Maker is a platform that can provide loans to users and use digital assets as collateral. MakerDAO has two tokens, MKR and DAI. DAI is a stablecoin designed to provide an alternative to a more volatile cryptocurrency, as well as a new type of financial system. Meanwhile, MKR is used to keep DAI stable. MKR is an ERC-20 token, created using the Ethereum protocol. It can be stored in the ERC-20 wallet and can be traded on a number of exchanges. MKR tokens are a solution for scenarios where the price of ETH drops too fast for the DAI system to handle.
Compound (COMP) is a decentralized protocol for borrowing and lending on the Ethereum blockchain. Compound is a platform that provides an opportunity for every user to be able to borrow or lend crypto assets. Compound allows borrowers to take out loans and allows lenders to make loans by locking their crypto assets into the protocol. Compound applies interest on the assets they own in the system. This allows lenders who deposit a certain amount of cryptocurrency to earn interest.
Synthetix is a protocol that allows users to trade crypto assets, stocks, currencies, precious metals and other assets in the form of ERC20 tokens. Synthetix assets or "Synth" copy the asset price in the "real world" and carry it onto the Ethereum blockchain which gives Synth all the properties of the ERC20 token. Traders can trade various Synths such as US Dollars (sUSD), Gold (sXAU), Bitcoin (sBTC), and others.
bZx is a lending and borrowing platform that uses three different tokens, namely iTokens, pTokens, and BZRX token. The advantage of the bZx platform is that users can borrow more than their previous capital. This can give users the opportunity to get more benefits.
Uniswap is also an exchange platform that allows anyone to exchange ERC20 tokens without using intermediaries, any ERC20 tokens can be added to the Uniswap protocol. Uniswap broadly has two main features, namely swap and pool. Uniswap determines exchange rates based on a mathematical algorithm. UNI token is a payment instrument in the protocol.
Hi @ikhsanmanikam
Thanks for attending the 4th-week Crypto course and for your effort in doing the homework task.
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This is fairly good work. More effort was needed in your research. Otherwise, you simply provided basic information for example on the Compound DeFi protocol.
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