Rotki, an open-source cryptocurrency portfolio tracking solution is planning to prioritize De-Fi Tax Reporting Solution. The platform is aiming to avail De-Fi centred grant access to accounting, analytics and tax reporting features for the users all over the world. The Rotki team believe even though De-fi based solutions have proved its value, it still needs some improvement to cater to the masses.
Rotki team has been facing several challenges especially in getting the project funding, but if it gets the required additional funding, then its current developers might find a helping hand in completing the project.
De-Fi is an ethereum based ecosystem that enables the people, who do not have access to financial services, to take part in the global economy. The DeFi ecosystem has seen tremendous growth in the past couple of years and its market cap has also reached into hundreds of millions.
The Growing De-Fi Ecosystem
At present, the De-fi ecosystem offers different decentralized apps like Compound, Dharma and make use of MakerDOA’s stable coin DAI that allows a person to take out a loan against deposited Ether. If a person has some Ethereum, to use it as collateral, then they can use these decentralized applications to draw loans or simply lend their Ethereum to earn lucrative interests.
The de-fi ecosystem is currently aiming to offer banking services to the unbanked where people won’t have to be dependent on centralized banks for getting a loan. Most protocols of De-Fi are open source which gives easy access to anyone.
The main reason behind the invention of De-Fi was to create a truly decentralized ecosystem including the exchanges. In the traditional crypto market, even though cryptocurrencies like Bitcoin and Ethereum are decentralized, but the exchanges they are being traded on are still heavily centralized. The aim of De-Fi projects is to create a truly decentralized financial network consisting of various tools and services.