Steemit Crypto Academy Week 7 Task: Introduction to Defi and Yield Farming by @gbenga

Hello steemians

After learning the content by @gbenga on Defi and Yield Farming, I took some time out to study about the Defi Ecosystems and Projects / Protocols in Ecosystems. I think I learnt a lot from my research and I am willing to share based on my understanding
Introduction
Decentralized finance is finance that isnt controlled by any bank or government, and can be sent to anyone from anyone without stress😁

DECENTRALIZED FINANCE ECOSYSTEM
Just like @gbenga said Decentralized Finance (Defi) has its ecosystem making it easy for anyone to access Decentralized form of financial services. The Defi Ecosystem and platforms in the ecosystem include; Wallet and Asset Management, Lending, Decentralized Exchange and Marketplace,Payment,Tokenization,Identity,Stable coin

For the purpose of this assignment I will be explaining a few sub sections under some decentralized finance ecosystem

Lending (compound): just like water the Compound is a Concord built on top of the Ethereum blockchain that forms money markets in the form of ponds of cryptoassets. lenders and borrowers communicate directly with the protocol or Concord, earning and paying without needs to admit on individual aggrements or interests

Decentralized exchange and market place (uniswap): uniswap is designed to exchange tokens, you all remember how @gbenga suffered for 4hours at the bank because of KYC procedures, with uniswap the user doesn't need to create an account on the exchange or go through all that

IDENTITY (SELF KEY):Self-sovereign identity system.The SelfKey wallet is non-custodial, and gives you full control of your data, documents and digital assets.

TOKENIZATION (CODEFI): CODEFI gives you a single dashboard for sending, receiving, and managing payments transactions in cryptocurrency. It improve wholesale, retail, and cross-border payments with new payment infrastructure, built on Ethereum.

PAYMENT(REQUEST): Request is a Decentralized payments network for apps and individuals that utilizes Ethereum and IPFS mostly, Request helps you to get paid in crypto while providing full control over your financial data.

Regardless the aforementioned protocols/projects I will be elaborating on the compound
Unlike traditional (centralized) financial markets, there are no restrictions on withdrawals. Along with all the advantages described above, it should be noted that the annual interest rates in Compound on some assets significantly exceed those offered by banks and other financial institutions today.

Compound is also governed in a decentralized way through community voting. This control system completely eliminates the protocol administrator and eliminates the biggest point of failure the Compound command. Voting is carried out through the ERC-20 COMP token, which grants its owners the right to delegate the right to any participant and transfers control to those who, in their opinion, have the desire and competence to propose, discuss and implement changes to the protocol. Thus, anyone with at least 1% of delegated COMP tokens has the right to participate in the management of Compound (regardless of whether they own these tokens or not).

CONCLUSION

The DeFi ecosystem is a beautiful one that has been well designed to make transactions easy and secured but in all your doings, do well to check the scam check just as @gbenga instructed

IMAGE CREDIT
Aplustopper
Medium
Google