Some of our posts may have affiliate links including this one. That means if you make a purchase I may get a commission (at no extra cost for you). To find out more about it read our Disclosure page
In the non-blockchain startup scene, there is a huge interest in new products and services surfacing in the finance/economy sector. This is partly due to the importance that finance and money have in every person’s life, but also due to the fact that for a long time it was a sector that completely lacked any innovation or adoption of new technology.
So when new fintech companies such as Klarna, Acorns, Robinhood and Stripe came onto to the scene they completely changed the financial landscape forever. Much due to their innovative nature and focus on tech and user experience.
And now we are seeing a similar development within the blockchain scene. Much of the attention and progress of new decentralised applications are happening within the finance sector as well.
It is here most of the experts picks of where new blockchain giants firsts will emerge.
And we wanted to give you all our list of what are some of the most interesting DeFi project currently happening. And how you could make use of those to start earning extra money by lending, winning prizes or staking.
The top 10 most interesting DeFis of 2020
1 ) PoolTogether
PoolTogether is like the name suggests a service where you can pool together with other users to start saving DAIs and win money.
With PoolTogether you pool either DAI or USDC and then for each pool crypto you will get a ticket. And from this ticket you get chances to win money.
And every time you win you earn more tokens then that automatically goes into your own pool and increases your chance to win even more money in the future.
There is also no risk of joining PoolTogether so no need to worry about your money getting lost while in a pool. So join PoolTogether risk-free and start earning money from your crypto if
2 ) Compound
Now this is a very exciting DeFit solution, they are building a protocol for other blockchain startups to make use of for their own DeFi solutions. In fact PoolTogether on this list is using Compounds protocol for their prize mechanics.
The protocol is built for supporting interest rate products and services. Think lending, staking, savings, etc.
You can also use Compound to start earning interest on your own cryptocurrencies that otherwise just sit there in your wallet.
3 ) Mythos
This is a premium staking provider for the Atom and Loom blockchains. With Mythos you can earn staking interest and some extra premium services such as 24/7 customer support, increased capacity and added security.
Mythos are focusing on the ‘whales’ in the crypto space. Meaning users that hold larger quantities in cryptocurrencies.
For Atom it is a minimum threshold of 100k ATOMs and for Loom it is 30k LOOMs
4 ) Dharma
Now this is a very interesting new DeFi that in a very smooth way blends the non-blockchain world with the blockchain/crypto world. It is also built on Compound’s protocol.
And it is a savings service.
Where you can make free deposts from your normal debit card or Apple Pay and then start earning interest on your funds. The interest rates aren’t mindblowingly great, it’s about 2% APR.
But it lets you use the service in a very easy way. Where you can deposit funds and Dharma converts your Fiat money into stablecoins (Dai) in the app itself.
And you can also at any point withdraw your funds for free. And it is all done form a very nice-looking app. Dharma is available for both iOS and Android.
5 ) Augur
This is one of the earliest DeFis that came onto the scene and it is still one of the most promising ones. Augur is a prediction based oracle.
In normal lingo that means you can use Augurs desktop app to make your own bets for future events.
This could be events on any market really, from sports to politics and financial instruments (Bitcoin’s price for example). So Augur both creates the markets and the prediction objects.
Augur works perfectly for a world that loves to bet and the chance of making money on almost anything.
6 ) Constant
Now this is one of a few popular DeFi lending services on the market. Constant is a P2P lending platform, where borrowers and lenders met up with crypto as their desired value instrument.
The borrowers needs to provide collateral to the value of 150% of what they are planning to borrow. And the lenders can then enjoy interest rates of up to 7% or more. You can set your own interest rate but 7& seems to be the standard sum.
Other well-known DeFi lending platforms are Salt, Aave and BlockFi.
7 ) Polymath
Polymath is a platform where you can create, issue and manage digital securities on the blockchain.
Security assets is one of the most interesting future markets on the blockchain. And with Polymath you can easily use their white label solutions to tokenise your assets / or create new security tokens.
You can use Polymath for fundraising, creating tokens, managing the tokens with their full range of tools and features.
Polymath follows jurisdictionally and regulatory needs, as well as having full support for AML an KYC processes.
8 ) Colendi
Colendi is a new form of consumer credit rating and line. In which brands and consumers can use for securing the shopping experience for brands and for providing credit ratings and credit lines for users.
Consumers can use Colending and pay with credit at over 1000+ merchants. From entertainment to dining, shopping, education and transporation.
And for businesses that want to join the Colendi platform they can get their own wallets and a range of financial services to effectivise their buying experience and credit experience.
9 ) Civic
Civic is identity verification and financial protocol. Where users can both store their digital assets, but also maintaining their own digital identity using Civic.
You can use Civic to interact with other products and services and maintain control of the data that you provide them with.
Create your own identity with Civic and start taking control of your personal data and also enjoy the range of financial services that they are building.
10 ) Oasis
Oasis is a financial platform where you can trade assets, borrow funds and start a savings account. It is built on Ethereum and using Dai as its central cryptocurrency.
With Oasis you can use their financial services for free and directly from your own Ethereum based wallet.
You can earn about 7.5% in interest rate with Oasis which is a very good sum compared to standard interest rates outside of the blockchain space.
I hope you enjoyed this list of DeFi products and services. There are plenty of new exciting projects within the DeFi space. And it most likely the sector where the most promising blockchains startups are emerging.
I don’t have any doubts that much of the adoption of decentralised products and services will come from this space.
If you have a suggestion for another DeFi solution that you want to get a mention or get added to this list or another list then let us know!
If you liked this article and want to help on the adoption of blockchain solutions then make sure you share this article!
Find other guides:
- Best way to invest in crypto
- Best Masternode coins
- Bitcoin investing guide
- How to short Bitcoin
- Best Ethereum wallets
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier