Amidst mainstream adoption, it is almost impossible to build a blockchain project without including a decentralized finance (DeFi) component. The reason for this can be attributed to various factors, one of which is the fact that most blockchain initiatives are community-driven.
As a result, most blockchain initiatives require the implementation of a native token which, in the possession of a community member, guarantees voting rights. In other words, community members who own a share of a project’s native tokens can participate in the decision-making process, as well as enjoy unlimited access to a suite of DeFi tools.
The same can also be said in the case of Carnomaly, a blockchain-based protocol that facilitates the sales and management of vehicles in the most secure, decentralized, and transparent way possible. If you would like to learn more about the primary purpose Carnomaly was built for, you can read about it in our previous publication here.
A major reason for the existence of Carnomaly is to bridge the gap between the automotive marketplace and the DeFi world in general. Thankfully, DailyCoin was lucky to have an exclusive chat with Josh Taylor, one of the masterminds behind the decentralized protocol.
As you may imagine, Taylor had a lot of insight to share as to how the team at Carnomaly links its global network of users to the DeFi World, leveraging its automotive marketplace as a common playground for everyone.
To begin with, Carnomaly incentivizes its users to provide data about their vehicle’s history in a bid to ensure trust and transparency amongst all stakeholders (i.e car owners, potential buyers, and dealers) involved in the end-to-end transactions on the platform.
While the incentives are paid out as a form of encouragement, members can further maximize their profits by leveraging the network’s suite of DeFi tools, including lending and collateralization for car loans, among other benefits.