We had a discussion with PowerMine co-founder (Safe) on all things DeFi, Powermine and its development on IOST. Enjoy the read!

A brief introduction of you and what you do?

Ghost and I (Safe) are the co-founders of Powermine, we’ve been in crypto since 2015-2016 and decided to jump onto our own project in February, we believe that with the experience acquired by being active users in the crypto markets during the last years we can help Powermine reach its goals.

What was the inspiration behind Powermine?

Powermine started out as a small community of a couple dozen members who were passionate about crypto and more specifically DAPPs, in March we decided to open up the group to allow new users to come and be part of the community which has now grown to over 430 members.

How does Powermine work and some of its features?

Powermine has two main focuses, the first is to identify DAPPs which can be profitable and allow the community to take advantage of them with tokens such as IMATCH, ICHIPS or IGOOSE.

Another one of our focuses is DeFi, lately, we’ve been developing an extensive DeFi ecosystem which is detailed in this article


https://medium.com/@powermine2020/powerdefi-a-full-defi-ecosystem-on-iost-f253ccc1ce7b

How did you hear about IOST?

I found IOST whilst researching for smart contract mainnet blockchains, the thing that I noticed about IOST is how good its tech was compared to other competitors.

Why is IOST chosen to build Powermine?

Powermine needed a blockchain that can process a lot of transactions really fast and almost for free, IOST met that criteria to perfection.

What differentiate IOST from other consider chain?

Its speed, scalability and low transaction cost.

What are the similarities with Uniswap and what are the differences with Uniswap?

The first DeFi project we decided to make was porting over Uniswap which is an interesting twist on traditional spot DEXs, it’s something that has benefited IOST greatly as it can be seen on any Dapp statistics site which shows PowerDeFi as the number one DAPP by volume.

What has the experience been like on IOST?

Thus far the experience on IOST has been a good one, the technical specifications of the blockchain have allowed us to create things that would have been harder in other blockchains.

What do you think needs to be improved to further develop IOST?

IOST should focus its attention on DeFi, creating core DeFi products such as a Maker DAO and Compound.finance equivalent on IOST would certainly bring a lot more attention to IOST.

Is DeFi a big deal or just another bubble like ICO and IEO?

DeFi itself is not a bubble, however, there are and there will be a lot of DeFi projects that aren’t really DeFi and are just taking advantage of the DeFi trend to make some quick money.

What is the future of Decentralized Finance in cryptocurrency?

Going forward the top DeFi DAPPs will continue to shine and become bigger whilst the fake ones will fade away. It’s a market that it’s still in its infant stage so we should see the progress of it maturing overtime.

What should we be expecting from you this quarter?

Our plans for this quarter is to continue expanding our DeFi portfolio and our community as a whole, in July we launched the Perpetual Ecosystem, our biggest DeFi project up to date which is successfully running and its ecosystem balance has grown to 22 Million IOST in just the first month.

Other things you think we should know about?

Powermine is a community that is always active and we’d like to invite everyone reading this to join our community, there are a lot of helpful members that have experience in many blockchains.