Hi everyone, It is my homework post week4 for Professor @yohan2on.
DeFi
Cryptocurrency is growing day by day and more people are being attracted to it. Different dApps are being created and launched now days. Being Decentralized in nature, it is attracting people. To facilitate cryptocurrency user in Finance sector, DeFi platform has been launched. De stands for decentralized and Fi stands for Finance. So this term refers to Decentralized Finance. In centralized environment, banks and other organizations facilitate people by the services of lending and borrowing, likewise, In decentralized cryptocurrency world, DeFi is serving people with services of lending and borrowing.
Maker
Maker is the governance token issued by MakerDao. MakerDao is a protocol that is built on top of Ethereum Blockchain.
Maker is a platform that is involved in lending and borrowing cryptocurrency without intermediary.
Maker has two cryptocurrencies.
Dai is a coin and its price is stable at 1 USD. This is used as collateral against the loan.
Maker (MKR) is a token which is volatile in nature and it supports the stability of Dai.
MKR holders have power to vote on key decisions regarding future of system.
Compound
This protocol is built on Ethereum blockchain.
Compound is an equity protocol in nature.
Compound facilitates users to save their assets on this platform and earn profit.
Users can borrow and lend crypto assets.
Its native governance token is COMP.
Compound serves users like banks where one can deposit or lend money and earn rewards.
Lenders are reward with interest and borrowers pay fees for borrowing.
Synthetix
Synthetix is also part of DeFi movement and it is build on Ethereum Blockchain.
Synthetix is a trading platform and it allows users margin trading.
Synth is the main crypto asset and is used for trading.
SNX is the native token of Synthetix. It is used as collateral against issued synths.
SNX holders are incentivized with rewards.
bZx
It is a protocol that has been built on top of Ethereum blockchain and is part of DeFi.
It facilitate users to lend, borrow and margin trade.
Smart Contracts are used for automation of financial process.
It has three tokens, iToken, pToken, BZRX token.
BZRX is the governance token with power of voting.
BZRX holders are entitled to rewards from protocol fees being charged to borrowers.
Two front-end applications Fulcrum and Torque are used for borrowing and lending.
Uniswap
Uniswap is a decentralized protocol that has been built on Ethereum Blockchain.
It is a decentralized exchange (DEX).
Users are allowed to swap ERC-20 tokens on uniswap.
Automated Market Maker (AMM), an order book, is used in Uniswap.
It has its governance token UNI.
UNI holders enjoy voting power on decisions of launching new projects or dropping projects.
Special mentions,
@steemcurator01
@steemcurator02
@yohan2on
Hi @babawatoo
Thanks for attending the 4th-week Crypto course and for your effort in doing the homework task.
Feedback/suggestions/corrections.
You did fairly well. You seemed like you were in rush to finish this up. The information provided was just too basic. You did not explain in detail about the different highlighted DeFi projects on the Ethereum blockchain.
More effort was needed in your research study and explanations. A good article should have a consistently flow of information but not broken down short sentences that you laid out in your article. Just kindly work on that part for better rewards.
Homework task
5
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Thank you sir for your helpful advice. I will surely act upon it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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