10 Best Decentralized Finance Platforms in 2023

DeFi Platforms provide a wide range of investment services, including loan provision, fund deposit, trading, investing, tokenized real estate, and insurance. All of these services are provided without the use of agents or intermediaries, as is the case in a centralized financial system.

DeFi is becoming popular in the crypto sector—in fact, it’s one of the biggest trends in the crypto industry. There is a growing belief among investment enthusiasts that, DeFi will overtake the traditional financial service system. The Total Value Locked (TVL) is increasing; it was less than $1 billion in early 2020 and has now risen to more than $50 billion. The following is a list of DeFi platforms.

Maker (MKR)

This platform was launched in 2018. It offers a stablecoin-based loan. Makers TVL is $7 billion and has a community following of 293,000. MakerDAO is an Ethereum-powered, decentralized collateralized debt position (CDP) platform that strives to keep its value at stable equivalence to the US dollar. Users can open a CDP and lock up ether (ETH) as collateral to receive DAI as a debt against locked-up tokens. When a CDP is closed out, the platform burns the DAI and the MKR that were paid as interest.

Curve Finance (CRV)

This is an Ethereum blockchain-based platform launched in 2020. They provide loan and deposit services as well as facilitate a wide range of other decentralized exchange services. The platform emphasizes liquidity supply to the market by employing a market-making algorithm that automatically trades assets while earning money from bid and ask prices. The Total Value Locked (TVL) is about $5 billion. It has a community base of 365,000 followers.

Uniswap (UNI)

This Ethereum blockchain-based platform was launched in 2018, and it facilitates ERC20 trades by using an algorithm that matches trades based on demand and supply in the liquidity pool. The Total Value Locked (TVL) is about $4 billion and has a following community of 1,153,000.

InstaDapp (INST)

This Ethereum-based platform started in 2019. The platform offers a solitary, user-friendly access point that can communicate with several DeFi protocols. InstaDApp allows customers to do everything in one place rather than having to use multiple apps for lending, borrowing, and staking across protocols. The Total Value Locked (TVL) for this platform is about $2 billion and has a community base of 47,000 followers.

Lido (LDO)

 This platform was launched in 2020 and offers a non-custodial staking service. Users can stake their tokens without the need to lock assets on the platform. The Total Value Locked (TVL) is more than $9 billion and has a community base of 134,000 followers.

Compound (COMP)

This DeFi Financial platform allows the participation of anyone in borrowing and lending against collateral. Participation in the liquidity pools attracts interest in digital holdings. They have a Total Value Locked (TVL) of $1,450,000,000 and a community following of 253,000.

Aave (AAVE)

 This Ethereum-powered DeFi platform provides lending and borrowing services. They have a Total Value Locked (TVL) of $4,630,000,000 and a community following of 593,000 people.

Convex Finance

Convex Finance was launched in 2019. They help investors maximize the yield on their invested assets. The Total Value Locked (TVL) is more than $4 billion, and they have a community base of 50,000 followers.

JustLend (JST)

 This platform is powered by the TRON network. They provide lending and borrowing services. They have a Total Value Locked of $4.4 billion and a community base of 57,000 followers.

PancakeSwap (CAKE)

This Binance-powered Defi platform was launched in 2020 and it offers services like trading, staking, and yield farming. They have a Total Locked Value of $2,460,000,000 and a community base of 1,600,000 followers.

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