19 October 2020
A DeFi also abbreviated as Decentralized Finance can be defined as the app related to all financial aspects and built or developed on the blockchain, it includes smart contracts, Dapp, digital assets, and protocols. It consists of functions such as monetary creation for services like banking such as P2P facilities, issuance of stablecoins and facilitating services like lending, trading, tokenization, payment and so forth through blockchain. However, DeFi apps can be categorized with Exchange, Finance, Social, Gambling, Game and so on.
The top 7 DeFi Apps for the year 2020 for making money are:
With DeFiZap one receives exposure based on its investment goals to various protocols of DeFi. DeFiZap states itself to be a time-saver, non-custodial, and easy to access. It is built on Ethereum, Compound, Kyber Network, Synthetix, and Uniswap. DeFiZap’s protocol enables access in open finance with the strategies that are unique through Zaps and Zips. Zap is the smart contract that in various DeFi protocols deploys the capital in one transaction while minting the various liquidity or the position tracking tokens right away from Compound, Maker, Synthetix, Uniswap, and many more. Zips is the token that states on claiming the multiple positions by just one token and facilitating a faster, efficient exchange for the complex and known strategies. It strives to increase the DeFi’s GDP through accessing the innovative tools by removing the complexities of open finance such as the fund manager, builders, and retail investors.
DefiSnap is a dashboard that is simple and enables its users for DeFi assets and liabilities to be monitored on one interface. It consists of almost 18 protocols such as Compound, dYdX, Maker, Ox, DeFiZap and so on. DefiSnap also has two communities named DeFi Pulse and Opyn Insurance.
The CEO of the TokenSets is Felix Fing and the team consists of ambitious pioneers. TokenSets enables its users to manage its crypto and also to enhance the portfolio through automated asset management strategies. The sets are the token which is built on in the asset management strategies while every set is a smart basket ERC20 token of the crypto assets. It is a digital asset that showcases a complete collateralized portfolio of the other assets such as Bitcoin (WBTC), Ethereum (WETH), and fiat pegged coins (DAI).
Pool Together is based on the Ethereum application that aids in saving money. The user has to buy a “savings ticket” to join a pool and each savings ticket gives a chance of winning a prize and if one doesn’t win they can keep their money. Pool Together states itself to be secure to use, consist of smart contract audits which are by Quantstamp and OpenZeppelin and also have a bug bounty program.
Nexus Mutual is insurance for smart contracts and is a good way to save from smart contract bugs. It utilizes Ethereum for people to share their risks without the need for the insurance company. It is based on blockchain technology that brings the mutual ethos to insurance while creating on the Ethereum blockchain the aligned incentives by smart contract code.
ENS also abbreviated as Ethereum Name Service offers a way for a decentralized and secure manner to address the resources that are both on and off the blockchain by utilizing human-readable names. It removes the need to type long or to copy the addresses.
Uniswap is a complete decentralized protocol on Ethereum for an automated provision of liquidity. It consists of developers, traders, and liquidity providers to take part in a financial marketplace that is accessible and open to everyone. The utilization of Uniswap is to integrate the uniswap on the frontend, use smart contracts and build oracles on Uniswap.