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While token prices in the crypto market have been sleepily drifting sideways, for the most part, decentralized finance (DeFi) has been pumping and is currently the most exciting place to be. And decentralized exchanges (DEXs) are part of that ecosystem.
Decentralized Finance, more commonly known as DeFi, is one of the hottest areas in the blockchain sector. In fact, some argue the growing interest in DeFi solutions highlights the crypto industry’s increasing maturity.
Several people in the DeFi space have been asking the same question for the last few months; what is Compound? In essence, Compound is an Ethereum money market protocol, which allows lenders to provide loans and borrowers to take out loans. Moreover, the reason behind Compound’s spectacular rise in popularity is pretty apparent.
Blockchain technology is rapidly advancing and disrupting today’s business environment. And why wouldn’t it? Blockchains make transactions quicker and reduce the cost. Some data models predict that spending on blockchain solutions will exceed the $16 billion mark by 2023. Now, that is excellent news for all of us into distributed ledger technology (DLT).
Synthetix is the name of a decentralized, synthetic-asset exchange. “Synthetics,” on the other hand, are financial instruments that simulate other instruments. They play a big role in the world of traditional finance. And this is what the company, Synthetix, aims to bring to the world of decentralized finance (DeFi).
A decentralized exchange, or more commonly a “DEX”, is one of the most fascinating aspects of the DeFi revolution. As you may already know, DeFi, is a movement wherein developers create decentralized alternatives of various traditional legacy financial institutions and products. The DEX is the decentralized version of an exchange, such as a crypto exchange. Before we answer the “what is a decentralized exchange” question, let’s learn about traditional exchanges and its many flaws.
What is DeFi Lending?
The DeFi lending space plays the same role as any traditional bank giving loans to a user or business. But as with any other blockchain application, DeFi lending has much more to offer than its conventional peers.
DeFi Pulse is the world’s leading resource for everything related to DeFi or decentralized finance. We are pretty sure that you are very well-familiar with the term “DeFi” by now. It’s an all-encompassing term for decentralized protocols that deal with a variety of financial services like lending, derivatives, payments, exchange, etc. The lion’s share of these protocols is ETH-based, which is why the rise of DeFi has been a huge Ethereum price growth factor.
Curve is a decentralized exchange (DEX) designed for efficient stablecoin trading. It is like Uniswap in that it uses liquidity pools, it’s non-custodial, and it rewards its liquidity providers. However, because Curve focuses solely on stablecoins, it costs less to use.
