various partnerships in recent years. These include Certik, Immune Bytes, Parsiq, Polygon, Biconomy, Transak, AHRVO, Fractal, Venly, WalletConnect and MetaMask.
Then there are also several large parties that have invested in PolyTrade. They believe in the future of this project and on that basis have decided to make a financial contribution to PolyTrade. Major investors include Dfyn, Ethdesign Capital, AXIA8, AU21 Capital, Icetea Labs, Krypital Group, Master Ventures, LD Capital, M6, Orion, Polygon, Router, Rok Capital, Shima Capital, Spark Digital Capital and HG Ventures.
Below you can see through an illustration how PolyTrade actually works. On the right we see the liquidity providers that lend stablecoins. Companies can post their invoices on PolyTrade and are paid with stablecoins. The buying party pays the invoice to the liquidity pool with stablecoins.
TRADE is the token of PolyTrade, which has a maximum supply of 100 billion. Not all tokens have been issued yet. At the time of writing, September 2022, only 12% has been spent. This means that there are about 12 billion tokens in circulation. But what are these TRADE tokens all good for?
Now that you’ve read what PolyTrade is and how it works, you may have an idea of the main benefits of this project. To briefly summarize what PolyTrade is, we will list the main advantages and disadvantages of PolyTrade for you.
PolyTrade is an interesting project with a unique view on paying invoices. Companies, both large and small, can have a lot of problems with customers not paying their invoices. Now it is possible to tokenize the invoice on the PolyTrade platform. Investors then have the option to provide tokens with which invoices can be paid. If they do this, they will receive interest (in the form of stablecoins) and TRADE tokens as a reward.
This makes PolyTrade not only a suitable platform for paying invoices. This also makes PolyTrade suitable for yield farming, which more and more crypto traders are using.
Despite PolyTrade appearing to be a promising project, we should not forget that the platform is new and has yet to prove itself. It runs completely decentralized, which can cause problems.
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