The Paradefi Protocol was created to resolve all the deficiencies and issues cause by the centralized financial institutions worldwide and aimed to create an open-source and non-custodial decentralized platform in which all the operations are based on the decentralized lending pool.
Imagine a global, open alternative to every financial service you use today. savings, loans, trading, insurance and more . accessible to anyone in the world with a smartphone and internet connection.
The consensus contract on the Ethereum blockchain defines each
figure of the functions and validators in the decentralized systems.
Once consensus reached a certain value, the validators will work
on that to initiate the loan and calculate the interest rate
algorithmically.