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The Hottest DeFi Projects Right Now : July 2020

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The hottest DeFi projects right now : July 24, 2020

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DeFi represents the new-age definition of old-school financial policies and tools. It leverages the open-source software and frameworks to form an open, trustless, and a transparent network. In short, DeFi aims to remove the planted financial intermediaries with the aim to have a globally inclusive financial order.  

Our list of the hottest DeFi projects features not the commoners-but the disrupters,who have the potential to change the rules of the DeFi space. Over the past few months, the world of DeFi has experienced tremendous growth, and players in lending offer a gamut of services in a bid to appeal to a larger audience.

Below is a list of the most promising and hottest DeFi projects that have the potential of creating a major change in the DeFi world. They could play a large part in the next evolution of the space.

yEarn Finance

yearn finance

First on the list of the hottest DeFi projects is yEarn Finance, and they describe themselves as “DeFi made simple.” The main purpose of Yearn.finance is to cater to a wide audience. It is presently a much-looked upon yield aggregator for lending platforms that strive to get the highest yield within the interaction. It supports :

  • $DAI
  • $USDC
  • $USDT
  • $TUSD
  • $sUSD

Yearn.finance aggregates Compound, dYdX, and Aave. The Yearn.finance ecosystem offers the following:

  • Automated market maker
  • Credit delegation vaults for smart contracts
  • Profit switching lend to get the best yields
  • Testnet for stable coin trades
  • 0 capital automated liquidations for Aave

Before the Crypto DeFi boom really took over it had already launched its yield aggregator that helped in magnifying interest rate earnings by rerouting the tokens to the best lending markets. The returns for YFI(governance token) this week have surpassed every other protocol.

yearn finance

The protocol’s product range now also includes tools to short DAI and retain the peg especially when it trades at a premium. It’s new AMM ySwap.exchange is intrinsically yield-fed and has initiated a transfer token that showcases the entire liquidity of any asset. Unlike Uniswap where the pool is always between ETH and ERC-20 tokens, ySwap pools will be connected with the transfer token. This will help yield farmers overcome a lot of the problems they usually experience with common AMMs.

YFI price had gone to more than $1700 from $0 that gave yield farmers a return of 1200% APY. The token although sustaining above $1500 still has the undivided attention of yield farmers.

yearnfinance
Source: Coingecko

It is one of the first enterprises to allocate governance tokens on the basis of merits with no allocation to its founders and existing investors.

Curve Finance

curvefinance

Curve is a decentralized exchange for stablecoins offering traders an enviably low slippage. It has definitely earned its place on our Hottest DeFi Projects list. It supports DAI, USDC, USDT, BUSD and lets the traders trade in these pairs without any fuss. Curve’s prices for stablecoins are regarded as the best in the industry because it uses liquidity pools and binding curves for efficient trading and low-risk return for liquidity providers.

Usually on DEXs providers suffer from price slippage but with Curve, users are spared the aftermath of any slippage. The slippage is massively reduced because it factors in diverse bonding curves leading to efficient exchanges. For liquidity providers, it is highly useful as it gives them higher returns apart from interest earned through Compound without the need to hold the asset.

curvefinance

Curve Finance helps liquidity providers to utilize yTokens rather than Compound’s interest so that they can earn passive incomes. It does not let the interest accumulate through cTokens because yTokens can bring equity to the elemental tokens so that it can get them the highest interest rate allowing users to hold on to the tokens. Curve is available on mainnet at curve.fi supporting DAI, USDT, USDC, and TUSD. It also has several wallet offerings like MetaMask to enable depositing assets.

curvefinance

Curve Finance optimizes trading efficiency because it focuses less on price because stablecoins are relatively less volatile. The results are already showing. In order to convert a single DAI to USDC, Uniswap’s has a slippage of nearly 80 basis points, Kyber stands at 30 basis points while Curve finance has only a slippage of 6 basis points.

hottest defi projec

Curve Finance offers the convenience to move from one stablecoin to another to correct the interest rate gaps because of demand-supply mismatch. This helps the rates to bounce back to the generic market levels helping users to retain their profit.

DeBank ratings have seen Curve on top in its 24-hour analysis on ETH & DEX volumes as on 21’ st July.

defi projects

1inch.exchange

1inchexchange

The booming Decentralized movement is incomplete without the mention of 1inch.exchange. They had started off as a single place for aggregating liquidity but it gradually boomed into an efficacious DeFi project that is placed on top of minds in this fast-changing space. 1inch.exchange turned a year old on June 26’th and has already achieved half the billion-dollar volume.

1inchexchange

It is a DEX aggregator that assists in routing trades across the DeFi sector. It has the most competitive trades, lowest slippage, and a wide range of ERC-20 tokens thanks to its collaboration with DEX providers. The digital assets exchanged 1inch. exchange month-over-month can be seen in the graphic below:

defi projects
Source: Dune Analytics

1inch.exchange keeps track of all innovations in the DeFi space with its remarkable strategy to integrate with the most advanced technologies to provide users with lucrative swap options and interest on their tokens. It has recently integrated with Uniswap Protocol V2 as it provides a great opportunity for any ERC20 pairing. Uniswap is believed to be a major game-changer and might become one of the go-to solutions for crypto exchange in the future. 

Its range of platforms includes Uniswap, Kyber Protocol, Airswap, mStable, Balancer, dForce Swap, Bancor, and Oasis. Many times 1inch.exchange routes all its exchanges through more than one platform in what is called a split trade or a multi-routing procedure. The percentage use of the platforms will vary depending on the exchange rate on the platform.

Most of the dApps allow users to interact with their wallet but since 1inch is a non-custodial featured application, it never holds users’ funds as it has to keep the level of interaction intact with all crypto wallets. 1Inch is a highly efficient routing platform in the DeFi space in 2020. Instead of rummaging through different exchanges for the most competitive rates, it sort collects the data for all its users ensuring users get the best price. The user experience also is intuitive and even the most novice of all users can get the hang of it in just a few minutes.


mStable

mstable

Since its initiation mStable has earned quite a good reputation of being a  permissionless protocol unifying stablecoins and lending with the single goal to generate a secure asset economy. mStable enables a mechanism that enables earning of native interest rate on mStable assets with zero slippage swaps. It boasts of an open reward pool that bootstraps liquidity, utility, and decentralized groups of governors. mStable brings together tokenized assets and stablecoins through its own token called mAssets. Each mAsset is linked to a unique asset like fiat currency or a cryptocurrency.

Meta (MTA) is the project’s native protocol that serves 3 important functions:

  • It acts as the last source of re-collateralization
  • It enables smoother governance
  • Bootstrapping incentivization of mAsset liquidity and a community of MTA governors.

Recently the mStable team shared a novel way to release a token to the market. The solution calls for a sustainable growth of the community of Meta governors and resets MTA liquidity. The solution incentivizes long-term MTA holders and prevents front-running. It made a grand announcement on Twitter about the new launch.

defi projects

The three most important mAsset functions are

Mint – mAssets use smart contracts to undertake mint while holding collateral. bAssets can be deposited to get the corresponding mAsset at a ratio of 1:1. Users also get rewards for minting mAssets like mUSD with MTA governance tokens. The minting process can also be reversed with Redeem functionality.

mstable

$mta

Swap – It is the exchange of a single whitelisted bAsset for another at the fixed ratio of 1:1 by utilizing the straight-line bonding curve. It is characterized by zero slippage and unlimited swap amounts as long as it does not surpass the weight needs. 

Save – Saving represents the overall interest earned within the mStable ecosystem by lending the bAsset on other DeFi platforms like Compound or Aave. One portion of mAssets will always be used as a medium of exchange and not deposited in the SAVE contract.

mstable

DeFi is all about innovation and these players are bringing the necessary change.

The DeFi projects mentioned above are at the forefront of major disruptions that will give a whole new dimension to DeFi principles and power charge the next phase in the evolution of decentralized finance.

-The DeFiRev Team


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  1. Pingback: /u/andewthomsonThe Hottest DeFi Projects Right Now : July 2020 | Yearn.Finance, Curve.Finance, 1inchExchange & mStabletop scoring links : CryptoCurrency – Crypto Coin Chance

  2. Pingback: The Hottest DeFi Projects Right Now : July 2020 | Yearn.Finance, Curve.Finance, 1inchExchange & mStable - Crypto: News, Games and more stuff

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Hot Projects

Deriswap: What you Need to Know

deriswap
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Deriswap launched defi legend Andre Cronje – the founder of Yearn Finance

The founder of the revolutionary DeFi protocol Yearn. Finance, Andre Cronje has been an avid crypto promoter. In his attempt to bring products that will redefine the industry, Andre Cronje has introduced a new project.

Dubbed Deriswap, the new protocol will meld the different segments of DeFi including swaps, options, and loans all in one platform. His latest project ‘Deriswap’ is a move towards bringing capital efficiency, something which has not been envisioned in the industry. 

In a post published Cronje said:

“Deriswap allows for a consolidated, capital-efficient market for trading, Options, Futures, and Loans, allowing LPs [liquidity providers] to keep their exposure and enjoy additional fees and rewards,” 

Deriswap information has been restricted to a point because it is still under audit. He has explained that this new protocol would immensely benefit liquidity providers(LPs) in addition to maintaining exposure and extending additional rewards. There are many popular protocols that enable swaps and loans, however, Deriswap varies in its ability to offer multiple functions within one contract. 

Cronje has been around for some time and has already participated in a lot of projects. His other recent projects include Eminence and Keep3r. Eminence garnered the ire of critics as the gaming platform was hacked for $7 million in users’ funds.

But Andre Cronje’s popularity and his intellect with respect to the industry have been always high which is why despite all the earlier troubles people have been funding the contract even before the project has been audited and announced. 

deriswap

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Basis Cash launches a new-age stablecoin in DeFi space

basis cash
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Basis Cash : What is it?

Basis Cash, originally known as Basecoin, has launched its stable coin into the new DeFi era. Basis Cash is was based (pun-intedned) on a stablecoin basis which had $133 million in funding after which the US regulators intervened.

The smart contracts opened early Monday, but what also has to be remembered is that this is not the first time when any base-inspired stablecoin is released. At the end of August Empty set was released and now has $100million in market cap.

One of two anonymous leaders off the project who goes by ‘Rick Sanchez’ said: 

“In the long term, we look forward to seeing Basis Cash be used widely as a base layer primitive such that there is organic demand for the asset in many DeFi and commercial settings.”

As is the case of most stablecoins. Basis Cash (BAC) stands pegged to the US dollar implying that one BAC should be equal to the crypto equivalent of one USD. The price of one BAC should be equal to the crypto equivalent of one USD.

Two crypto assets Basis Bonds and Basis shares will be managing the Basis Cash’s price.  Beginning at the end of November 50,000 BAC will be given in a 5-year period implying that 10,000 per day to people who would put any of the 5 stablecoins  DAI, YCRV, USDT, SUSD, and USDC in their smart contract. 

basis cash

In this case the depositors would not lose more than 20,000 stablecoins from any single account. In addition to this, an incentive on a daily basis will be paid on a pro-rata basis. The users also will get their coins back at any point in time. 

Basis Cash will have nothing locked away to guarantee its worth. The only thing that backs it will be an algorithmic method which will help in finding the real market demand for BAC.If the BAC drops below a dollar, the system will automatically issue Basis Bonds. The bonds issued can be bought for one BAC and can be redeemed for one new BAC when the price is much more than $1.

Nader Ali-Naji who originally launched Basis said: 

“A lot of people have reached out to me about Basis Cash. It seems to be gaining traction among the people who backed me with Basis given how many people have asked me about it, but I don’t know anyone who’s definitively decided to back the project.”

basis cash

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Saffron Finance: SFI a new DeFi bluechip? This hidden crypto gem seems primed for massive growth.

saffron finance
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November 10, 2020

Saffron Finance or SFI, is currently one of the hottest defi projects right now that is still very much under the radar. 

Just as we have reported on YFI, CORE, and Curve long before most DeFi news organizations, this is one we’re definitely adding to our watchlist. 

Just like the aforementioned tokens, SFI seems to be in the same league of technical expertise mixed with an extremely creative application, all with code that is completely original. Here’s what you need to know about Saffron Finance.

What is Saffron Finance?

Saffron. Finance is bent towards innovative offerings in the crypto world. It is a protocol meant for the tokenization of on-chain assets. There is an advantage of the format of the tokenization of on-chain assets as it allows the liquidity providers great flexibility and unhindered access to the base collateral leveraging the benefits of staking.

Typically due to the overcrowding of different scenarios, Liquidity providers have to undergo insurmountable impermanent losses as a result of extreme volatility.

Yet, Saffron is one such protocol that narrows down such outcomes and provides liquidity providers with the necessary dynamic exposure. 

Customize your risk

Liquidity providers can now select and customize their risk and return profile with the use of Saffron Pool Tranches. Pools are segregated into different tranches each having their own set of properties. The different tranches here are:

AA Tranche: In this case, the LPs add liquidity to the AA tranche earn less interest but are protected and covered in case of loss from platform risk. The covered capital comes from the principal and interest earnings of A tranche LPs. They have a great share in the SFI token generation grabbing 80% from it all. 

A Tranche: Under this category, LPs add liquidity to the A tranche and earn far better interest compared to the previous, yet vulnerable enough to lose their interest in case they are exposed to platform risks. The liquidity providers under this tranche earn 10% of the SFI tokens generated per epoch. Their earnings will not be included in covering the first loss of AA tranches. 

S Tranche: The S tranche like the A tranche earns 10% of SFI generated per epoch. The S epoch has an underhand mechanism to maintain the exact value of the tranche interest multiplier. It maintains the position of equilibrium between A and AA tranches with its functionality. 

Saffron individually tokenizes the future earning stream and the NPV of the used-up capital in every tranche. The earnings-based on tokenized holdings are distributed across all tranches through payback waterfalls. 

Epochs

The Epochs are discussed in tranches are of 14-days in length. In the epoch period, the liquidity providers can earn interest on the platforms and mine SFI tokens – the native token of Saffron Finance. 

When liquidity gets locked in the pool, they can trade their Saffron LP tokens defining their ownership of the pool. But when the 14-day epoch period ends, the Liquidity providers can remove their liquidity with SFI mined and interest earned. The first epoch was already kicked off on 1 Nov and all the liquidity was added to the S tranche. The other two tranches will be available in the second epoch. 

Liquidity mining

Saffron has been launched with DAI liquidity mining. With this, all DAI will be added to the Saffron pool and is used for compounding and earning interest. The best part about it all is that in the future versions of the protocol additional currencies and platforms will be added dynamically.

SFI is generated at the end of the epoch and is redeemable in proportion to the total outstanding dsec tokens generated during that epoch. They are redeemable in proportion to the total outstanding dsec tokens generated in that epoch. 

saffron finance

Smart Contracts

Saffron smart contracts have already been deployed and their code has been verified on etherscan and already been added to a GitHub repository. The team is still working on code audits but the team’s ongoing development timeline has allowed for it and the entire set of Saffron smart contracts. The Saffron Pool, adapter, strategy, and token contracts have been tested with 10,000 DAI in the best test epoch on the Ethereum mainnet. 

SFI Pools and Adapters

The platform has pools of liquidity that collect deposited base assets from LPs and deploy them on platforms in order to earn interest. Adapters connect this pooled capital to platforms.

The already launched first adapter is DAI/Compound adapter which connects the DAI pool to the Compound platform giving the DAI pool LPs the chance to pool together and earn interest on Compound. This strategy connects all pools and adapters together, selects the best adapter for capital deployment. It also generates and distributes SFI tokens to LPs at the end of every epoch. 

By offering asset collateralization on its platform, liquidity providers have access to dynamic exposure and have a great advantage of selecting customized risk and return profiles. 

saffron finance sfi

Saffron Finance Telegram: https://t.me/saffronfinance
Website: https://saffron.finance
Twitter: twitter.com/saffronfinance_
Saffron Medium: medium.com/saffron-finance


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