Crypto Academy Week 4 Homework Post for @yohan2on Submitted by @awakpasnas

in SteemitCryptoAcademy4 years ago (edited)

Hey guys, I haven't made a post for a long time, so this time I want to make a homework post that will answer the questions of professor @yohan2on from Steemit Crypto Academy, as for the question is to briefly explain some of the DeFi DApps below:
[1] Maker
[2] Synthetix
[3] Uniswap
[4] Compound
[5] bZx

[1] Maker

Makers-MKR-Token-Rising-to-2-Year-High-on-DeFi-.jpg

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MakerDAO is a decentralized platform built on top of the Ethereum blockchain system. The DAO Maker platform consists of a smart contract service that fully manages all lending and borrowing, 2 tokens can be used as transaction tools, namely: DAI and MKR. This platform is part of Decentralized Financial or the decentralized financial movement which is a financial tool and service that no longer needs to rely on third parties to have coordination and access control.

Initially, MakerDAO only made Stablecoin-based DAI, then to support the performance of DAI tokens, Maker DAO produced another token called Maker (MKR) which could make DAI prices more stable.

[2] Synthetix

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Synthetix is a platform that is included in DeFi. To issue active synthetics on Ethereum (ETH) this platform works under the Synthetix Network Token (SNX) system, an ERC-20 token that allows active synthetic broadcasts or often called Synths.

This platform in creating synthetic values allows interaction with different activities as if treated from the same original representation but in a fully decentralized market. Can represent anything and have the capacity of interacting with them without the need for a third. In this way, Synthetix can represent active, action, a coin without the example of a bigger problem, it is possible to create a Synth that mimics the gold market, and can interact with the same from the Synthetix platform.

[3] Uniswap

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Uniswap is or a decentralized exchange based on the ETH blockchain. They allow anyone to exchange ERC20 tokens using their platform. Unlike other exchanges that handle crypto, Uniswap has been designed to function more like a public good, it is a tool for the community that allows them to trade their tokens without platform fees or intermediary fees.

To register ERC20 tokens on Uniswap is not difficult because no permission is required, unlike other exchanges where you need to submit an application or be selected. You can simply create smart contracts and liquidity pools for each type of token you want.

[4] Compound

DeFi-Platform-Compound-Goes-Decentralized-By-Replacing-Admin-With-Community-Governance.jpg

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The compound was originally launched in September 2018 and upgraded to version 2 in May 2019. The compound is an autonomous DeFi interest rate protocol that has been developed for developers to open various decentralized financial applications. This Ethereum-based platform allows users to earn interest or loan assets that are adjusted automatically with a token guarantee that has been mutually agreed upon.

[5] bZx

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bZx is another DeFi project which is also a lending-borrowing platform built on the Ethereum Blockchain. It's the same with compound. However, there is a slight difference, namely that we can freeze margin trading on this platform. bZx uses a token system that is then managed by smart contracts on the blockchain to make the process automated. bZx is not controlled by anyone or any group or company.

Thank you for reading my blog, hope it will be useful for readers. ☺
I would also like to thanks @yohan2on, @steemitblog, @steemcurator01, @steemcurator02 for creating such excellent study spaces.
See you in the next post!!

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Hi @awakpasnas

Thanks for attending the 4th-week Crypto course and for your effort in doing the homework task.

Feedback/suggestions/corrections
This is good work. More effort in your research work. Always ensure to proofread your work to see that it's free from any typing errors and grammatical errors.

Homework task completed
8

Thank you for the feedback professor!

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