- Chainlink, Uniswap and Aave are still driving most progress in DeFi.
- With XLM, Stellar allows people to transfer money across borders for less money
- Through Render Network, those who make content get their own GPU compute power.
Several important blockchain projects are driving the changes happening with decentralized finance (DeFi) around the globe. Advancing technologies and significant user interest are helping to push Chainlink, Stellar, Uniswap, Aave and Render into the next stage of digital finance.
CHAINLINK (LINK): is the official name that serves as the underlying technology
Source : CoinMarketcap
Chainlink started operating in 2017 as a decentralized oracle system that helps smart contracts exchange information with data sources not on the blockchain. It helps DeFi projects by providing important real-world data, including price updates, data on the weather and details about payments, that are directly processed on the blockchain. Thanks to Chainlink’s infrastructure, networks of smart contracts can deal with more complex processes by connecting blockchain with outside events.
The Chainlink ecosystem involves data providers, developers, and node operators. Because it is open-source, anyone can take part in it, which has expanded how smart contracts are used on different blockchain networks. LINK serves as the payment method for using Chainlink data, and by staking it, users help ensure network safety.
Stellar (XLM) to move money between countries more economically
Source : CoinMarketcap
Stellar is a decentralized system to make sending money globally both speedy and inexpensive. Developed by the Stellar Development Foundation, it works to bring together the world’s financial systems and give people and institutions access to different financial services. Using the protocol, people can easily buy and sell digital money with very little cost involved.
During asset exchanges within the network, users use XLM as a bridging currency and to pay transaction costs. The Stellar network first exchanges currency into XLM and then transfers the equivalent of the amount in the selected, final currency. Because it uses distributed ledger technology, the platform is transparent and fast and it belongs to the community.
Uniswap (UNI): Giving The Ability To Trade Digital Tokens
Source : CoinMarketcap
Uniswap is decentralized and uses an AMM system to let users trade ERC-20 tokens straight from their wallets. With the protocol, smart contracts and liquidity pools make it possible to avoid using centralized parties. Users put their tokens into these pools and get a share of the trading fees as a reward. Uniswap distributed the UNI token, designed for the governance process.
Aave (AAVE): Advancing Crypto Lending and Borrowing
Source : CoinMarketcap
Aave, users can manage their own digital asset lending and borrowing. Started as ETHLend in 2017, the platform rebranded itself as Aave in 2018. Liquidity pools hold the funds lenders deposit, giving them interest and borrowers secure collateral to get access to these pools. Aave’s introduction of flash loans and interest rates that can change made it a great asset for the DeFi industry
The AAVE token plays a dual role in the ecosystem. It is used to pay for reduced platform fees and also acts as a governance tool. Token holders can propose and vote on changes to the protocol, including risk parameters and asset support. Aave continues to evolve by supporting multiple networks and improving user accessibility in decentralized lending.
Render (RNDR): Decentralizing GPU Compute Power
Source : CoinMarketcap
Render Network offers a decentralized solution for GPU-based rendering tasks, enabling artists and developers to access idle computing resources through a peer-to-peer platform. The protocol connects those in need of GPU power for complex 3D rendering with node operators willing to share their hardware. This reduces costs and increases efficiency in digital content creation.
