9️⃣HYBEX - Hybrid Exchange & DeFi Protocol
Due to current market conditions, and this past year (2022) becoming a year to build out the Ekta ecosystem in a way to have systemic growth for the Ekta holders and supporters, we have suspended the release of the HYBEX exchange until the market can support an exchange as it is outlined below. We still have a vision to release our own exchange in the Ekta ecosystem. We will keep the community, and this whitepaper, updated as things in our ecosystem progress.
HYBEX - Ekta’s Hybrid Exchange & DeFi Protocol
Ekta's hybrid exchange, HYBEX, leverages and combines the best features from DEXs and CEXs. This aggregation of features allows HYBEX to provide a safer environment for traders, gives more users access to crypto by accepting fiat payments, and provides a better overall user experience with order books. Initially, HyBex will launch with $EKTA, $MTREE, $USDT, $USDC, $BNB, $USE, and $ETH, but will continue to list tokens, add trading pairs, and add liquidity as deemed necessary and/or voted on.
HYBEX Decentralized Features
Non-custodial
Liquidity is provided by users
Traders do not have to KYC
HYBEX Centralized Features
Order books
Purchase crypto with credit card
Specified projects may require KYC
KYB for all participants starting a liquidity pool or project
Ekta’s decentralized credit platform allows more people to become lenders. By removing the collateral requirement that prevents so many from becoming lenders, Ekta introduces DeFi lending opportunities to everyday people, not just the privileged class of crypto-savvy purchasers. Through DeFi, both private and public users can access yield generating opportunities governed by fair and transparent principles—granting increased access to capital for all parties.
With Ekta DeFi, lenders can be both public or private with the key difference being that public lenders can lend to anyone, while private lenders are limited to their company, society, or group. Through Ekta’s startup incubator platform, institutions and the public have direct access to purchase opportunities that are unambiguous, trustworthy, and fair.
The first step is for public corporations to contribute through lenders,
Lenders will receive contributions from public corporations and will also be able to make their own funds available to lend,
Finally, the public will have access to receive funds from lenders.
Despite the fact that the unorganized lending sector is substantial, its infrastructure isn’t sufficient and struggles with bottlenecking. DeFi eliminates these issues by providing specialized infrastructure and networks. This change aims to encourage lenders, cooperative societies, and rural banks to fully utilize existing resources while maximizing their capacity to lend.
How it works
The Ekta lending system is a decentralized loan system based on blockchain. The Ekta Team is working on agreements with corporations, and the whole borrowing process will be jointly completed by the Ekta risk control team, borrowers, $EKTA pledger, and USDT liquidity providers. All the borrowers are in-service employees of partner corporations whose blockchain addresses are KYC authenticated and whose credit is granted by the Ekta risk control team according to their work information. The borrowers will not need to put up any collateral to borrow within their line of credit. $EKTA pledgers stake $EKTA to smart contracts, and USDT liquidity providers provide USDT loans to borrowers according to a certain proportion of the market value of the collateral ($EKTA). The USDT interest paid by borrowers will be shared pro-rata by pledgers, liquidity providers, and the Ekta Team.
Flow
Ekta DeFi presents purchasers and the public with the opportunity to participate in lending pools managed by either Ekta or the lenders themselves. Depending on their staked tokens and reputation, each lender is able to provide loans to customers. Similarly, private lenders can also extend loans to their employees and community within their own governance and risk.
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