Intro
Let’s have a look on the best Defi dapps and projects. Defi will revolutionise the traditional finance in years to come. So let’s have look at some best Defi dapps –
MakerDao
MakerDAO is an open-source project on the Ethereum blockchain and a Decentralized Autonomous Organization created in 2014. The project is managed by people around the world who hold its governance token, MKR.
MakerDAO has developed a stable currency DAI. Dai is a decentralized, unbiased, collateral-backed cryptocurrency soft-pegged to the US Dollar. Resistant to hyperinflation due to its low volatility, Dai offers economic freedom and opportunity to anyone, anywhere.
Compound Protocol
Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.
Synthetix
Synthetix is a protocol for trading synthetic assets on Ethereum.
Uniswap
Uniswap is a protocol for automated token exchange. It’s a decentralised automated token exchange, you can swap your ethereum based tokens easily.
Instadapp
Instadapp lets you switch between different CDP protocols to get best interest rates.
Sablier
Sablier is a money streaming platform, instead of one monthly paycheck you can pay on per second basis using Sablier. It will help payroll department, online streaming services immensely.
Aave
Aave is an Open Source Money Market Protocol, allowing you to earn daily on your stablecoins. Borrow against various assets and switch interest between variable and stable rate.
Bancor
The Bancor Network is a Decentralized Liquidity Network that allows you to hold any Ethereum token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet.
Kyberswap
Kyber is an on-chain liquidity protocol that aggregates liquidity from a wide range of reserves, powering instant and secure token exchange in any decentralized application.
Dharma
Dharma is a cryptocurrency wallet that lets you securely save stablecoins in the Compound Network. It is also a crypto bank. It supports Debit cards in US and Dai globally. You can earn 7.0% APR interest in real time. It’s available in all three format , web , android, iOS. It has one of the most beautiful UI in defi applications.
Conclusion
The Defi is moving at very fast pace, more than 1 billion dollars is already locked in decentralised finance, which is estimated to grow hugely in 2020 and coming years as easy to use dapps and defi products are entering the market.
My initution says that more than 10 billion dollars will be locked in defi in coming 2 years as more and more DAO’s , Defi applications and users will join the space.My favorite Defi products for now is Sablier and Dai. I also like the design of Dharma .
I am hoping that soon enough alot of professionals will be earning in real time with Sablier protocol, what do you think won’t you like that you don’t have to wait till end of month to get your salary , now you can earn and pay as you go. What you think about defi space future, what’s your best defi application , tell me in comments ?
Also if you looking for list of music startups in crypto space click below.
Time needed: 10 minutes.
How to use defi applications?
- Download Crypto wallet or supported browser.
Download crypto wallet like Trust wallet, huobi wallet, coinbase, coinomi wallet , atomic wallet, math wallet etc or supported browsers like Mozilla , brave browser , opera with metamask extension.
Create an ethereum wallet for yourself , don’t forget to safely store your private key.
I recommend brave browser and trust wallet. - Buy some ether or Dai
Buy ether or dai from exchanges using supported wallets or browser , some wallets and exchanges are trust wallet,coinbase wallet , binance exchange, bittrex exchange , okex , huobi etc or you can use defi apps like bancor to buy eth with credit card
- Go to Defi application websites or download there app
Use supported wallet which have inbuilt dapp browser or use suppprted browsers with metamask extension
- Sign in to dapp
Sign in to the defi application with your and use defi applications like compound finance, kyber network, dharma, pool together etc
Faq
Defi stands for Decentralised Finance. It’s a technology to remove inefficiencies of centralised finance and create new financial products which was earlier not possible with traditional financial products for e.g automated salary and payrolls using cryptocurrency such as ethereum(eth) , Dai ( dai stable coin.
CDP stands foe Collateralized Debt Position, a smart contract where you store your ETH funds as collateral in order to take out a loan. Maker’s CDP allows you to take out a decentralized loan denominated in DAI stable coin.
Dai is the world’s first unbiased currency and leading decentralized stablecoin soft-pegged to the US Dollar. Learn more about Dai here.
Ethereum is an open source, public blockchain distributed computing platform and operating system featuring smart contract (scripting) functionality using solidity programming language.
Flash loans are loans without any collateral which are taken and paid back in single transaction. One of it’s use cases is Arbitrage.
Metamask is a browser extension or tool which lets you connect to ethereum network.
A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract.
A dapp or decentralized application is a computer application that runs on a distributed computing system. DApps have been popularized by distributed ledger technologies like Ethereum Blockchain.
DAO stands for Decentralized Autonomous Organisations
Defi smart contracts are audited by security experts but as any program there are chances of bugs and mishappenings but with advancement in technology Defi will become foolproof and totally safe in near future. Defi is more safer than traditional finance applications and requires no middlemen’s like banks or exchanges.
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