DeFi or Decentralized Finance is a new financial system, which is more open, transparent, and does not require a third party as an intermediary in making transactions. DeFi is designed using protocols, crypto assets, smart contracts, and Dapps or Decentralized Applications built on a blockchain network.
Today, DeFi can become a global alternative for any financial services used. Even though it can be accessed openly, users still have full control over their assets. This is done using Dapps and programs specifically designed to support the fulfillment of the financial ecosystem, such as deposits and loans like banks.
Dapps also allows users to create stablecoins, lend crypto assets, and earn interest on pledged or borrowed crypto assets to implement sophisticated and automated investment strategies.
The main advantage of DeFi is that it does not have an intermediary to make transactions, like traditional banks; the service has no operating hours, because it is made on the blockchain which can be accessed at any time easily; and also reduce costs and time efficiency of not using intermediaries!
Based on data from DeFiPulse in August 2020, the cumulative valuation of crypto assets stored in the DeFi sector reached US $ 1.85 billion distributed across 30 DeFi applications, from Compound to Connext. All of them compete for a large number of users with crypto assets as collateral.
The top three DeFi also available on Indodax are Compound (US $ 629.8 million), Maker (US $ 557.9 million) and Synthetic (US $ 319 million). These three DeFis continue to compete every day. Not only that, there are also some other crypto assets that are no less interesting to follow, such as Yearn Finance, Chainlink, Aave, 0x, and DAI which are also competing in the DeFi ecosystem.
Now, Indodax is here as a place for traders who want to own crypto assets and try DeFi technology easily and quickly. Want to have crypto assets that can be used for DeFi? Let’s buy it now at indodax.com, and don’t forget to subscribe to our YouTube channel!