Top 5 Popular DeFi Projects to Look in 2021
Successful DeFi Projects Of 2020 - 2021
DeFi has been growing in recent days and many individuals are looking to invest in decentralized finance.
Let us have a deep look into the top 5 DeFi Projects that we have to look at in the second half of 2021.
Yearn Finance, a most captivating project acts as a decentralized ecosystem that offers lending services, token deposits such as USDC, DAI, and USDT, the participation of aggregators in Yearn's selection, the most profitable lending opportunity.
This Yearn.Finance is led by Andre Cronje, and YFI is the native token which is the most trending DeFi token in recent days. These YFI tokens are owned by the community, which means there is no pre-mining or pre-scaling or team allocations for these YFI tokens.
Yearn Finance and YFI token has reached 435% growth within one month, which shows its massive adoption among people.
The compound is an open-source money market protocol that allows users to earn interest or borrow assets against the collateral which are carried out in the Ethereum network. This Compound DeFi project gains huge attention through its native token COMP, which has skyrocketed in its value in recent days.
Compound allows anyone to earn compounding interests with rates that are automatically adjusted based on demand and supply of COMP and the contribution to the liquidity pool is also simple in this Compound platform.
This DeFi project has $790M assets locked up currently and has mass attention over the crowd.
Uniswap, one of the popular DeFi projects, is a decentralized exchange that is different from other DEX platforms in the way that it uses Incentivized Liquidity pools instead of the order books. The users of Uniswap who provide liquidity are rewarded with a percentage of fees incurred on every Ethereum transaction.
Uniswap has about $100 million locked in its liquidity pools with 100s of new listings each week. For new users, Unisswap provides a learning curve that is used to trade assets and provide liquidity. Also before using Uniswap, once should study the considerations of slippages and volatility for better usage of the trading platform.
Maker DAO is the decentralized credit platform that supports DAI, a most used stable coin in the crypto world, whose value is pegged to the value of USD. This Maker DAO lets anyone open a vault, lock in the cryptocurrency collateral, and create DAI against that collateral.
With its recognition among the users, Maker DAO is committed with $1B assets currently.
Decentralized Information Asset is an open-source project to drive the adoption of open-access data and oracles. In the DIA DeFi ecosystem, there is a decentralized community of DIA token holders with DIA's governance Token acting as an Incentive.
This DIA project is backed by investors like Outlier Ventures which is being the most anticipated DeFi project.
Some other DeFi projects that make huge attention in 2020 are as follows :
- Orion Protocol
- Curve Finance
- Aleph.im and more.
Popular Open Source DeFi Protocols
There are many DeFi protocols available on the crypto market for various processes like lending, borrowing, asset management, crypto exchanges, and more.
Let us have a look at some of the popular open-source DeFi protocols available in the market.
For the process of Lending
1.Aave - An non-custodial DeFi protocol for earning interest on deposit & borrow of assets.
2. Compound - An open-source protocol on the Ethereum network which allows users to lend and borrow assets against any collaterals.
3. Maker- A credit platform that supports DAI, a stablecoin whose value is pegged to USD.
4. Atomic Loans - An open-source lending platform that supports trustless BTC collateral.
5. Swap Rate - An interest rate swap tool built on opium protocol.
For Trading Purpose
1. Uniswap - Completely decentralized on-chain protocol that is designed for token exchanges on Ethereum which uses liquidity pools.
2. Tokenlon - A Decentralized Exchange with off-chain matching and on-chain settlement.
3. Augur - A peer-to-peer protocol for market predictions on Ethereum.
4. Kyberswap - An open cross-chain atomic swap protocol for the trading of tokens on various chains.
5.MCDEX - A DeFi derivatives trading platform with perpetual and futures.
1. My Crypto - An app to create, import and manage all your wallets.
2. My Ether Wallet - An easy to use, open-source interface that can be used to interact with Ethereum.
3. DEXWallet - A DeFi mobile wallet.
4. Coinbase Wallet - A mobile wallet to store tokens and collectibles.
5. Monolith - Powered by Ethereum for decentralized banking.
There are a lot more DeFi open-source protocols available for lending, infrastructure, asset management, education, podcasts, and much more.
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