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- Insights
- Cryptocurrencies
- Stocks
- White Papers
- Industry
- Geography
The implementation of technology in finance and banking has been instrumental in transforming how we handle transactions globally. Even though currently, the entire central banking system is still centralized, experts believe that decentralization might be the future. Decentralized finance came as a blessing to those to strived to explore a new avenue, not just in banking but in the entire domain of finance. Crypto enthusiasts know that in the world of cryptocurrency and blockchain, DeFi has certainly grown into an exciting area of focus. In this article, we bring you a list of 10 DeFi crypto projects that will impact the future of finance.
Aave was established in 2017 and has rapidly grown into one of the most popular DeFi platforms currently. This platform has all the qualifications that are required to replace traditional finance because it presents a proper decentralized marketplace that facilitates the lending and borrowing of digital currencies.
It is a protocol for exchanging ERC-20 tokens on ethereum. It provides a user-friendly and low latency environment for direct ETH and ERC20 token swapping. Users prefer to use Uniswap because, unlike most exchanges, it does not have an order book. It uses the Constant Product Market Maker mechanism, which predicts the exchange rates and price slippages, ensuring that its users are always aware of the market conditions.
Curve Finance is a decentralized cryptocurrency exchange that helps users swap and trade ethereum. It also provides liquidity in the DeFi market. One of its unique and pioneering strategies is introducing liquidity through a market-making algorithm. This algorithm helps in buying and selling crypto coins based on the benefits of bidding.
This platform is a decentralized oracle. Its network provides reliable tamper-proof inputs and outputs for complex smart contracts on a blockchain. Chainlink facilitates the transfer of information in and out of a blockchain network in a secure, trustworthy, and transparent way.
Synthetix is one of the most hyped-up DeFi platforms in the industry. It is a decentralized insurance built on the ethereum network. It allows users to mint synthetic representatives of their physical assets as tokens that peg the value of the asset on which they are based.
Like most other projects, Compound is a software running on the ethereum network that allows borrowers to take out loans. Users can also provide loans by locking their crypto assets into the protocol. The interest rates received and paid by the borrowers and providers are determined by the supply and demand of each crypto asset. It encourages a lot of users to earn their interest from the Compound liquidity pool.
It is a stablecoin built on the ethereum network. It supports the ability to support multiple cryptocurrencies as collateral instead of just ETH. Users can place their cryptocurrencies as collateral for loans and take them back for the same price, even if their value has increased over time.
Serum is a decentralized exchange (DEX) and an ecosystem, which is known for providing low transaction costs and unparalleled speed. It has set itself apart from the other platforms by solving the two most primary issues in the DeFi market, i.e., transaction speed and costs.
DODO is an on-chain liquidity asset provider that offers stability through a proactive market maker. It was initially developed on ethereum as a smart contract and then expanded on the binance smart chain. Crypto enthusiasts prefer DODO because it provides more liquidity compared to some of the best centralized exchanges, making it usable by other smart contracts.
It is an automated market maker decentralized exchange built on the binance smart chain that requires no KYC. This project received finance as a part of Binance's DeFi acceleration program on the network. It is a clone of Uniswap and has new features like lottery tickets, an auction market for various NFTs, such other exciting offers.
