Check out the top 10 most used DeFi applications | 23-30 June 2020
The DeFi category on DappRadar currently contains just 33 active dapps and is still a relatively new and evolving category. In fact, many dapps are still debating which category best describes their offer, Decentralized Exchange (DEX) or DeFi, whilst dapps that provide both have a decision to make in the near future.
There is also the possibility the two overlapping categories will organically combine. As such DappRadar may track decentralized finance as one category in the future. For now, explore 10 DeFi applications with the most users in the last 7-days.
It is important to note the weighting of applications operating on the Ethereum protocol. 8 of the top 10 DeFi dapps run on Ethereum. Interestingly TRON is making a dent in Ethereums dominance in 2020 with its JUST and newest offer – Oikos.cash.
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.
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.
Oikos is a Tron port of Synthetix: a synthetic asset platform that provides on-chain exposure to fiat currencies, commodities, stocks, and indices. Synthetic assets (Synths) are backed by Oikos Network Tokens (OKS) locked into a smart contract as collateral.
1inch is a DEX aggregator with the best prices on the market and provides a single point of entry for DeFi. The platform claims the best prices are achieved by splitting orders among multiple DEXs in one single transaction with a burning gas token to reduce gas costs by half.
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.
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.
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.
JUST is built on the TRON Network and aims to build a fair and decentralized financial ecosystem that provides stablecoin lending and governance mechanisms for users around the world. All transactions, collateralization, and governance are transparent and executed on-chain.
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.
Nexo is the most advanced and trusted instant crypto lending provider on a global scale, servicing 40+ currencies across more than 200 jurisdictions. Nexo has provided tens of millions of dollars worth of loans to an ever-growing base of thousands of happy clients.
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!