Many of us have been hearing about decentalized finance (DEFI) many are hearing about it going to X10 to X50 it's value, many of such tokens are even rivalry the almighty bitcoin that is $YFI many are moving ecosystem to the next level especially etherum and POLKADOT many must have heard of COMP, LINK, BAND, CRV etc. The home of Defi tokens is OKEx, am not trying to hype the Exchange but if you have read through my previous three Articles you would bear me withness that Okex has really brought the light into what defi is all about. For better understanding let's look into the okex platform. Do you know that okex is the only centralized exchange that has the highest numbers of Defi tokens listed on it, if you guys look at the various listing that occured on okex last month and this present month you guys can bear me withness that more than 50% of listing were defi tokens and when listed on okex you know the defi platform is worthy as okex will never list a product with useless or no use case. Before we go into some of the commonly used defi tokens let's just summarize what decentralized finance is so that those reading this for the first time can fully grasp why defi is the present talk of the whole cryptoshpere.
Now defi like I said is decentralized finance which means you are performing all your financial activities via the blockchain. When I mean all I mean it. From borrowing to transfer to staking to lending and Dapp it's like an ecosystem of decentralized banks. It might sound funny but is real, many of us know stable coins from USDT to BUSD to USDC now u guys know that each has its equivalent stored up in a bank offshore has real dollars so it a token allows you access to stable coin for borrowing to do your financial activities so what do we call it? How does it diffentient it from our banks? And do you know that interest rate is far lower almost free, can you now see why the hype for Defi tokens.
Now let's start with
Compound is a decentralized money market protocol built on the Ethereum network. It allows lenders and borrowers to interact with a pool of assets without the need for any central authority. This alone has replaced what my bank would have done for me with them collecting up to 30% interest rate. It's called Lending via liquidity pool
MakerDAO is a decentralized autonomous organization built on the Ethereum network. The Maker protocol’s function is primarily focused on DAI, its native stablecoin — the value of which is algorithmically pegged to the U.S. dollar. Maker specialize in lending of stable coins
Synths track the value of real-world assets, including fiat currencies, digital currencies, equities, indexes and commodities.For example, a user who wants to issue $5,000 worth of USD Synths (sUSD) can stake SNX tokens worth 800% as collateral — this is the current collateralization ratio
Balancer — Decentralized algorithmic exchange. BAL
On the Balancer platform, liquidity providers (i.e., capital owners) create private pools (or contribute to shared pools) where they lock-in their assets, define the proportion (or weight) of each asset in the pool, and set the trading fees. Users can lock a minimum of two and a maximum of eight different ERC-20 tokens into a pool
And there are many more you guys should just check through the okex platform and see for yourself.
Have been talking about defi tokens and altcoins, check their present worth you would know why I said blockchain has come to stay.
To purchase, own and trade such altcoins don't look too far has Okex has all your needs settled at the best of rates with the best user interface and customer care.
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