Understanding DeFi
DeFi Platforms and Protocols
In decentralized finance (DeFi), protocols let anyone lend, borrow, trade, and earn yield without intermediaries. Below are several foundational platforms and why they matter across the DeFi stack.
1. Uniswap — Decentralized Exchange (DEX)
Uniswap pioneered AMMs (automated market makers), enabling peer-to-pool swaps instead of order books. Liquidity providers (LPs) deposit token pairs into pools and earn a share of trading fees. Anyone can list tokens permissionlessly.
2. Aave — Lending & Borrowing (incl. Flash Loans)
Aave lets users supply assets to earn interest and borrow against collateral with variable or stable rates. Its flash loans allow uncollateralized borrowing as long as the loan is repaid within the same transaction (useful for arbitrage or refinancing).
3. Compound — Algorithmic Money Markets
Compound sets interest rates algorithmically based on supply/demand. Depositors receive interest-bearing cTokens representing their supplied assets, and protocol governance is decentralized through COMP holders.
4. MakerDAO — DAI Stablecoin via Collateralized Debt
MakerDAO enables minting of DAI, a crypto-collateralized stablecoin, by locking supported collateral types in vaults. MKR token holders govern risk parameters to keep DAI stable around its peg.
5. Yearn Finance — Yield Aggregation
Yearn vaults automate yield strategies across multiple protocols, routing deposits to pursue the best risk-adjusted returns. Governance is community-driven via YFI.
What's Next
Up next: Yield Farming and Liquidity Provision. You’ll learn how LPs earn fees/incentives, how AMM math affects returns (and impermanent loss), and practical tips to evaluate pool risks and rewards.
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