Technological innovations have led to several changes in the world today, and we are yet to see more surprising developments. Currently, the financial sector is on another level, thanks to the introduction of blockchain and cryptocurrencies.
The growth and adoption of both have seen a definitive spike, leading to the expansion of ideas and solutions that can come from both concepts. Among them is decentralized finance finding the perfect link between traditional finance and the digital assets world.
DeFi is growing rapidly, and with a flood of platforms coming up every day, developers have to think outside the box to give users a new experience. In turn, several projects catch the eye of investors due to their futuristic thinking.
Aloha DeFi is one such platform taking a different approach on how users can utilize its platform. This article will help you understand what Aloha is and how you can maximize their DeFi platform to your benefit.
Understanding Aloha DeFi
Aloha DeFi is a one-of-a-kind platform that allows users to monetize unused mobile data through peer-to-peer distribution. It is the first dApp to offer these services, giving users a way around WiFi hotspots from mobile data to earn rewards.
The UK-based project has spent three years exploring and developing its network before its recent launch. Aloha is creating a bridge between WiFi and DeFi while exploiting the best features of the latter.
The platform has also integrated NFTs into its ecosystem as a reward program for all its users and is tradable on platforms such as opensea.io. Furthermore, all NFT holders gain voting rights in the ecosystem.
While WiFi and DeFi are still separate, Aloha hopes to conjoin them to improve its platform. At the core of its vision is involving the community on a larger scale as part of Aloha's progress and changes.
The exciting blend between staking, rewards and incentives, voting opportunities, and more creates the desired conditions for the platform's growth.
Tokenomics
The native token on the Aloha ecosystem is the ALOHA token, which users can stake on the platform to get rare NFTs. Also known as the Aloha loyalty token, it is an ERC-20 token that runs the platform's reward system. Users can use the loyalty tokens to shop on the platform or exchange them on other websites with BTC, USD, Euro, and GBP. There are 100 million tokens in circulation divided into:
- Presale: 30 million
- Marketing: 10 million
- Community rewards: 20 million
- LP rewards and staking: 20 million
- Liquidity, development, and research: 10 million
- Team: 10 million
The platform closed its public sale recently, which kicked off on February 21, afterward burning the remaining tokens unsold during the token sale. The minimum investment was 0.1 ETH in exchange for 2000 ALOHA and a maximum of 10 ETH for 200,000 ALOHA. Consequently, Aloha listed its token on Uniswap after the public sale.
The tokens are necessary for Aloha's objectives to find solutions to real-world and DeFi problems. Another token to take note of is the Aloha Bucks. Aloha Bucks come in handy as a micro reward system that targets locals to redeem rewards through voucher systems.
Additionally, users can swap Aloha Bucks for loyalty tokens. Both tokens contribute to the incentives and community participation on the platform while maintaining a controlled circulation of the tokens.
Mobile Data and WiFi Sharing
The platform recognizes the difficulty most smartphone users face while getting online, including connectivity and the expense incurred. According to its research, there are 3.5 billion smartphone users globally, with 76% facing difficulties getting online daily and 67% failing to utilize their allocated bandwidth fully.
Therefore, Aloha aims to provide a pathway for smartphone users to share their WiFi or mobile data to get rewards in loyalty tokens. Also, it hopes to create more accessible options of mobile data for all smartphone users globally.
Aloha wishes to get through to the global population by leveraging mobile data every day, aiming at 1% of the 3.5 billion downloading the dApp. This means it has dedicated the time and resources to conducting research and marketing.
An example is Aloha's motivation for community participation, which is doing its best to hear feedback from all its users. This way, the platform can find ways to improve its ecosystem. To realize the full functionality of mobile data sharing, there are a few parties involved:
Hotspot Hosts and WiFi Guests
Hotspot hosts share their mobile data with other users on the Aloha app to earn rewards through the Aloha loyalty tokens. As a hotspot host, you can join and download the application for free, where you can control the data you share in terms of time and type.
The guests can also download the application for free, and access data without any charges or passwords. Furthermore, there is no need to provide any personal information during the process.
Aloha for Business
Small businesses can share data with their customers through a plug-and-play router to earn loyalty tokens for each guest who uses the data. Simultaneously, they can use them to purchase advertisements and marketing on Aloha to help grow their businesses.
Furthermore, they can recommend the dApp to other individuals to earn more rewards from the platform. The owners can take their time to deal with every customer personally while providing them with marketing information.
Online Marketplace
Aloha is providing its users with an online shopping mall where they can interact with local vendors and purchase special deals. A local business owner will send you an offer voucher, which you can download to redeem or pay using Aloha tokens.
As a hotspot host, you can spend your loyalty tokens to purchase items on the platform. Through the quick exchange, anyone can exchange their tokens to BTC. Additionally, you can trade them through partnered exchanges, depending on your preferences.
Aloha NFT Platform
Aloha recently announced its NFTs platform's launch soon after the end of its public sale and Uniswap listing. The NFT platform received over 8.5 million-plus staking of ALOHA tokens from investors within the first day of its launch.
The growing interest in NFTs makes this the perfect time to exploit the ever-increasing market. Besides, users can now grab different rare collectibles from the platform while getting a chance to earn more from the various incentives.
So, how do you go about it? As an ALOHA token holder, all you have to do is visit the NFT website, choose an NFT of your liking, and stake the required ALOHA tokens to get it.
Aloha merges the best features of DeFi on the platform to give users the best experience. It further promises expansion of the platform for more diverse options and growing ROI potential in passive income earning.
Staking Pools
Many DeFi platforms include staking pools in their ecosystems for different reasons. Aloha has followed in these footsteps and integrated staking pools to make the staking process easier for all users. Depending on the option you choose, there are differing minimum staking limits and lockup periods.
Unlike other platforms, you can withdraw your funds from the pool before the set lockup period expires. However, this means that you will lose your opportunity to earn yourself an NFT card.
Likewise, everyone who maintains their participation gets their rewards. You should note that you have a better chance of getting a more exclusively rare NFT through more staking and more extended involvement.
To sustain a comfortable staking environment, Aloha presents its users with the Aloha wallet for easier exchange or storage of both NFTs and ALOHA. There are two staking pools on the NFT platform: the primary staking pool and the partnership staking pool.
Primary Staking Pool
The primary staking pool is where users lock their tokens for the respective period to stand a chance of acquiring an NFT. The number of tokens staked varies depending on how rare the NFT is. The staking limits are set between 10 000 ALOHA tokens to 200 000 tokens, with the timeframe standing ten days to 21 days.
There are three options on the primary staking pool: Rare NFT, Ultra-rare NFT, and exclusive VIP NFT.
For the rare NFT, you need to stake 10 000 ALOHA tokens for ten days. For ultra-rare and exclusive VIP NFTs, you need to stake 90 000 ALOHA tokens for 14 days and 200 000 tokens for 21 days, respectively. Every user can win up to 5 NFTs during their staking experience.
Partnership Staking Pool
This staking pool is unique in that its design runs as an ALOHA/XYZ staking pool. A user who joins this pool can acquire limited edition NFTs that are dedicated to celebrating the partnership. It is the first step in assuring users of the platforms hope to work together with other platforms and expand its services.
Aloha Treasury
The treasury is a major player in maintaining the morale of users on the platform through incentives. It gathers 3% fees from every transaction on the platform to distribute accordingly to different sectors.
First, all NFT holders get a share from 10% of the 3% treasury fees. Simultaneously, 70% goes to the community treasury, while marketing, developments, and operations get the remaining 20%.
Any proceedings that take place in the treasury depend on the users' votes and proposals.
Governance and Voting Rights
Yet again, the project is unique as the first platform to blend decentralized governance with NFTs. Aloha DeFi stays true to its belief that community participation and governance rights are crucial to expanding its network. As such, all users can submit suggestions, including network upgrades, the use of treasury funds, and any other changes on the ecosystem.
NFT holders have the opportunity to vote on the proposals to impact any necessary changes. Depending on the rarity of the NFT, the voting rights of the holders vary. A rare NFT will earn you one vote, an Ultra-rare NFT gets five votes, and the Exclusive VIP stands at 50 votes.
Advantages of Aloha DeFi
We have already established that Aloha comes with great potential to rise within the crypto and DeFi world. However, to see the essence of the project, let's check out the benefits of using the platform:
Security
Users may be wary about mobile data sharing on the platform and the security implications that may come along with it. Nonetheless, the platform assures users that both hotspot hosts and guests are secure.
According to a statement by Aloha's head of security, the platform has taken its time to conduct intensive penetration tests and code revision to avoid bugs and hacking.
Hosts can create independent WiFi networks for approved guest users to connect. The application's security features ensure the prevention of access to the hosts' devices and information stored in them.
Easy-to-use Interface
The development team has spent time building a straightforward user interface that benefits new users to blockchain and the platform.
Every activity on the platform is controlled by smart contracts that are thoroughly audited and approved by ctdsec, a blockchain security auditing company. Smart contracts ensure automatic and immediate distribution of rewards on the platform for increased user convenience.
Passive Income Earning and Increasing ROI
Users participating on the platform can quickly begin to earn passive income from the staking, NFTs, WiFi sharing, incentives, among others. The platform hopes to maintain an increasing value of what users earn from their activity.
The rarity of the NFTs issued by Aloha adds to the potential of their value as they are scarce in the market. Therefore, users are assured of an ROI boost potential if they hold the NFTs.
Diversity
The platform is a host to various options offering its users different pathways they can earn from the platform. Considering the developments the project has underway, there is more to come for user and investor convenience.
Conclusion
The growing interest in DeFi and NFTs has been the gateway to the advancements in Aloha DeFi. Taking its time to evaluate all the conditions to create the Aloha app shows its commitment to user safety and increasing their investment and earning opportunities.
The platform has more plans to improve its ecosystem with the help of users through decentralized governance. Being the only one of its kind is an additional advantage on its side, presenting it with the opportunity to grow and standing as a herald of more ideas within the DeFi space.
Currently, it is evaluating different CEXes to enable the listing of ALOHA, which will simplify the exchange and trade of the token. Moreover, it plans to expand staking options, marketing campaigns, pools, limited edition NFTs, etc.
The project shows great promise in what it has to offer both the crypto community, the Aloha community, and the DeFi sphere at large.