Steemit Crypto Academy | Introduction to Decentralized Finance (DeFi) – A new Fintech Revolution (Part 1) | Homework task 4 for @yohan2on

Hello friends !!

Today I'm going to make my Steemit Crypto Academy Homework task by professor @yohan2on Lesson 4 that Introduction to Decentralized Finance (DeFi) – A new Fintech Revolution (Part 1). Very interesting topic to discuss. Actually I have very little knowledge about this, but I will try to discuss it to improve my writing skills.

The homework given is briefly explaining each of the following DeFi Dapps: Maker, Compound, Synthetix, bZx, Uniswap. After learning this lesson I have additional information about financial services that can be used. Maybe in the next few days I will be one of the users of this service. This learning is very useful for me.

DeFi DApps

(Maker, Compound, Synthetix, bZx, Uniswap)

1. Maker (MKR)

SOURCE

Maker (MKR) is a token created by MakerDAO and MakerProtokol. This token is designed by a group of contributors consisting of an organization and an individual partner. Maker (MKR) absorbs a large number of users, making it a very popular application among users of financial services. The purpose of these tokens is to stabilize price fluctuations. This token has a very high appeal because the shareholders has involvement and has the right to vote on changes that happen.

2. Compound (COMP)

SOURCE

Compound is a project on the Ethereum network proposed by an economist named Robert Leshner. The concept of this idea is to offer crypto asset lending facilities. Lenders and borrowers are directly involved in this process where they have to lease assets in the protocol. The advantage is that the loan can be repaid and assets that are locked can be opened again. Compound helps people have more access and control over the assets and funds they generate.

3. Synthetix (SNX)

SOURCE

Synthetix (SNX) is a token derived from the Synthetix protocol based Ethereum that focuses on offering stocks, precious metals, currencies and other assets. Synthetix was created as a rotating stablecoin to meet the needs of DeFi users. Synthetic assets or “Synths” copy and track real-world asset prices and carry them onto the Ethereum blockchain. So users can transact directly any desired asset according to the price in the real world.

4. bZx

SOURCE

bZx is a DeFi product that provides a lending / borrowing trading platform. However bZx can provide users with margin trading. Anyone can add capital on the bZx platform in small or large amounts. Users can borrow more than their previous capital. The purpose is to get more profit. This transactions have a very high risk and are vulnerable to attacks. bZx is a DeFi product that can change people's view of gambling in the crypto world.

5. Uniswap

SOURCE

Uniswap is a protocol that allows buyers and sellers to exchange ERC20 tokens. Any ERC20 tokens can be added into the Uniswap protocol. The token exchange rate on this platform is based on a mathematical algorithm equation. The concept of Uniswap is to balance the value of the tokens, and exchange them based on how many people want to buy or sell these tokens. The advantage is that if we participate as providers, we will get benefits.

Thank you for reading my blog, hope it will be useful for all of you. 😁

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