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.

To get a feel for the products and services that exist in the Ethereum DeFi ecosystem, you can check out our DeFi rankings which tracks the current value locked into popular DeFi smart contracts.

Computers have disrupted nearly every industry over the years. Each innovation builds on the previous one, and digital products and services become more sophisticated. Through technology, we’ve catered the world to fit our needs. From digital assistants to home automation, programs now affect many aspects of your daily life. So why would money be any different?

Top 10 DeFi Leaderboard!

  1. Topping the list of Defi at the time of Future News writing this article was Maker – With locked volume is $1,349,433,463 . Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token – the Dai – against the U.S. Dollar.
  2. Standing at the 2nd position is currently AaveWith locked volume is $1,336,240,672 . Aave is an Open Source and Non-Custodial protocol to earn interest on deposits & borrow assets.
  3. The current 3rd place is Curve.fi – With locked volume is $1,058,532,976. Curve is an exchange liquidity pool on Ethereum (like Uniswap) designed for (1) extremely efficient stablecoin trading (2) low risk, supplemental fee income for liquidity providers, without an opportunity cost.
  4. Uniswap ranked fourth with locked volume is $903,028,178. Uniswap is a protocol for automated token exchange on Ethereum
  5. Balancer is in fifth place With locked volume is $717,456,268. Balancer is a non-custodial portfolio manager, liquidity provider, and price sensor.
  6. 6th place is Compound with locked volume is $695,589,209. Compound is an open-source protocol for algorithmic, efficient Money Markets on the Ethereum blockchain.
  7. The 7th place is WBTC with locked volume is $629,218,779. Wrapped Bitcoin (WBTC) is the first ERC20 token backed 1: 1 with Bitcoin. Completely transparent. 100% verifiable. Community-led.
  8. The eighth place currently belongs to Yearn.Finance with locked volume is $566,644,027. Yearn.Finance is Yield aggregator for lending platforms that rebalances for the highest yield whenever the contract is interacted with.
  9. Synthetix ranked 9th with locked volume is $519,984,027. Synthetix, formerly Havven, is a cryptoasset-backed network that enables the creation of on-chain synthetic assets.
  10. The last in the top 10 is Ren with locked volume is $261,591,847. Ren is Providing access to inter-blockchain liquidity for all decentralized applications. Bringing BTC, BCH and ZEC to your Ethereum dApp.