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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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