Steemit Crypto Academy Week 4 Task: Decentralized Finance (DeFi) - A new Fintech Revolution (Part 1) by @yohan2on

Good day everyone, I am glad to be here again to solve a task after attending a lecture by the professor @yohan2on. He discussed Decentralized Finance (DeFi), giving a task to talk about several DeFi DApps. The DApps I will be talking about in this post are; Maker, Compound, Snythetis, bZx, Uniswap.

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Decentralized finance (DeFi) is yet another breakthrough in the blockchain sector which just methods the offers its services to users without the involvement of third parties. DeFi makes a road on the blockchain whereby clients can straightforwardly acquire, loan resources or even become liquidity provider on the blockchain without involving third parties. DeFi is easily accessed by users, full ownership of one's asset and transactions transparency, to mention a few are the advantages.

DeFi DApps Explanations

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Maker

Maker is a decentralized credit stage on the Ethereum blockchain which underpins Dai (cryptographic money stablecoin). Recall that stablecoins are digital forms of money that have their worth fixed to USD because of the market instability, to such an extent that they scarcely rise or fall in cost. Maker DeFi offers any client to the chance to open a Vault, lock in pledges like ETH or BAT, and uses Dai for settlement.

Compound

Compound DeFi is a monetary loaning protocol that fills in as a currency market permitting clients to store digital money resources and procure revenue on the resources after some time additionally offer clients the opportunity to acquire crypto resources against them which requires reimbursement at a set time. Every resources borrowed on the compound DeFi procure its set loan fee which shifts from one resource for the other.

Synthetix

Sythetix DeFi protocol is a Ethereum-based DApp that incorporates synthetic assets into the crypto world thereby allowing users to exchange their crypto assets into a non blockchain based assets like gold and silver and other fiat currencies. This DeFi widen up the financial market providing more options for users to convert their crypto assets to.

bZx

This is Ethereum based DeFi that allow users to borrow, lend and margin trade directly from the system without third parties. This DeFi eliminated the traditional way of borrowing, lending and margin trading through the centralized exchanges.

Uniswap

Uniswap DeFi is an Ethereum based protocol that allows easy exchange of ERC20 tokens without creating a bid or ask price. This offers convenience of quick swap of ERC20 tokens from one asset to another easily without having the need to submit buy or sell order.

In conclusion, DeFi is a good innovation that has come to evolve the blockchain thereby creating a place where users can transact without third parties. To the crypto professor @yohan2on, thanks for your lecture and I believed I've done well to solve this task.

Regards; Cc: @steemcurator01 , Cc: @steemcurator02 , Cc: @steemitblog , Cc: @yohan2on