1. Didix
If you are a trader looking for advanced tools like perpetual trading and margin, this is one of the best DeFi protocols. Dydx is suitable for anonymous trading. When it comes to collateralization, Dydx offers low levels that allow for accessibility.
2. Lido
This protocol provides a convenient service to many people. cryptocurrency. The interface is user-friendly so even beginners can use it easily. At Lido, you can receive tokens such as stETH, a liquid staking token.
3. MakerDAO
MakerDAO, a leading DeFi platform, helps transform the interactions between people and digital assets. It uses the DAI stablecoin to power a decentralized lending and borrowing system.
4. Ave Protocol
The project started on the Ethereum network and expanded to multiple chains. Aave allows cryptocurrency investors to easily borrow and lend without intermediaries. You can find both stablecoins and altcoins.
5. Uniswap V3
Uniswap, one of the oldest Ethereum DEXs, was one of the pioneers in using the AMM model to disrupt the centralized financial system. Users can do a variety of things, from exchanging assets to generating tokens to winning prizes.
6. Complex finance
This protocol created the DeFi lending market. What makes Compound Finance unique is its innovative nature, COMP token, and yield farming. Their main goal is to promote financial inclusion.
7. Curve Finance
The last DeFi run put Curve Finance on top. Similar to Uniswap, it allows users to exchange stablecoins with low fees.
8. Venus Protocol
It is another best protocol that uses blockchain technology. You can use Venus if you have a wallet compatible with the BNB chain.
9. Balancer
The protocol offers several features, including a decentralized exchange, automated market maker, and liquidity pool. If you are a user, you can swap tokens directly, but you will need to provide liquidity to different pools. The most attractive thing about Balancer is that it supports multi-asset liquidity.
10. Pancake Swap
Trading tokens and leveraging liquidity pools is something you can do at Pancakeswap. The difference between this protocol is that it does not work on Ethereum but on Binance Smart Chain. This makes the transaction cheaper.
Defi Protocol – To use it or not to use it?
The beauty of DeFi is that you can make your cryptocurrencies work for you and avoid middlemen when exchanging your cryptocurrencies with others. Besides that, you have better control over your money and everything is transparent.
The downside is that since cryptocurrency values fluctuate easily, you never know if your investment may decrease unexpectedly. Additionally, some people may think that all DeFi stuff is a bit complicated and has security concerns. Customer support and high fees are not added to the disadvantages of using the protocol. So choose wisely!