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INTRODUCTION

Good day my sweet esteemed steemians. It's nice to be in this week's contest after a sweet lecture by professor @yohan2on. The crypto knowledge about Decentralized Finance (DeFi) was well explained by the professor tho I had to go for more knowledge on the internet and I will writing the answers to my task assignment below which is to explain a few about DeFi DApps; Maker, Compound, Synthetix, bZx and Uniswap.

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What is Decentralized Finance (DeFi) ?

Decentralized Finance (DeFi) is all about using public blockchains for monetary systems. The need for DeFi is from the fact a lot of financial services are not always available to everyone in the crytoworld. About 1.9 billion people everywhere in the world have no means and access to financial services.Decentralized Finance (or simply DeFi in short form that most crypto users use as a community language) is always being referred to as an ecosystem of financial applications that are always built on top of blockchain networks, which the users always maintain full control over their assets and interact with the ecosystem through peer to peer (P2P) decentralized applications (dapps). It also means the elimination of third parties which are the financial intermediaries and creates a platform on the blockchain where crypto users can borrow and lend assets without the interference of the third parties.

WHAT'S MakerDAO ?

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MakerDAO is an developing technology for borrowing, saving and a stable cryptocurrency on the Ethereum blockchain. Users can create a certain amount of DAI based on the more ETH that's locked up just by clicking on locking up some ETH in MakerDAO's smart contracts. MakerDAO allow borrowers use volatile cryptocurrency as collateral for loans of stablecoins called "dai" pegged to the U.S dollar ($). Tho the borrower pays interest on the loans but when crypto collateral falls too far, it's sold to pay off the loan. MakerDAO is an organization bent on bringing financial stability and transparency to the world economy.

WHAT'S COMPOUND ?

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Compound Finance is a DeFi lending protocol platform. It's an algorithmic money market protocol whereas you could think of it as an open marketplace for money. Crypto traders can deposit cryptocurrencies and earn good interests or borrow other crypto assets against them. Compound has a very lossed protocol (loosed protocol not security)..The interest occurs only when interest rate gets added to the principal amount invested or borrowed then the interest rate applies to the new larger principal. Compounding has an advantage on the terms as your savings and investments grow over time or against you if you're paying off debt.

WHAT'S SYNTHETIC ?

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Synthetics are used to replicate aparticular instruments while altering someones key. It allows investors to be exposed to underlying assets without their information. Synthetix is the backbone for derivatives trading in DeFi. Harness the deep liquidity of synthetic assets to power a new era.

WHAT'S bZx ?

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bZx is a DeFi lending platform where traders built on Ethereum transacts. A token system is been used which is managed by smart contracts to help automate the process. The BZRX is the token and it's a governance token. Collectively, the holders have the right whenever they are up to a certain level to upgrade the protocol and also helps them create incentives to reward participation and drive the usage of the protocol.

WHAT'S UNISWAP

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Uniswap is one of the largest decentralized applications on the Ethereum Blockchain.Traders can exchange Ethereum tokens on Uniswap without having to trust anyone with their funds, even with the minimum investment of time and money quickly made. How you earn money on Uniswap is by providing liquidity through a pair of assets like ETH and DAI then uses the assets as liquidity for cryptotraders which In return, it shares the trading fees with you.

CONCLUSION

There are so many explanation to the assignment given tho I made my point clear. Thank you plenty for the lectures sir..

Here's my entry professor @yohan2on.