Decentralized finance (DeFi) is one of the hottest trends in the blockchain industry today. Decentralized finance platforms offer “traditional” financial services such as borrowing, lending, trading, and investing, in a decentralized, smart contract-powered format to enable anyone in the world with access to the internet to gain access to the global financial markets.
In this guide, we’ve gathered the top 10 DeFi platforms that are revolutionizing finance through blockchain-based decentralization.
Top 10 DeFi Platforms
To compile our list of leading decentralized finance (DeFi) platforms, we have looked at criteria such as launch year, community following, and total dollar value locked in the applications.
|Name||Description||Platform Launch Year||Blockchain||Services||Total ($) Value Locked in DApp||Community Following (Measured by Twitter Followers)||Score|
|Maker||The Ethereum-powered MakerDAO is a decentralized Collateralized Debt Position (CDP) platform that supports the stablecoin DAI, which aims to maintain its value one-to-one with the US dollar. Users can open a Collateralized Debt Position (CDP) by locking up Ether (ETH) as collateral to receive DAI as debt against the locked up Ether. Interest payments are made using the MKR token and the DAI and MKR paid are burnt once the CPD is closed out.||2018||Ethereum||Borrowing and Lending/Stablecoin||345,000,000||28,500||4.5|
|IDEX||IDEX is one of the leading Ethereum-based decentralized exchanges that enables Ethereum users/holders to buy and sell ETH against ERC20 tokens in a secure, decentralized manner. The decentralized exchange (DEX) was launched in 2018 and has quickly managed to establish itself as the go-to platform for traders who prefer to trade on smart contract-powered, non-custodial exchanges than their centralized counterparts.||2018||Ethereum||Digital Asset Exchange||53,000,000||37,700||4.5|
|Compound||Compound Finance is an Ethereum-based, open-source money markets protocol that enables users to borrow or lend against collateral. Any digital currency user can take part in Compound’s liquidity pool and can start to earn interest on their digital asset holdings. The interest rates adjust according to the supply and demand on the platform. Compound currently supports BAT, Dai, ETH, REP, USDC, and ZRX as currencies.||2018||Ethereum||Borrowing and Lending||63,000,000||6,658||4|
|ETHLend (Aave)||ETHLend is an Ethereum-powered, decentralized peer-to-peer marketplace for borrowing and lending digital assets. The peer-to-peer lending platform enables borrowers and lenders to agree on the terms of a loan that is then executed using smart contracts.||2017||Ethereum||Borrowing and Lending||1,200,000||42,000||4|
|0x||The 0x protocol is a decentralized exchange infrastructure that enables traders to buy and sell Ethereum-based tokens in a secure, decentralized manner with the use of smart contracts.||2018||Ethereum||Digital Asset Exchange||2,420,000||151,400||4|
|EOSREX||EOSREX is a peer-to-peer resource rental marketplace for CPU and NET in which users can buy and sell slices of the REX pool in the form of REX tokens.||2019||EOS||Borrowing and Lending CPU & NET Resources||565,000,000||642||3.5|
|Dharma||Dharma is a non-custodial, peer-to-peer marketplace for borrowing and lending powered by the Ethereum blockchain that officially went to market in April 2019. Dharma enables digital asset users to earn a fixed interest on their desposits while borrowers can submit loan requests that are matching up with the marketplace’s lenders. The platform uses DAI and USDC as its currencies.||2019||Ethereum||Borrowing and Lending||11,400,000||11,400||3.5|
|dYdX||dYdX is an Ethereum-powered, non-custodial margin trading platform for advanced traders. Powered by the open-source protocol, Solo, dYdX enables traders to borrow, lend, and margin trade Ether (ETH) using DAI or USDC without charging any trading fees.||2018||Ethereum||Derivatives Trading||8,700,000||6,147||3.5|
|NUO||The Nuo Network is an Ethereum-based, non-custodial decentralized debt marketplace that enables users to borrow, lend, or margin trade a range of digital assets such as BAT, ETH, Dai, KNC, LINK, MKR, REP, TUSD, USDC, WBTC, and ZRX. Lenders earn interest by placing their digital assets as collateral to the platform’s pooled debt reserves that are utilized to find loans and margin trades.||2019||Ethereum||Borrowing and Lending||16,200,000||3,459||3|
|Set Protocol||The Set Protocol is an Ethereum-powered platform that enables users to build, manage, and invest in baskets of tokenized digital assets. Set provides a complete solution to develop tokenized asset businesses such as decentralized brokerages, robo-advisors, and issuance order bulletin boards.||2019||Ethereum||Digital Asset Management||n.a.||5,201||3|
Sources: DeFiPulse, DeFiReview, project websites
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