The Tech Quiz - Season 35
Greetings to you all friends,
I'm @ibraheem75
From Nigeria,
I am so delighted to participate on this wonderful contest organized by @malikusman1 in this noble community, before I'll proceed I would like to invite my friends @khursheedanwar @josepha and @echuku to also participate on this contest.
What is DEFI?
DEFI stands for (Decentralized Finance); Which connotes a set of financial service's and Tools that's built on blockchain Technology and decentralized networks that allows people to transact with each other's freely. DEFI is known for providing traditional financial service's, like the stablecoin, decentralized insurance, decentralized lending etc.
In 2020 DEFI grown remarkably in the aspect of creating many platforms and of course protocols developing, such as the Uniswap, MakerDAO, Compound, , Aave and so on.
Share your favourite DEFI project.
All the DEFI project are quite awesome but I'm going to my view concerning the two I loved;
Uniswap (UNI); Is considered my favorite DEFI project, which is popularly known for its innovative approach (security and governance) to decentralized exchanges (DEXs) and liquidity provisions, like ensuring a prolific stable and liquid market globally,
Secondly is MakerDAO (MKR); This is considered as one of the broader ecosystem that include a lending platform and a decentralized USD-backed stablecoin called DAI, and a DAO that runs the entire network system at no cost which i also consider as my favorite DEFI.
Note; there are other several DEFI project like curve(CRV) lido(LIO) Aeve(AAVE) etc.
What is the future of DEFI?
DEFI future is certain, with the rapid development back then in 2020 it shows how great DEFI would surely becomes in the nearest future, especially in the aspect of their regulatory system i think they are quite good on that, by providing good and stability environment for all users to transact with one another freely around the world,
Another thing is that they provide cheaper and faster transactions opportunities to all users around the world, that alone attracts lot of investors,
Lastly DEFI would surely influence the global market in the aspect of providing financial assistance to undeserved population across the globe, and that's what makes it, to likely develop more faster.
Thank you all for reading through my post.🤝
Best regards @ibraheem75.
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