DeFi Decentralized Applications Or Dapps
Decentralized Applications are software applications that are not controlled by a principal or central authority. Just like any other app, they have a user interface and a backend code that is supported by Smart Contracts rather than a centralized service.

They function independently or rather are decentralized so all data and records regarding the Dapp are stored on a public ledger. They are deterministic, as in they perform the coded function irrespective of external circumstances. Dapps can perform any function with the appropriate resources and since it functions on the Ethereum Blockchain, there is no possibility of bugs and hassles to the functioning of the network. Dapps also provide incentives such as tokens for its users.

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Various Services And Protocols That Are Enabled With Dapps

While planning on launching a DeFi Dapp to expand your business, there are several protocols to consider building a Dapp for. Listed below are a few of the DeFi services that our DeFi Dapp Development Solutions will support.

Crowdfunding
Crowdfunding
Yield farming
Yield farming
Liquidity mining
Liquidity mining
Stable coins
Stable coins
Lending and borrowing platforms
Lending and borrowing platforms
Decentralized finance
Decentralized finance
Betting
Betting
Insurance
Insurance
Predictions markets
Predictions markets
Money legos
Money legos
Wrapped bitcoin (WBTC)
Wrapped bitcoin (WBTC)

How is a Dapp Different from Traditional Apps?

01.

The main underlying difference between them is that Dapps are decentralized, without a central governing authority.

02.

Trust and data immutability. Since Dapps function on the blockchain network, once data has been coded and integrated, it cannot be altered or erased.

03.

In the development stages of traditional apps, lesser dependency on third parties is the driving force. When it comes to Dapps, trust and scalability are the crucial aspects to look out for during development.

04.

Another stark difference is that while developing Dapps, a lot of vigorous auditing and testing goes into it to make certain the absence of bugs. The Dapp code needs to be tested vigorously as well since once the smart contract is launched, it cannot be edited again.

05.

Traditional applications usually have lengthy sign-up processes that require personal verification. With Dapps, anonymity is maintained since there is no need for ID verification.

06.

Unlike traditional apps that are centralized, Dapps give access to users who can view all transaction details since the blockchain is a public ledger system.

Leading Dapps in the DeFi Crypto Space

MakerDao
MakerDao
One of the most popular Dapps, this protocol issues loans with a certain interest rate for its users. It has its own Stablecoin - Dai which is pegged to the US Dollar.
Synthetix
Synthetix
This is a protocol that converts real-life assets into crypto assets. It also is a derivative liquidity protocol. It gives its users a wide range of access to synthetic forms of fiat currencies, commodities, and cryptocurrencies.
Compound
Compound
It is a DeFi lending platform where users can deposit crypto assets and currencies and earn interest against them. Users can also borrow other crypto-assets with this platform.
Dharma
Dharma
This semi-centralized DeFi platform that allows borrowing and lending at fixed rates.
dYdX
dYdX
A DeFi trading platform, it supports functions like margin trading, lending, and borrowing without any intermediaries.
Uniswap
Uniswap
This Dapps allows for swapping or ERC-20 tokens and ETH in a completely decentralized manner, with the help of liquidity pools.
InstaDapp
InstaDapp
This protocol is a simple user interface that allows users to perform functions such as lending and borrowing all in one application instead of switching between several other protocols. They can manage all their crypto assets safely and efficiently in one place.

Extensive Benefits and Advantages of Dapps

Zero downtime – The core of Dapps are Smart Contracts. Once they are deployed, it will always be able to serve users for their various needs. It cannot be shut down for maintenance etc. Denial of service is never an option.
Privacy – Real-world identity information need not be given to access Dapps.
Absolute data integrity – since cryptographic primitives and algorithms are what data is stored on, the data is immutable and indisputable. Data on transactions cannot be forged since it has already been made public.
Dapps are censorship-resistant due to the immutability of Blockchain.
All Dapps are open-source. In an ideal situation, these applications will have a governing body that decides on changes. The codebase of the Dapp will be made available to be scrutinized.
The speed that Dapps provide is unparalleled. Because of the absence of intermediary applications like payment gateways, the transaction of funds happens quickly with ease.
As iterated earlier, all Dapps are decentralized – all records and data are stored on a public decentralized ledger, unlike their counterparts.
All decentralized applications are distributed, meaning they’re quite hard to shut down, unlike centralized or traditional apps. It is quite difficult to bring down Dapps from a central point while the underlying blockchain is operational.
Complete transparency is observed with Decentralized Applications since only pseudonyms are being used for user authentication and not their real data.
The permissionless nature of DeFi gives anyone the opportunity to create and launch a Dapp to a global audience.
All Dapps are interoperable. This means that one Dapp can be built on another using one single source. This concept is also known as Money Legos.

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