Topic 4: Introduction to Decentralized Finance (DeFi) – A new Fintech Revolution (Part 1) @yohan2on
Introduction to Decentralized Finance (DeFi)(>‿◠)✌
Homework Task 4
what is maker: it is actually a decentralized platform that is able to stabilize the tokens, it works with Eth system, working with DAI they come together in a single project to achieve their goal of stability, creating an economic system to attract investors and maintain an optimal performance and massify the use of the currency through market incentives.
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Compound
Currently working with etherium protocol a decentralized platform that works with Defi protocols is characterized as a financial lender on its own assets ie applies interest on the assets this has led him to be one of the largest current market systems for liquidity rewards makes users believe that will benefit them much more, all user actions are recorded in a powerful smart smart contracts on the basis of ETH this system works as follows you make a deposit into the pool this gets interest.
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Synthetix
is a decentralized platform that creates synthetic tokens of real assets, its token is called Synthetix Network Token (SNX), it works under the Eth modality, this platform creates tokens of an asset to use it in the crypto network as it works once blocked by the SNX contract it creates these synthetic assets within the same platform emulating a real asset benefiting from the characteristics of these assets.
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bZx
is a decentralized lending platform that works under the Ethereum modality, making the safest and most profitable loans in the market. This platform allows us to export and import the wallet wherever we want and work more comfortably, the platform has smart contracts to automate the process and make it much easier.
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Uniswap
this decentralized platform that works with Eth protocol is dedicated to the exchange of currencies, it is an autonomous system that works with any token to use it you have to create exchanges on the platform to make it work you have to invest but also run a risk of relative loss. this platform is in beta mode so to speak because it is in experimental mode, its operations with the blockchain are expensive.
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Thank you for your interest in learning a little more every day.
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@yohan2on
@steemcurator01
@steemcurator02
Hi @jennsys888
Thanks for attending the 4th-week Crypto course and for your effort in doing the homework task.
Feedback
You simply just tried to do the homework task. More effort was still needed in your research work because the explanations of the various highlighted DeFi protocols were not clear. The information you provided was just basic one. More indepth explanations were needed in your article.
Kindly rectify this typing error;
Change
etherium to Ethereum
Homework task
4
I tried to make it as summarized as possible for the next time I know how to explain the task better thanks