Goodday Steemians, it is yet another week in the Crypto-academy were we had a wonderful lecture from @yohan2on, in case you missed it, this is a link to the lectures. After the lectures we were given some task to do which is to briefly explain each of the following DeFi Dapps *Maker *Compound *Synthetix *bZx *Uniswap.

For starters what is a DeFi Dapps? DeFi Dapps is the acronym for Decentralized Finance in a Decentralized Applications. Before DeFi Dapps was known, it was referred to as Open Finance. It is a financial system that operates independently without being under any authority and does not rely on any centralized financial intermediaries like banks, credit unions, or insurance funds. Here it's users can trade,transfer, swap, invest through peer to peer (P2P) through automated smart contract, eliminating the need for these slow and costly middle men.

MAKER

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Known as MakerDAO is one of the pioneers in the DeFi Sector. It was launched in 2014, an open source platorm based on the Ethereum blockchain, yet a decentralized autonomous in 2014. Maker Protocol allows the creation of digital currency and has its own stablecoin Daily, which is pegged to ETH as the only accepted crypto collateral and is equal to 1 dollar.

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MAKER PROTOCOL
Dai and the Maker Protocol stand at the forefront of the decentralized finance (DeFi) movement—a direct result of the many advantages that crypto and blockchain technologies bring to the financial services sector.
The Protocol provides a robust set of financial tools, while Dai, the most popular decentralized stablecoin, unlocks the value inherent in those tools. Together, the Protocol and Dai fuel a large and growing ecosystem of DeFi projects that benefits users in numerous ways.
The Maker Protocol is the open-source platform through which anyone, anywhere can generate the Dai stablecoin against crypto collateral assets. Moreover, anyone can also build on top of the Protocol, thanks to its composability.1

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Compound

Another Ethereum based Open-Source protocol which creates the money market for crypto holders. In other words, Compound is a lending platform. It is a platform where you can lend or borrow cryptocurrencies. As long as you have an Ethereum wallet, some funds and you can borrow or earn interest right away. It is a savings account where you can earn interest without involving a third person or party to handle your funds. Source
Compound Finance is a DeFi lending protocol. In more technical terms, it's an algorithmic money market protocol. You could think of it as an open marketplace for money. It lets users deposit cryptocurrencies and earn interest, or borrow other cryptoassets against them. It uses smart contracts that automate the storage and management of the capital being added to the platform.source

Synthetix

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Synthetix is an Ethereum-based protocol for the issuance of synthetic assets. Analogous to derivatives in legacy finance, synthetic assets are financial instruments in the form of ERC-20 smart contracts known as “Synths” that track and provide the returns of another asset without requiring you to hold that asset. You can trade Synths — which range from cryptocurrencies, indexes, inverses, and real-world assets like gold — on Kwenta, Synthetix’s decentralized exchange (DEX). Synthetix’s native token, the Synthetix Network Token (SNX), is used to provide collateral against Synths that are issued.1. Synthetix works with Decentralized oracles which are smart contract-based price discovery protocol, to track the prices of the assets representated allowing you to hold and exchange Synths as if you actually own the assets. It grants exposure to assets to where traders can trade quickly and smoothly. This transaction can be done on other DeFi Platform such as Uniswap and provide liquidity to earn interest.

bZx

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dZx is an ERC-20 token that is completely community based. The management has no control over the supply of tokens. It is powered by blockchain and smart contract, making it completely Decentralized. It gives you complete control over your account and funds.

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UniSwap

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Is known as the Big Daddy of today's DeFi. UniSwap platform was built in 2018 which is now a leading Decentralized crypto exchange that runs on the Ethereum blockchain. It stands for Decentralized Ethereum based protocol which allows users to safely exchange ERC-20 tokens based on the AMM( Automated Market Maker) mechanism. It serves as an exchange site for crypto trading but for this to take palace, you have to provide your own liquidity to the protocol first.2. It runs on two smart contract which is Exchange contract and Factory Contract. Before one can perform any transaction on the UniSwap, you must have an ERC-20 supported wallet such as Wallet connect or Coinbase Wallet.

A huge appreciation to @yohan2on for the lectures and being part of the task.

#yohan2on-week4 #yohan2on #DeFidapps #crypto-academy #nigeria #steemit #blockchain