Blockchain Firm NULS Announces DeFi Strategy

Blockchain firm NULS has outlined a formal strategy to bridge into the decentralized financial (DeFi) world of Ethereum and capitalize off of its surging public interest.

NULS is an open-source, enterprise-grade, adaptive blockchain platform that offers fast-track business solutions for developers. Featuring microservices, smart contracts, cross-chain interoperability and instant chain-building, NULS is setting a new industry standard in streamlining blockchain adoption. The firm recently completed phase 1 of its Nerve Network, a decentralized digital asset service network and a blockchain cross-chain interaction protocol.

In a press release, NULS said that it is now moving to phase 2, which will include staking capabilities for Ethereum-based projects. According to the company, the Nerve Network will give DeFi projects a port authority to move assets between the NULS and Ethereum network, prompting even more innovation regarding lending applications, yield farming and other DeFi related activities. By mid- to late-August, NULS said that it will be able to support interoperability with dApps like Compound, Maker and Aave.

“Currently, Nerve Network is adding additional bank nodes that underpin its cross-chain functionality,” NULS said. “These nodes will allow users to stake Bitcoin and Ethereum assets and earn Nerve rewards. Additionally, NULS is approaching select exchanges to serve as Nerve Network bank nodes and create soft staking services.”

Mario Blacutt (Berzeck), NULS core developer and Nerve Network founder, said that at its completion, Nerve Network will enable Bitcoin and Ethereum custodians to gain staking rewards.

“Specifically, this means we can start approaching exchanges to help build mining pools where all the stationary Bitcoin and Ethereum they hold can start earning Nerve rewards,” Blacutt said. “This is, of course, a huge draw for new users that want to earn tokens simply by holding assets on exchange.”

NULS founder Reaper Ran said that NULS has always supported a multichain vision for blockchain and that their interoperable infrastructure will enhance the entire blockchain ecosystem and present greater opportunities for developers, investors, etc.

“Right now, all attention is on the value of DeFi,” Ran said. “Ethereum is shouldering most of the DeFi applications, but the overall value of the ecosystem is still small relative to the centralized financial world. By expanding DeFi into blockchains like NULS we hope to enhance this value and accelerate the decentralization of traditional finance.”

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