Steemit Crypto Academy | Homework 4 @yohan2on|DEFI|

For the past year, everyone has a word on their lips. Defi, Defi, Defi. It has become a very popular area. Some of the money in the cryptocurrency ecosystem has started to flow into this sector.

What is DEFI

source

Decentralized finance in short. Actually, this is not a new concept. Studies have been carried out on this issue for almost two years. However, they started to become popular as of July 2020. As you know, blockchain technology is the technology that allows us to transfer money to each other without any intermediaries.

Bitcoin and crypto money projects created afterwards were just that. Things changed after Ethereum. Concepts such as smart contracts and decentralized applications started to emerge. With the advancement of these technologies, people would be able to access banking services without a center in between.

Banking services that can be accessed without any center; lending, borrowing, etc.

What is Maker?

source

Maker is a project that runs on the Ethereum network and therefore has a smart contract feature. It is in charge of maintaining or stabilizing the value of Dai, a stable cryptocurrency operating on the Ethereum network. Additionally, transaction fees are paid with Maker tokens. People with Maker tokens have the authority to vote on issues related to the Maker project. This aspect of the token is quite impressive.

So what is Dai? It is the platform's stable cryptocurrency. It is indexed to dollars. What does this do? It is a collateral-backed, decentralized token. This is the difference from other fixed cryptocurrencies.

We said that Maker is used in the production of stable crypto money Dai. These Makers used are burned, that is, they are removed from the system.

What is Compound?

source

It runs on the Ethereum network. It provides lending service for Ethereum-based (ERC-20) tokenized assets and tokens. With the lending service, you can get passive income by renting your cryptocurrencies. You can rent cryptocurrencies other than keeping them in your wallet, accumulating or trading.

This decentralized application is a protocol that automatically determines the interest rate according to the supply and demand that pays interest on each ethereum blockchain, and also supports Dai and Usdc from stablecoins that can work even if they are connected to a different interface thanks to its integration with most defi applications. When the Compound first came out, there were malicious people abusing it. Let's say you were renting your cryptocurrency and earning Compounds in return. You were renting the Compound you earned again. You were earning Compund again, and that way, you were abusing the project over and over again for the same action you actually did.

What is Synthetix

source

Synthetix is an ERC-20 based cryptocurrency. Since it is ERC-20 based, it is possible to make smart contracts. It is a decentralized finance solution. You can invest in all products offered by traditional financial services through Synthetix exchange.

Synthetix token holders have the right to vote on changes / improvements to the platform. You have the opportunity to earn stable crypto money sUSD by performing SNX staking.

What is bZx

source

bZx is an ERC-20 based token. Since it is built on the Ethereum network, it has the ability to make contracts. It is one of the decentralized financial projects. On the bZx platform, you can both borrow money and lend money. There is no need for any intermediary institution to do this. It also provides an environment where you can make leveraged transactions. You can also earn passive income by locking staking, ie token.

bZx has suffered a number of hacking attacks for a while. Thousands of ETH were stolen as a result of the attack. This vulnerability affected the development of the project. Because the bZx token has not reached its old price for a long time.

What is UniSwap

source

UniSwap is an Ethereum based project. It is a platform for the exchange of ERC-20 tokens among themselves. The token of the decentralized platform is UNI. It is currently the most popular of the decentralized exchange platforms. We cannot use non-ERC-20 based coins in the exchange process on the platform. However, it is possible to exchange WBTC, which has the same value as Bitcoin, for other tokens. Users provide liquidity to the stock market. If you provide liquidity, you will benefit from the swap transactions made by users. This commission fee is 0.3%. In addition, users with UNI tokens have the right to vote on changes related to the platform.

@steemcuartor01
@steemcurator02
@yohan2on