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This review presents ten of the most promising DeFi platforms in the cryptocurrency lending segment, according to the analytical company Xangle
Best DeFi Projects of 2021
Decentralized finance (DeFi) Decentralized finance (DeFi) is a financial service built on blockchain technology that offers users access to an open, efficient and … More cryptocurrency holders access to a variety of financial services, including lending. In 2020, many DeFi platforms for P2P lending in digital assets appeared on the market. Borrowers got access to fast and profitable loans in cryptocurrency, and lenders – the opportunity to receive passive income.
Analyst firm Xangle has prepared an overview of decentralized lending platforms to look out for in 2021, from established dominant companies to emerging projects that have yet to prove themselves.
Compound is a lending protocol that has spawned several projects at once, including Curv, Cointracker and Bitgo. As of this writing, Compound has a market cap of over $ 740 million. According to the developers, Compound is “a stand-alone interest rate protocol for building financial applications.”.
Aave is an open source protocol built to serve the DeFi sector. Users who place assets on the Aave platform receive interest on their deposits. Those looking to borrow coins can also do so through Aave. The project’s article states that the size of the assets placed in the protocol reaches $ 2 billion. The platform supports DAI, REP, MKR, ETH, UNI and USDC, as well as some other digital assets.
bZx is the lending protocol that powers the Fulcrum and Torque decentralized lending platforms. Fulcrum offers users the opportunity to participate in margin lending, while Torque offers an indefinite loan at a fixed interest rate. bZx supports two types of instruments: ITokens and pToken. In addition, in July 2020, the project launched its own token.As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More BZRX. All three assets play an important role in the functioning of the system.
yEarn is a suite of DeFi products that are currently in beta testing. Lending is one of the services offered in the yEarn package. In particular, the yborrow.finance branch (in beta) is dedicated to crypto lending. yEarn invests liquidity provided by lenders in other DeFi lending protocols, aiming to provide liquidity providers with high returns.
dYdX is a cryptocurrency trading platform that also offers lending services. Users can borrow any asset supported by the dYdX exchange, provided they can provide collateral to secure their loan. Lenders earn interest and dYdX adjusts lenders’ interest rates based on market conditions. On the dYdX platform, ETH, USDC, BAT, WBTC, DAI and COMP tokens are available for lending.
Maker is a major player in the DeFi space and one of the first in decentralized credit protocols. The Oasis Borrow lending platform is based on Maker. Here you can place your assets in a “vault” and earn interest by generating DAI, a stablecoin pegged to the US dollar. At the time of writing, Maker has a market cap of over $ 1.1 billion. Protocol users place one cryptocurrency, usually ETH, in exchange for a loan in DAI.
Nuo is a decentralized network for cryptocurrency loans and lending. Users providing liquidity on the Nuo platform are able to trade with up to 3x margin and leverage. This functionality attracts new users to Nuo Network.
mStable – This platform gives users a source of passive income. The liquidity providers in mStable earn MTA tokens as a reward. All transactions in the mStable infrastructure are performed using smart contracts.
Instadapp is a feature rich DeFi platform. Lending and borrowing is one of Instadapp’s functions, while developers using the platform’s toolkit can integrate these functions into their protocols.
Dharma protocol was launched in 2019 as a P2P lending platform. The uniqueness of the project is that liquidity providers receive a fixed profit and do not depend on the volatility of the cryptocurrency market. Dharma’s fundamental lending model is “long term fixed loans with a fixed interest rate”. Users can also exchange, buy and sell cryptocurrencies using the Dharma protocol.
Undoubtedly one of the most interesting decentralized lending projects in DeFi. KittieFight combines the massively multiplayer online CryptoKitties game with decentralized lending (yes, kittens and lending). KittieFight strives to go beyond traditional incentives through gamification of the process. Users spend money on the game and deposit funds in the hope of winning the ETH jackpot, these coins go to support the development of the KittiFight protocol.
Mainframe offers “Fixed Rate DeFi Lending” to “anyone” who can provide cryptocurrency as collateral. Initially, Mainframe was conceived as a platform for communications, but in 2020 the developers added the functionality of cryptocurrency lending with a fixed interest rate..
The creators of the Celsius Network argue that cryptocurrency loans should be available to everyone. Celsius liquidity providers earn up to 13.86% per annum in USD, 7.21% in ETH and 6.2% in Bitcoin. Lenders can withdraw their share funds at any time. Celsius Network also offers loans with annual interest rates from 1%.
There is no doubt that cryptocurrency is a well-established trend that will gain momentum. Large economies are moving towards digitalization, and digital payments are gradually replacing cash, coins and checks..
Cryptocurrencies are entering our lives, and the next stage in the development of the cryptocurrency market is access to services and services. Lending is one of the fundamental elements of the traditional financial system and the main component of decentralized finance.
Cryptocurrency holders want their coins to work for them and bring them income. All you need to do is place them on credit platforms. Borrowers are looking for an opportunity to earn using margin.
Top DeFi Protocols in 2021! WITH MASSIVE POTENTIAL
Lending is the driving force behind the financial system, and the above platforms for decentralized lending will remain relevant in 2021.
All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..
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