Hello everyone...... Today I'm going to make my Steemit Crypto Academy Homework task by professor @yohan2on , Lesson 4 : Introduction to Decentralized Finance (DeFi), A new Fintech Revolution (Part 1). The homework tasks are briefly explain about DeFi apps : Maker, Compound, Synthetix, bZx & Uniswap.
MakerDAO is a decentralized platform built on the Ethereum blockchain. Maker (MKR) is a token created by MakerDAO and MakerProtokol which was launched in December 2017. Maker (MKR) attracts many users because shareholders have the right to be involved in any changes that occur. MKR is a project created to manage DAI (1 DAI = 1 USD), a community managed crypto asset, with the aim of stabilizing price fluctuations. Maker is a platform that can provide loans to users and use digital assets as collateral, all of which is controlled by smart contracts.
Compound is a decentralized platform based on Ethereum. Compound was launched in September 2018 by an economist named Robert Leshner. Compound is a platform that provides an opportunity for each user to be able to borrow or lend crypto assets, where lenders and borrowers are directly involved in this process. Compound applies interest on the assets they have in the system, this allows depositing a certain amount of cryptocurrency as a loan and earning interest on it. The requirements are very simple, only an Etherum wallet and a few tokens. When making transactions, both the buyer and seller only communicate using the protocol handled by the smart contract.
Synthetix (SNX) is a decentralized protocol built on the Ethereum blockchain. Synthetix Asset “Synths” is a financial instrument in the form of an ERC-20 smart contract. Synthetix is a token trading platform and Synthetix also supports other commodities such as stocks, gold, silver and other cryptocurrencies. Synths copy real-world asset prices and bring them to the Ethereum blockchain to match real-world prices so they can be traded using cryptocurrency.
bZx is a lending and borrowing platform built on the Ethereum Blockchain, by Tom Bean and Kyle Listener in 2017. bZx is also a decentralized platform managed by smart contracts. Even though they look similar, what sets bZx apart are the tokens. There are three different tokens here, namely iTokens, pTokens, and BZRX tokens. On the bZx platform, users can borrow more than their previous capital, allowing users to get more profit. The best way to use bZx is using the front-end applications: Fulcrum and Torque.
Uniswap is also a decentralized exchange platform built on the Ethereum blockchain. This platform was created by Hayden Adams. Uniswap allows anyone to exchange ERC20 tokens, any ERC20 tokens can be added to the Uniswap protocol. Uniswap is a protocol that allows buyers and sellers to exchange their ERC20 tokens without having to use other intermediaries so there are no intermediary fees here. Uniswap broadly has two main features, namely swap and pool. Uniswap determines the exchange rate against sellers and buyers in the market based on a mathematical algorithm.
Hi @zheyeng
Thanks for attending the 4th-week Crypto course and for your effort in doing the homework task.
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This is very good work. Well done with the research on the DeFi protocols. Keep it up!
Homework task
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