Crypto Academy Homework Week-4, To Prof. @yohan2on

Homework Task:
Briefly explain each of the following DeFi apps

• Maker
• Compound
• Synthetix
• bZx
• Uniswap

MAKER(MKR)

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Maker is undeniably one of the smartest and piquant project when decentralized finance DeFi is being mentioned.
Maker (MKR) is simply a cryptocurrency based in the Ethereum Blockchain which when added to a certain collateral, gives DAI as the result. This collateral is in the form of Ether. DAI which ranks the first decentralized stablecoin based in the Ethereum Blockchain, currently has an equivalence of 1$ (though in the near future, there could be a surge).

This Maker allows for permissionless loan taking and of course as earlier mentioned, with Ether as collateral doesn't demand any form of Know Your Customer (KYC) when getting started..
Every loan is done on a smart contract to ensure transparency..

COMPOUND

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A Chartered Financial Analyst, and former economist named Robert Leshner actually thought of how lending and borrowing of crypto assets can be encircled by an entente.
He developed a decentralized token which upholds the protocol of allowing lending and borrowing of crypto, with varying interest rates, and called it COMPOUND which its native token is known as COMP.
Compound also runs on the Ethereum blockchain as a smart contract.
It supports its users to with COMP as interest which can be traded on any ERC-20 based wallet.

SYNTHETIX

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Understanding synthetix will demand sneak peek into what synthetic asset is.
Synthetic asset is the putting together of several assets to achieve the result of another asset.
Synthetix is a decentralized exchange that engineers the collection of several multiple coins running in the Ethereum Blockchain, not neglecting the concept of the smart contract.

bZx

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bZx is basically a platform on the Ethereum Blockchain, solely a DeFi lending platform for traders. This platform runs a protocol on smart contract that leverages its traders.

UNISWAP

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Uniswap is an Ethereum blockchain based exchange platform. It actually supports exchange between peer-to-peer (P2P) trades, thereby making swapping of tokens easier even when the parties involved do not have to meet one to one.
Though before transactions are carried out on Uniswap, one needs to have an ERC-20 supported wallet such as Metamax Wallet , Coinbase Wallet, MyEtherWallet etc.

Thanks Prof @yohan2on for looking through my task.