Steem Crypto Challenge Month #2 : Diving into DeFi
After watching post about Next crypto challenge i wanted to have knowledge about it , So i instantly searched about it and read different articles and got to know that it could be the future of Finance and it could get the similiar attention which Bitcoins got due to decentralization.
Defi Helps to shift people from old traditional centralized Finance which was having many demerits Such as Misuse of power , intermediaries which can take control over your transactions which will disrupt the privacy between you and the Buyer/Seller.
The thing which i myself and you would also be thinking of Bitcoin as its also doing the same things but Defi has some extra features from it which includes
- Borrowing and lending Such as Loans which requires centralization when considering traditional way of taking loans.
- Stocks, bonds, and other tradable assets,
- Insurance policies which required centralization in traditional way
- Asset storage to save those assets ( decentralized wallets )
- prediction markets
- WBTC which is called wrapped Bitcoin which means a person can send Bitcoin over eth and person would get certain amount of interest.
- Yield farming ( Remember the Hyip Concept ? which returns you profit on depositing some amount of money )
- Liquidity mining impressive concept users mine tokens while using different Defi Apps
- Open Source Apps - the code is public
Most of applications of Defi are based on Ethereum as eth supports making of decentralized applications. The main feature of eth is the transaction gets executed when certain criteria is met ( Smart contract of Eth )
I haven't bought any defi token ever but i think due o hype and popularity it would be beneficial for the holders and users of Defi tokens. also it was a new concept for me so i researched for tokens aswell .
so here are list of tokens which i saw while researching over Defi so i thought i should share the tokens with their prices aswell.
- ChainLink - Current price 9.5$
- Wbtc ( explained above ) - Current price 10,000$
- DAi - Current price 1$
- Aave - current price 0.5$
- yearn.finance - current price 19,402$
- maker - current price 547$
- Synthetix Network Token - current price 4.17$
- UMA - current price 7.2$
even the most popular exchanging website Uniswap is also listed in Defi tokens with the price of 3.44$
So there was a question which of the defi project you like the most ?
The unique and Necessary project which i loved the most while researching is Insurance Platforms this could be the most beneficial part for those who dont want to take risk over their assets so the decentralized company would provide insurance.
Etherisc is providing you the insurance solution.
(A decentralized insurance)
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I really enjoyed while researching over the Defi ( Decentralized Finance ) and would suggest everyone to give it a try its interesting and is solution to many problems like Loan, insurance etc
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Yours Hassanabid,
Moderator Steemit Pakistan.
Yes in Defi we getting good returns but those are depend on market conditions.
Sometimes in giving 10 X returns some times -10*X too, need to research before investing.
First time i hear about Decentralized Insurance finance. Thank you very much for sharing that information with us.
Thanks for your valuable post . Have a great Day Ahead.
#twopercent #india #affable
reminds me of Hyip - High yield investment programs maybe we could include defi programs in it as well.
Thanku so much for coming lots of love from Pakistan .
Pak-India ❤️
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