Phoenix Rising: Building the ‘One-Stop Shop’ for DeFi on Stellar

The launch of Stellar's Soroban smart contract platform has sparked a flurry of development in decentralized applications (dapps), with Phoenix DeFi Hub emerging as a key player. Phoenix aims to be the go-to destination for decentralized finance (DeFi) on Stellar by building a comprehensive suite of DeFi protocols.

Phoenix Marketing Director Griffin Williams revealed that the platform is set to debut several interconnected DeFi protocols, starting with a decentralized exchange (DEX) introduced in May. An NFT marketplace is also in the pipeline, with additional protocols planned to enhance user experience and offer more strategic options for managing funds.

Co-Founder and Smart Contract Lead Jakub Bogucki emphasized the foundational role of token exchanges in DeFi, while Co-Founder and Frontend Lead Milan Steiner highlighted Stellar's suitability for end-users, particularly with its stablecoin focus and integration with the Circle Alliance Program.

Despite Stellar's late entry into smart contracts, Bogucki praised Soroban's Rust-based technology for its efficiency and developer-friendly features. Soroban's low-cost, efficient cross-contract calls and comprehensive SDK, coupled with rapid responsiveness to developer feedback, are seen as significant advantages.

Phoenix plans to attract users through airdrops in the Polkadot and Solana ecosystems and is preparing to unveil more innovations, including a "surprise protocol." With Phoenix’s initiatives, Stellar's ecosystem is poised for dynamic growth, supported by what Bogucki describes as stable leadership and a clear vision for the future.

source: https://cointelegraph.com/news/defi-rises-again-as-aave-hits-new-ath-in-weekly-borrowers