10 Hot DeFi apps you MUST watch in 2020!
5 min readSep 2, 2020
Disclaimer
This is not a financial advise. Please read all the clauses clearly before investing. This is not a sponsored article.
This article assumes you already have basic knowledge about cryptocurrencies and its working.
1. Synthetix.io
A protocol for trading synthetic assets on Ethereum.
- You can trade other assets like Crypto, Commodity, Index, etc.
- Easy and almost no friction to get started.
- The native token has performed very well and has yielded good returns.
- You can stake tokens and earn passive income on it.
2. Aave
Aave is an open source and non-custodial protocol enabling the creation of money markets. Users can earn interest on deposits and borrow assets.
- You can borrow or lend crypto currency. By lending crypto currency you have an opportunity to earn interest.
- Aave token has performed very well in the past and is expected to perform well in the future.
3. Compound Finance
Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.
- Saving and lending on application works very similar to Aave. You can borrow crypto, lend crypto and earn interest on it.
- Compound Finance also introduced the concept of liquidity. Instead of buying the native tokens from any exchange, you can lend any token to Compound Finance and start earning the native token.
- The native tokens can also be used in Governance — for voting.
