Having proved to be an experienced player in the blockchain domain with 60+ successfully delivered blockchain projects, PixelPlex has decided to go big and develop its own trailblazing DeFi solution — Echo DeFi — a nonpareil platform for the Echo project that aims to provide individuals across the globe with the freedom to self-organize, interact, and transact with no hitches.
The PixelPlex team has given due consideration to the frequent pain points that protocols of the common type normally face, and has produced a viable and advanced solution that is able to:
Thanks to the PoWR consensus, Echo creates an entirely new layer of network communication enabling high-speed asset transfers. It runs smart contracts to interact with existing cryptocurrencies like Bitcoin and Ethereum.
Echo DeFi has been developed on the advanced Echo protocol that creates a totally new level of communication and enables efficient decentralized applications for Bitcoin and Ethereum with advanced functionality, flexibility, and usability.Learn about Echo Protocol
The protocol provides open and democratic governance — hence all members have the right to propose upgrades and improvements to the platform and vote on their approval.
Echo has built-in contract support that makes it possible to monitor smart contracts in external networks
Thanks to its sophisticated decentralized sidechain mechanism, Echo enables its users to effortlessly deposit and withdraw assets and tokens from the Echo protocol for further scaling and staking
As well as this, the platform uses its own DeFi ECHO token to create an ecosystem of valued services such as stablecoins, derivatives, collateral, asset tokenization, and decentralized identities.
Echo supports BTC, ETH, and ERC-20 standard Ethereum assets and allows them to be smoothly transferred on and off Echo through the exquisite Bitcoin and Ethereum sidechain mechanisms that lie at the core of the protocol.
The two sidechains make it possible for Echo users to exchange their BTC, ETH, or ERC-20 tokens with the corresponding eBTC and eETH assets or tokens on the Echo network.
Special smart contracts are deployed into the Bitcoin and Ethereum networks by members of the committee which controls the deposited funds and tokens and offers an interface to manage them.
Engage in the token distribution and receive rewards in a wrapped ERC-20 token ECHO (wECHO) for every distribution epoch which lasts 8 hours. The amount of wECHO that the user can gain is proportional to their percentage of the total amount of ETH locked during a distribution epoch.
Use the Echo protocol to transfer wECHO into ECHO and benefit from the DeFi ecosystem of services, run a node, and get a chance to participate in voting and Echo’s governance
Those users who provide liquidity to the protocol via Uniswap will be rewarded with UNI-V2 tokens. They can also lock those tokens to receive rewards in wECHO for every distribution epoch which will last 24 hours.
Afterwards, it’ll be possible to trade wECHO for ECHO and multiply wealth to be among the leaders of the decentralized economy.
From the outset, those users who have received wECHO during the two stages can transfer these tokens to the Echo protocol via the sidechain mechanism.
In this way, users will be able to take advantage of several opportunities, namely: acquire the corresponding amount of the ECHO core asset, run their own node, embark on staking, participate in the consensus, and get rewards.
Also noteworthy is that users’ funds are absolutely safe. They are kept securely on the Ethereum smart contract. No one, even the members of the Echo development team, can access them.
In addition, if or when users decide to get their ETH back, they can easily withdraw the full amount and suspend their participation in the distribution procedure.
CEO & Founder of PixelPlex