We can say that DeFi community is DeFinitely growing fast. We have decided to list some of the DeFi platforms that in our own opinion are the top and most used platforms in the space in terms of lending/earning interests.
What is DeFi?
DeFi is an abbreviation of the phrase decentralized finance which generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum. In simpler terms, it’s financial software built on the blockchain that can be pieced together like Money Legos. – DeFipulse.com
Celsius Network is a crypto lending app, that lets its users earn interests every week by depositing any amount of cryptocurrency on their app. Moreover, they are supporting 19 different currencies on their app. These currencies include Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), XRP, and many others. Celsius will be supporting EOS, Tron (TRX), Algorand (Algo), and more stablecoins announced on their app.
BlockFi is also a crypto lending platform that pays interest to its users every month. They have recently removed the minimum deposit amounts before a user can start earning interests. BlockFi pays interests to its users every 1st of each month. BlockFi currently supports BTC, ETH, and Gemini Dollar (GUSD). They used to require users to deposit 0.5 BTC, 25 ETH, or 2,500 GUSD before users receive interest.
Compound Finance is an open-source protocol that allows its users to borrow crypto assets that they can use for trading, staking, etc. in exchange with different cryptocurrecny acting as collateral. Moreover, users can also lend their crypto assets in return for receiving compounded interests with the same currency they have lent or deposited on the platform. Compound supports Basic Attention Token (BAT), Dai, ETH, Augur (REP), USDC, Wrapped BTC (WBTC),
In order for users to start using their platform, they just need to connect their Coinbase Wallet, Metamask, or Ledger through Compound’s website and start lending/borrowing.
dydx is a margin trading platform allows its users to trade up to 4x leverage through custom, non-tokenized, positions. Their users are also able to borrow or lend their crypto assets without a minimum or lock-up period.
Users can easily start earning by interests as soon as they deposit crypto assets on the platform. So far dydx’s platform supports ETH, Dai, and USDC.