Decentralized finance—often called “DeFi”—refers to the shift from traditional, centralized financial systems to peer-to-peer finance enabled by decentralized technologies built on the Ethereum blockchain. From lending and borrowing platforms to stablecoins and tokenized BTC, the DeFi ecosystem has launched an expansive network of integrated protocols and financial instruments.
Now with over $13 billion worth of value locked in Ethereum smart contracts, decentralized finance has emerged as the most active sector in the cryptocurrency space, with a wide range of use cases for individuals, developers, and institutions.
The explosive growth of the DeFi ecosystem can be attributed to a confluence of factors. First, the launch of Ethereum in 2015 created a decentralized platform that enabled developers to launch their own projects and protocols.
NOTE: No, DGB is not a Binance. DGB is an independent digital currency, and Binance is an online cryptocurrency exchange platform. Trading DGB on Binance is possible, but it is important to note that DGB and Binance are separate entities.
Second, the 2017 ICO boom led to a influx of capital into the Ethereum ecosystem, which was then used to fund DeFi projects. Finally, the launch of yield-bearing protocols like Compound and Maker in 2018 unlocked new ways to earn interest on digital assets and paved the way for yield farming—a popular DeFi strategy that involves providing liquidity to decentralized exchanges in exchange for rewards.
The comprehensive list of use cases for decentralized finance protocols has spurred even more adoption and growth. From lending and borrowing platforms that offer competitive interest rates on digital assets to stablecoins that provide a hedge against cryptocurrency volatility, DeFi protocols have something to offer everyone in the cryptocurrency space.
And with new projects launching all the time, the DeFi ecosystem is only going to continue to grow in size and scope.
So is DGB a Binance? The short answer is no. DGB is not a Binance.
10 Related Question Answers Found
DFI.money is not a Binance. DFI.money is a Decentralized Finance Infrastructure built on Polkadot. DFI.money aims to provide the foundation for a new era of financial applications, powered by Polkadot’s interoperability, scalability, and security.
There is a lot of confusion surrounding the term “DPI.” Some people think it is an exchange, others think it is a token, and still others believe it is a company. So, what is DPI? In short, DPI is a Binance-based token that was created to raise funds for the development of the Deep Onion project.
KDA is not a Binance. However, it is an up and coming cryptocurrency that has the potential to be a major player in the digital currency world. KDA has a lot of features that make it attractive to investors and users alike.
GVT is a Binance. Binace is a digital asset exchange company founded in 2017. The company’s headquarters is in Shanghai, China, with an office in Singapore.
DxChain is a blockchain-based platform that provides a decentralized data exchange and data storage marketplace. The platform is designed to address the scalability issues of the current blockchain infrastructure. DxChain is powered by a unique data-oriented architecture that enables each chain in the network to process large amounts of data.
Raydium is not a Binance. It is its own cryptocurrency with its own blockchain. However, it is similar to Binance in that it is a decentralized exchange.
Bitcoin and Ethereum are two of the most popular cryptocurrencies available today. They both have their own unique features and benefits. However, there are also some similarities between them.
A dApp is an application that runs on a decentralized network. Binance is a dApp because it runs on the Ethereum network. The main difference between a dApp and a traditional app is that a dApp is not controlled by any centralized entity.
Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. Revv is a blockchain-based platform that allows users to buy, sell, or trade digital assets and tokens. Both platforms allow users to trade cryptocurrencies.
Sfund is not a Binance. Sfund is its own separate entity that offers a different set of services than Binance. While both platforms are involved in the cryptocurrency space, Sfund focuses on providing a social media platform for investors, while Binance is primarily a cryptocurrency exchange.
