The defi market place is exploding. Since May 2018, the total value locked up in defi protocals are nearly $3.75 billion. The most used defi protocols include Compound, Synthetic, Aave, Maker, Curve finance. And these platforms user base are also constantly increasing. According to recent reports, the market currently holds over $6 billion in value locked in smart contracts. Impressively, this growth is increasing in both its scope and rate.
There are some new Defi projects that deserves your attention for their unique approach. Implement of new technologies and making defi accessible to everyone.
THE FORCE PROTOCOL
The Force Protocol, a decentralized finance service protocol built on blockchain systems, is comprised of a set of DeFi technical components and tokenized protocols.
In response to the challenges in Ethereum DApp development like difficulty in contract upgrade, fixed data structure, slow on-chain interaction, poor user experience, lack of necessary infrastructure, and security issues, the Force Protocol proposes three DeFi technical components: fundamental components, extension components, and financial components, which collectively form “The Force”.
On the basis of The Force DeFi technology components, the development community has developed bond financing protocol, tokens lending protocol, and decentralized stablecoin protocol based on The Force Protocol. Various ecological applications of The Force Protocol can provide individuals and enterprises with crypto assets investment, financing, and transaction services to meet the digital financial needs of different users.
The force protocol also has some Big partners in crypto market like chainlink, HBTC, HUSD etc..
SYNTHETIX
Synthetix is the backbone for derivatives trading in DeFi, allowing anyone, anywhere to gain on-chain exposure to a vast range of assets.
Synthetix is a decentralised synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets (Synths). This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties.
This mechanism solves the liquidity and slippage issues experienced by DEX’s. Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short) and commodities. SNX holders are incentivised to stake their tokens as they are paid a pro-rata portion of the fees generated through activity on Synthetix.Exchange, based on their contribution to the network.
It is the right to participate in the network and capture fees generated from Synth exchanges, from which the value of the SNX token is derived. Trading on Synthetix.Exchange does not require the trader to hold SNX.
DEFI YIELD PROTOCOL (DYP)
Defi Yield Protocol Is a Massive Boost for Yield Farmers and the Defi Space.
Decentralized finance has only grown this much because of the control and ease it offers users. By allowing users to utilize traditional banking and financing services like lending, borrowing, and saving, an overwhelming sense of trust has been birthed over the past few months. Even more captivating is that many users now earn more than 100% of their capital, mostly by offering liquidity through yield farming protocols.
Over the past couple of months, we have also seen a contrast between different DeFi protocols and what might set a precedent for the DeFi ecosystem’s longevity as a whole. The DeFi yield protocol (DYP) is a unique protocol that allows virtually any user to provide liquidity, earn DYP tokens as yield while maintaining the token price. Unlike some DeFi user interface, the DYP interface is quite simplified, accommodating new and expert yield farmers.
NFTfi
NFTfi is a hybrid platform that takes the best aspects of DeFi and combines them with the growing value of the non-fungible token (NFTs) sector.
Put your NFT assets up as collateral for a loan, or offer loans to other users on their non-fungible tokens.
Put any ERC-721 token up for collateralization. Other users can now offer you a loan.
If you accept a loan, the ETH gets paid out from the lenders account to you, and your NFT gets locked in the NFTfi smart contract.
Once you repay the loan the asset will be transfered back to you. If you don’t pay back the total repayment amount before the due date, the asset will be transferred to the lender.
Lending on NFTfi is ultimately about providing liquidity to another user, the borrower. In our contract you as a lender exchange your loan in wETH for a claim to their NFT, which is used as collateral in the transaction.
As a lender you set the loan value, the interest and the duration of the loan. That means we are in full control of our own risk, for good and bad. This piece aims to explore some of those factors in more detail and see how they play a role in different lending strategies. …
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Thanks for the great article. I have just started getting into Defi so I appreciate you explaining each one and informing the community that is not knowledgeable yet like me.