Check out the top 10 most used DeFi applications | 07-14 September 2020
Updated 14.09.20
The new DeFi dapps category on DappRadar currently contains 11 active Ethereum DeFi dapps and is an evolving category. In fact, many dapps are still evolving and debating which category best describes their offer, Decentralized Exchange (DEX) or Decentralized Finance (DeFi).
Recently, and after the last update of this article, we added core and additional DeFi metrics to DappRadar.com. We added TVL or total value locked which has become the ‘go-to’ metric in the DeFi space and we didn’t stop there. Four accompanying new DeFi metrics are available and each brings further clarity to the sometimes over-hyped DeFi sector.
The token price is listed alongside the protocol (if applicable) and helps to clarify the aTVL metric. aTVL represents adjusted total value locked and shows the value locked excluding fluctuations in token prices set to a 90-day standard. This we believe gives a truer picture of the value locked in DeFi.
The last metric added was market capitalization over total value locked showing the ratio of fully diluted market capitalization to nominal TVL.
Top DeFi dapps
A lot of things have changed in the DeFi space in one month including the top protocols. Explore the top Ethereum DeFi applications ranked by users over the last 7-days.
1. Uniswap
Uniswap V2, the second iteration of the popular Uniswap protocol, has now been deployed to the Ethereum mainnet. Uniswap V2 has many new features and technical improvements compared with Uniswap V1 including ERC20 / ERC20 Pairs Price Oracles Flash Swaps and more.
2. Balancer
The Balancer protocol provides private pools where only you can add or remove liquidity, earn trading fees on top of cDai in a rebalancing smart pool, join a multi-token pool with a single asset, adjust weights continuously over time for dynamic strategies.
Users can also use Balancer Pool Tokens within new pools for liquidity exposure or to dynamic swap fees to adjust based on the underlying volatility.
3. Curve
Curve is an automated market-maker optimized for stablecoins, working as an exchange on one side, and allowing liquidity providers to earn fees and lending interest on the other side.
4. Synthetix
Born as stablecoin project Havven, Synthetix rebranded and expanded its scope prior to launching on mainnet in February 2019. As of May 2019, the Synthetix platform supports over 20 Synths representing fiat currencies, commodities (e.g. gold), and crypto-assets. Stocks, indices, and other derivatives are expected to be added soon.
5. Aave
Aave protocol is a decentralized, open-source, and non-custodial money market protocol. Depositors earn interest by providing liquidity to lending pools, while borrowers can obtain loans by tapping into these pools in both an overcollateralized or undercollateralized fashion.
6. MakerDAO
MakerDao is a decentralized lending facility built on the Ethereum blockchain. The Maker platform leverages Ethereum smart contracts to automate the functions of a lending platform, as well as its associated stable coin in a decentralized manner. Users of the platform can post collateral (Ether) and receive the platform’s native stablecoin, Dai, which is designed to mirror the value of the US Dollar.
7. Compound
The second-largest application on Ethereum, Compound is an open-source, autonomous protocol built for developers, to unlock a universe of new financial applications. Interest and borrowing, for the open financial system.
8. Kyber
Kyber Network is a new system that allows the exchange and conversion of digital assets. We provide rich payment APIs and a new contract wallet that allow anyone to seamlessly receive payments from any tokens.
9. Bancor
Bancor provides a smarter crypto wallet to manage and convert ETH, EOS, DAI, and 8700+ token pairs from a simple, secure wallet that’s accessible on any device.
10. dYdX
Building and democratizing the future of decentralized finance, dYdX is the world’s leading decentralized platform for margin trading Ethereum based assets. dYdX is accessible to anyone, anywhere. With dYdX users can earn interest in their crypto or margin trade with custom leverage.
11. mStable
The mStable protocol assets represent some underlying value peg and are minted/redeemed on-chain via smart contracts. mASSETS are backed 1:1 by a basket of existing tokenized same-base assets. Each mASSET is a liquidity share for its asset pool as well as a medium of exchange, a unit of account, and a store of value in its own right.
We will continue to track the category and report on the movements in the decentralized finance world. For now, make sure to bookmark DappRadar.com and sign up for the newsletter to receive all the latest news!
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