DeFi sudah pasti telah menjadi evolusi seterusnya pasaran crypto. Jadi apa sebenarnya maksud DeFi, dan sama ada kita mempunyai sebarang peluang pelaburan dengan pasaran ini. Dalam artikel ini, mari kita ketahui jawapan kepada soalan-soalan ini.
Apa itu DeFi?
DeFi (atau Kewangan Terdesentralisasi ) ialah sistem kewangan di mana semua institusi kewangan dan instrumen kewangan dikendalikan secara terpencar. Dalam erti kata lain, DeFi memanfaatkan ciri desentralisasi Blockchain untuk mencipta apa yang dipanggil kewangan terbuka. Dalam sistem kewangan terbuka, setiap orang mempunyai akses kepada perkhidmatan kewangan tanpa memerlukan kebenaran mana-mana individu atau organisasi.
DeFi dilampirkan dengan sifat utama, bukan penjagaan .
Apakah itu DeFi (Kewangan Terpencar)?
DeFi juga mempunyai struktur lengkap institusi kewangan dan instrumen seperti CeFi:
Ia juga mempunyai semua aktiviti kewangan dalam CeFi daripada menyimpan, meminjam, dan meminjam kepada pembayaran bil dan hutang,...
Perbezaannya ialah semua aktiviti ini tidak dikendalikan oleh organisasi pusat tetapi secara automatik oleh kontrak pintar Blockchain.
DeFi vs CeFi: Apakah perbezaannya?
Apakah CeFi?
CeFi ( atau Centralized Finance) ialah sistem kewangan di mana semua institusi kewangan dan instrumen kewangan dikendalikan secara berpusat. Berbeza dengan DeFi, penjagaan ialah harta utama CeFi. Ini bermakna semua perkhidmatan kewangan akan dijalankan melalui pihak ketiga.
Apakah CeFi (Kewangan Berpusat)?
Ini ialah struktur institusi dan instrumen kewangan dalam CeFi:
Dalam CeFi seperti yang saya nyatakan di atas, semua aktiviti kewangan (menyimpan, meminjam, meminjam, bil, dan pembayaran hutang,...) akan dijalankan melalui pihak ketiga. Pihak ketiga ini boleh menjadi Bank Pusat, Kerajaan, atau mana-mana institusi kewangan.
Bezakan DeFi daripada CeFi
Perbezaan asas antara CeFi atau Kewangan Tradisional dan DeFi ialah harta jagaan.
Dalam kewangan tradisional, kuasa tertumpu pada pengantara kewangan tertentu (Kerajaan, Bank Pusat, institusi kewangan). Sebaliknya, dalam DeFi semua perantara ini dikeluarkan oleh kuasa blockchain:
Perbezaan antara DeFi berbanding CeFi
Misi DeFi adalah untuk menjadikan perkhidmatan kewangan boleh diakses oleh semua orang tanpa mengira di mana atau bila, selagi mereka mempunyai akses kepada internet. Ini adalah ciri terbuka DeFi.
Gambar di bawah menunjukkan bagaimana setiap komponen kewangan dalam CeFi boleh dipindahkan ke DeFi:
Bagaimanakah DeFi berfungsi? Ciri umum DeFi
DeFi menawarkan sistem kewangan terdesentralisasi, menghapuskan keperluan untuk pengantara dengan menggunakan teknologi blockchain dan kontrak pintar. DeFi boleh digunakan untuk pelbagai tujuan, seperti menyimpan dan memindahkan aset, atau menggunakan aset tersebut melalui dApps ( aplikasi terdesentralisasi ) seperti Pertukaran Terpencar, Pinjaman & Pinjaman Terpencar,...
DeFi adalah antara aplikasi teknologi blockchain yang paling praktikal dan berkuasa. Ia menjanjikan masa depan kewangan terbuka di mana semua perkhidmatan kewangan dijalankan dengan cara tanpa kebenaran, tanpa amanah, telus dan bukan penjagaan, di mana orang adalah satu-satunya pemilik aset mereka.
Ciri-ciri DeFi
Adakah Bitcoin DeFi?
Bitcoin ialah mata wang kripto pertama yang pernah wujud, dan ia juga yang pertama memperkenalkan teknologi blockchain. Sehingga saat ini, Bitcoin kekal sebagai syiling terbesar, paling selamat dan paling terdesentralisasi dalam pasaran crypto dengan permodalan pasaran tertinggi.
Namun begitu, sebagai syiling perintis dalam ruang, ia hanya mempunyai beberapa kes penggunaan berbanding yang lain. Pada masa ini, Bitcoin digunakan terutamanya sebagai aset simpanan nilai. Sebaliknya, DeFi menawarkan pelbagai aplikasi kewangan, seperti Pertanian Hasil atau Pinjaman & Pinjaman.
Bitcoin dan DeFi bukan sahaja berbeza dalam kes penggunaannya, tetapi juga dalam konsep terasnya.
Oleh itu, disimpulkan bahawa Bitcoin asal bukan dan tidak boleh DeFi , kerana ia berjalan pada rantaian blok di mana kontrak pintar tidak wujud. Walau bagaimanapun, untuk melaksanakan visi Bitcoin DeFi, beberapa blok blok telah dibangunkan, seperti Lightning Network atau Bitcoin SV.
Rangkaian Lightning sebagai Lapisan-2 Bitcoin Blockchain
Aplikasi DeFi
Stablecoin Terdesentralisasi
Stablecoin ialah mata wang kripto yang menghapuskan ciri turun naik dengan menambat nilai kepada aset stabil: emas, fiats,... Sama seperti kepentingan fiat dalam kewangan tradisional, stablecoin boleh bertindak sebagai medium pertukaran, penyimpan nilai apabila pasaran jatuh, dan aset yang sempurna untuk pelabur yang mengelak risiko apabila bertani atau meminjam dalam pasaran yang sangat tidak menentu seperti crypto.
Oleh kerana stablecoin amat penting, ia boleh digunakan sebagai satu penunjuk untuk meramalkan pertumbuhan ekosistem.
Kesan stablecoin terhadap pertumbuhan ekosistem
Terdapat 4 jenis stablecoin utama berdasarkan ciri-ciri aset cagarannya:
Jenis Stablecoin
Pada masa ini, 5 stablecoin teratas mengikut permodalan pasaran ialah USDT, USDC, UST, BUSD dan DAI dengan kedudukan utama yang dimiliki oleh stablecoin berpusat (USDT, USDC). Walau bagaimanapun, stablecoin berpusat menunjukkan kelemahan dari segi kepercayaan dan peraturan undang-undang. Ini mewujudkan peluang untuk jenis mata wang lain untuk memperoleh bahagian pasaran.
Sebagai contoh, UST - stablecoin algoritma, baru-baru ini mencatatkan lonjakan dramatik dalam permodalan pasaran untuk mengatasi BUSD dan DAI untuk mencapai 3 teratas. Oleh itu, landskap stablecoin boleh berubah pada masa hadapan dengan kedudukan utama bukan lagi stablecoin berpusat tetapi sebaliknya yang terdesentralisasi.
5 stablecoin teratas mengikut Permodalan Pasaran
Pertukaran Terdesentralisasi (DEX)
DEXs ( Decentralized Exchanges ) ialah pertukaran mata wang kripto yang dijalankan pada blockchain. DEX mengalih keluar pengantara dalam CEX (Centralized Exchange), mendayakan transaksi rakan ke rakan dan berdagang dengan cara tanpa kebenaran dan bukan penjagaan.
Seperti yang saya nyatakan di atas, DEX wujud dalam 2 bentuk: buku pesanan dan AMM (Pembuat Pasaran Autonomi).
10 DEX teratas oleh TVL oleh DeFi Llama
Pada masa ini, Curve ialah protokol yang menangkap TVL tertinggi dalam pasaran pada ~$20B. Daripada gambar, kita dapat melihat aliran berbilang rantaian apabila banyak DEX Ethereum asli (Curve, Uniswap, SushiSwap,…) telah digunakan pada rantaian lain.
Selain Ethereum, rantaian lain seperti BSC, Avalanche, Solana juga mempunyai DEX asli mereka dengan TVL yang mengagumkan, iaitu PancakeSwap , Trader Joe , Raydium , masing-masing.
Pinjaman dan Pinjaman Terdesentralisasi
Pinjaman & Pinjaman merupakan bahagian yang amat diperlukan dalam mana-mana sistem kewangan kerana ia membolehkan orang ramai memaksimumkan kecekapan modal mereka. Walau bagaimanapun, tidak seperti pinjaman tradisional, semua aktiviti pinjaman dan peminjaman dalam DeFi difasilitasi secara automatik oleh kontrak pintar tanpa kewujudan mana-mana pihak ketiga. Ini sekali lagi mewujudkan pasaran wang tanpa kebenaran dan telus, di mana sesiapa sahaja boleh mengambil bahagian di dalamnya dengan mudah.
Walau bagaimanapun, Pinjaman & Pinjaman sentiasa mempunyai risiko lalai. Risiko ini malah dibesar-besarkan dalam pasaran crypto kerana turun naik yang besar dalam harga aset cagaran. Itulah sebabnya jenis peminjaman yang paling biasa dalam kripto adalah peminjaman bercagar berlebihan, yang bermaksud bahawa peminjam mesti mendepositkan lebih daripada apa yang mereka pinjam. Beberapa platform pinjaman teratas: AAVE , Compound ,...
Krim dan Protokol Mars adalah antara beberapa pengawas yang membenarkan peminjaman yang kurang bercagar, tetapi peminjaman jenis ini hanya terpakai untuk projek yang disenarai putih, bukan kepada komuniti.
Meminjamkan projek pada blockchain yang berbeza
Perlombongan Kecairan
Perlombongan Kecairan boleh difahami sebagai Pertanian Hasil & Pertanian Kecairan.
Kejayaan program pertanian mudah tunai Kompaun pada tahun 2020 membuktikan kuasa kecairan dan pertanian hasil dalam menarik pengguna ke platform. Hasilnya, perlombongan kecairan telah menjadi strategi yang paling sesuai untuk mana-mana projek yang baru dilancarkan untuk menarik perhatian masyarakat.
SushiSwap mengambil alih Uniswap dalam TVL dalam masa kurang daripada 1 minggu melalui program perlombongan kecairan pada 28 Ogos 2020
Pengagregat (Pengagregat DEX & Pengagregat Hasil)
Untuk memaksimumkan kecekapan modal, jenis protokol baharu telah dicipta: Agregator.
Agregator DEX: Menyediakan harga dagangan terbaik. Disebabkan terdapat sedikit perbezaan dalam harga yang ditawarkan oleh DEX yang berbeza, pengguna perlu membandingkan harga secara manual untuk berdagang dengan harga terbaik. Agregator DEX mengalih keluar proses yang memakan masa ini dengan mengetik ke dalam kumpulan kecairan protokol yang berbeza, secara automatik membandingkan harga dan menjalankan dagangan anda pada harga yang optimum.
Pada masa ini, 1inci ialah Agregator DEX terkemuka mengikut volum dagangan, diikuti oleh Matcha, MetaMask dan Cowswap.
Agregator hasil: Berikan hasil terbaik. Sama seperti agregator DEX, agregator hasil mampu menawarkan keuntungan terbaik dengan membandingkan hasil pada platform yang berbeza dan mencadangkan strategi hasil terbaik untuk pengguna.
Agregator hasil teratas oleh deposit pengguna: Sumber: DeBank
Dagangan Margin/ Derivatif
Dagangan margin ialah cara dagangan yang menggunakan aset yang dipinjam untuk menguatkan hasil dagangan. Ini bermakna pengguna boleh melipatgandakan keuntungan mereka tetapi juga boleh kehilangan semua wang mereka pada masa yang sama.
Derivatif : Satu lagi alat untuk peniaga membesar-besarkan keuntungan mereka. Peniaga berdagang dengan nilai masa hadapan aset di bawah kontrak. Dalam kes ini, orang ramai tidak perlu memiliki aset tersebut tetapi masih boleh mendapat manfaat daripada pergerakan harganya.
Dalam dunia kripto, CeFi masih mengatasi prestasi DeFi dalam bidang ini, dengan pertukaran derivatif teratas mengikut minat terbuka dan volum dagangan kebanyakannya merupakan pertukaran terpusat.
Beberapa projek terkenal dalam bidang ini ialah dYdX , Perpetual , Drift Protocol dan MCDEX.
Aset Sintetik
DeFi sedang dalam perjalanan untuk dapat menyediakan sebarang aset kewangan yang tersedia dalam kewangan tradisional. Walau bagaimanapun, terima kasih kepada kuasa blockchain, DeFi boleh menawarkan lebih daripada itu, dan aset sintetik adalah satu contoh.
Aset sintetik pada asasnya ialah terbitan token yang meniru gelagat aset lain. Aset sintetik membolehkan pengguna mendapat pendedahan kepada mana-mana pasaran kewangan dengan mencipta versi sintetiknya. Contohnya, Synthetix - protokol perintis dalam bidang ini, menawarkan pelbagai jenis aset daripada kripto, forex dan ekuiti kepada komoditi.
Ini adalah salah satu bukti yang paling meyakinkan untuk membuktikan bahawa DeFi mencipta pasaran kewangan tanpa kebenaran dan terbuka, menghapuskan sebarang sekatan yang menghalang orang ramai daripada memasuki pasaran tertentu dalam kewangan tradisional.
PAD pelancaran
Launchpad ialah platform yang menyokong pelancaran awal projek. Dengan ruang DeFi yang berkembang pesat, pad pelancaran telah menjadi sebahagian daripada keseluruhan ekosistem, menawarkan tempat untuk projek baharu untuk mengumpul dana dan kesedaran kepada komuniti juga.
Inilah sebabnya Launchpad dianggap sebagai faktor pemacu DeFi kerana pertumbuhan pad pelancar menarik sejumlah besar pengguna baharu dan menyokong ketibaan banyak projek baharu.
NFT
NFT (atau Token Non-Fungible) ialah token yang tidak boleh dibahagikan, unik dan boleh dimiliki. Di antara atribut tersebut, keunikan adalah yang paling penting yang membawa kepada banyak aplikasi NFT.
Pada masa ini, kebanyakan NFT wujud dalam bentuk karya seni: gambar, kad, koleksi,... Tidak seperti karya seni digital tradisional, yang boleh disalin dengan mudah, berkat keunikan setiap NFT, karya seni dalam bentuk NFT boleh kekal sebagai kekurangannya, yang menangkap nilai untuk mereka dalam pasaran NFT .
Opensea ialah pasaran NFT terbesar
Pasaran NFT mencatatkan gembar-gembur pada Ogos 2021 dengan volum dagangan mencecah lebih daripada $1B, yang mana ~97% disumbangkan oleh Opensea.
However, the hype gradually faded as people saw the limited use cases of NFT. People can only use NFTs for trading and nothing else. If NFTs are not listed in the marketplace then people can only store them in their wallets.
For NFTs to revive in the future, there must be more use cases for NFTs to create motives for holding NFTs. Gaming is expected to be the leader in creating more use cases for NFT. The growth of games like Axie Infinity has made game assets (pets, lands,..) exist in the form of NFTs increase in value. What’s more, in DeFi, many projects also start to plan for more applications of NFTs: such as NFTs being used as the collateral in lending.
“Interactive NFTs” are just in the first stage but can promise to be the trigger for a more suitable growth of NFTs soon.
Decentralized Oracles
Oracle: Connect blockchain with real-world data. You can imagine the importance of oracle to a blockchain, similar to the importance of the internet to a computer.
Oracle brings the outside blockchain data to its smart contracts. Without oracles, lending protocols can not determine the price of the collateral to trigger liquidation when needed or synthetic assets can not exist due to the lack of data about the behavior of the real assets (stocks, indexes,...).
Therefore, Oracle is an indispensable part of the development of any blockchain. Some notable names in this field are ChainLink, Band Protocol, DIA,...
Decentralized Bridges
Bridge: Connect one blockchain to another. Each blockchain can be compared to a nation having its own regulation of what assets should be used in its territory. Similarly, each blockchain has its own standard of tokens (Ethereum with ERC-20, BSC with BEP-20,...) that can be used in its ecosystem.
On one hand, this ensures high security for a blockchain. Still, on the other hand, it restricts capital efficiency when one type of asset is limited to a certain chain. This is where the need for a cross-chain bridge arises, facilitating the transfer of assets among different blockchains.
Similar to a country’s development after opening trade with other countries, bridges have boosted the expansion of DeFi as a whole and of each blockchain in particular. For instance, ~25% of TVL in Ethereum is contributed from bridged assets from other blockchains (BSC, Avalanche, Fantom,..) (sources: here).
Decentralized Insurance
In DeFi, Decentralized Insurance aims to maintain users' funds while they are used for highly risky plays in DeFi.
Nevertheless, this category has not been noticed appropriately. This is clearly evident as there have been way too many hacks and exploits in DeFi with a massive amount of fund loss.
From my viewpoint, this category deserves better attention. In the future, Decentralized Insurance may be a promising niche to follow. Some potential projects in this field: Nexus Mutual, InsurAce, Cover Protocol,...
Others
Besides the above mentions stacks, DeFi is developing at an impressive rate to bring a wide range of financial services to users. Some other DeFi stacks:
To sum up this part, you can see that DeFi in 2022 is much more developed than DeFi in 2020. This is clearly indicated in the diversification of financial products offered by DeFi in 2022. This will be one of the key drivers to attracting more users to DeFi when people see that DeFi can meet all of their financial needs just like the traditional world (saving, lending, margin trading,...), even with more innovations.
DeFi Revolution
Before Ethereum, the only financial application of cryptocurrency was payment through Bitcoin. However, people wanted more than that, they desired a more comprehensive range of financial services: saving, lending, borrowing, trading,... As a result, Ethereum was introduced to trigger an era of DeFi.
The development of DeFi can be divided into 3 phases:
The early stage of DeFi (2017 - 2020)
The first event that started the new era of DeFi was undoubted the launch of MakerDAO in 2017. MakerDAO created the first decentralized stablecoin (DAI) that did not require trust from a centralized entity like USDT, USDC,... The value of DAI was backed by a decentralized digital asset instead of dollars reserved in banks. MarkerDAO was the first money lego that enabled the formation of many protocols afterward.
The year 2017 also recorded a new trend in fundraising - ICO (Initial Coin Offering). Protocols raised funds by exchanging their projects’ tokens for ETH. ICO created hype in the community with 800 ICOs, raising a total of ~$20B. Among them, there were still scam projects that took advantage of the overhype in the market. However, many high-quality protocols were also built at this time: AAVE, Bancor, 0x,...
Protocols launched in the ICO period. Source: Finematics
The next breakthrough in DeFi is the arrival of Uniswap in 2018, which brought the new concept of an AMM DEX to the market. Other than BTC, ETH, the trading volume of many coins/ tokens was extremely small but users still had the need for exchanging these assets.
While order-book DEX failed to meet this demand, the AMM model was able to do so. Uniswap created a permissionless liquidity pool, where anyone could supply or take the assets from the protocol. This model had created liquidity for many illiquid assets to boost the trading activities in DeFi.
Uniswap AMM Model
This phase ended with: “Black Thursday” event in March 2020: The price of ETH dropped by 30% in just 24h due to the fear of the global pandemic at that time. People rushed to pay off debt, increase collateral,.. which put pressure on the Ethereum infrastructure, resulting in a striking increase in gas fees.
The sharp fall in ETH price also led to a wave of liquidation in the borrowing market that used ETH as the collateral. MakerDAO was the most affected protocol when enduring a shortfall of ~$4M worth of ETH.
This event worked as a stress test for a nascent industry like DeFi. After this event, DeFi was even strengthened, and this brought us to the next milestones for DeFi: DeFi Summer in 2020.
DeFi Summer (March - September 2020)
DeFi Summer in 2020 was triggered by a concept called “Liquidity Mining” which was first offered successfully by Compound. To bootstrap the platform's liquidity, Compound had rewarded COMP tokens to all of its lenders and borrowers.
After the success of the Compound liquidity mining program, this method was adopted by many other protocols (Synthetix, Curve, Ren,...) to attract users to their platforms.
Yearn Finance was another notable name in this period, Yearn Finance offered a new model named yield optimizer, which even further leveraged the yield that users could earn.
Besides its success as a yield optimizer, Yearn Finance also was the project that invented the concept of a “fair launch” token. Before that, users only had access to the token sales after many seeds/ private rounds, which meant they had to buy at a higher price than a group of people. This, for many people, was an unfair way to distribute tokens.
In contrast, “fair launch” meant tokens were distributed right to the community with no pre-sales to generate a fairer game. This was precisely how Yearn Finance launched its tokens in July 2020.
Yearn Finance
After many breakthroughs in DeFi, it came to a stage when “copy-cat” projects appeared, and builders did not put effort into building new products but just copied the existing model of other protocols.
YAM protocol, which was the folk of Ampleforth and Yearn Finance, is the first project to start a series of copy-cat protocols (Pasta, Spaghetti, Kimchi, HotDog,...). Due to a lack of innovations, all of these projects failed after several days.
However, not all folks were unable to survive. SushiSwap was initially the folk of Uniswap, but up to this date, it is one of the top protocols by TVL by having a wise multi-chain expansion strategy.
To sum up, after the DeFi Summer 2020, the TVL of the DeFi market had nearly x10 from ~$1B in March to ~$10B in September 2020. More specifically, DeFi Summer 2020 had placed the foundation for the most fundamental activities in decentralized finance:
DeFi in 2021 - 2022 (Now)
DeFi in 2021 - now can not be wrapped up in just one picture like 2020. DeFi has grown dramatically and offered nearly all desired products in traditional finance.
Some key highlights of the difference between DeFi 2021 and DeFi 2020:
To better understand DeFi 2021, let’s have a closer look at each of its components in the following part.
What are DeFi Coins? How to invest in DeFi Coins?
DeFi coins are basically all cryptocurrencies that support DeFi applications.
To invest in DeFi coins, you have to pick out a few most potential ones. Here are some criteria to evaluate a good DeFi coin:
What is DeFi Wallet?
DeFi Wallet is a type of application that acts as a wallet to store and interact with your cryptocurrencies. At the moment, there are 3 main types of DeFi Wallets:
Hot wallets or Non-custodial wallets are places to store coins/tokens online, where users have to keep the private keys to protect their own crypto assets. There are some popular wallets for storing crypto assets, namely: Coin98 Wallet, Trust Wallet, Metamask, etc.
Cold wallets exist in the physical shape (usually as a USB) that require multiple security steps. Investors often use cold wallets for long-term coins/tokens storage. This complexity enhances the security of the wallet in return. Some popular cold wallets are Ledger, Trezos, etc.
Wallets on exchanges or Custodial wallets, basically, users don’t own any private key, they access their funds by password kept by the exchange. Since investors store their crypto assets on exchanges, there are potential risks of scams and shutdowns. Binance, Okex, and Coinbase are the most popular centralized exchanges.
What is DeFi Ecosystem? Some DeFi Ecosystems you should pay attention
As mentioned above, DeFi has various decentralized applications forming a financial system. When they are built on the same blockchain platform, they will create what is called a "DeFi Ecosystem". Ethereum has been the most developed DeFi Ecosystem as it has the highest number of projects as well as dApp categories.
Besides the diversification in the financial services, the development of DeFi is also represented by the rise of many blockchains other than Ethereum. At the end of 2020, the TVL of Ethereum still accounted for 97% of the total TVL of DeFi. However, at the end of 2021this number has reduced to 66% with the expansion of other chains: Binance Smart Chain, Solana, Avalanche, Terra,...
BNB Smart Chain (BSC)
BSC is currently the 2nd biggest blockchain by Market Cap in the whole DeFi Market. It is the first blockchain to capture the TVL outflow from Ethereum.
The skyrocketing growth of Ethereum resulted in recurring congestion and an extremely high transaction fee on this network. The average transaction fee had reached ATH at ~$70 in May 2021, posing a huge scalability problem for Ethereum. While at that time, the DeFi ecosystem of BSC had offered the most fundamental DeFi stacks so users started to move their assets to this network to find new investment opportunities.
Learn more: BNB Smart Chain (BSC) Ecosystem Overview
Source: bitinfocharts
May 2021 was also the period that the TVL in BSC reached ATH at $32B. BSC led by CZ, one of the most influential figures in crypto, was the creator of many trends in the market: from “NFT” in June to “GameFi” in July and “Metaverse” in August.
A complete landscape of DeFi on BSC. Source: Coin98 Analytics
After the period of “overheating”, the BSC ecosystem has come to the “cooling” period. However, with the support from a giant like CZ, BSC is still expected to be a key player in this fast-growing market.
Terra
Terra is the second biggest DeFi Ecosystem in terms of TVL. Terra builds an algorithmic stablecoin, UST, as the core product of the ecosystem. By expanding the use case of UST across numerous different platforms, Terra has been able to scale its ecosystem to the next level of mass.
Even though DeFi exists on Terra, its main focus is actually not DeFi. Instead, they focus primarily on developing UST. This is done by getting UST to be used by more products and more users through applications like Lending & Borrowing, Payments, Synthetics,... At the moment, Anchor is the biggest project on Terra by allowing UST farming with high yields.
Learn more: Terra Ecosystem Overview
Terra TVL skyrocketed after a few months
Solana
Solana is one of the most notable names in 2021 when recording tremendous growth in the past year. Similar to BSC, Solana is led by one of the most influential players in crypto - Sam, founder of FTX exchange.
However, unlike BSC - built as an EVM-compatible chain, which means that projects on Ethereum can be easily deployed on BSC, Solana is a non-EVM-compatible chain. Therefore, Solana is said to be a blockchain with many innovations.
Learn more: Solana Ecosystem Overview
Solana Ecosystem. Source: Solanians
Up to this date, Solana has had projects in different DeFi stacks: from DEXs, yield farming to derivatives, prediction,... However, the TVL is not distributed evenly among DeFi stacks on Solana, with the vast majority of TVL still concentrated on DEXs and Assets (yield protocol). Therefore, Solana remains a hugely promising blockchain with the explosion of other DeFi stacks soon.
Other blockchains
Besides Binance Smart Chain and Solana, DeFi 2021 saw the rise of many other blockchains: Avalanche, Terra, Fantom, Near,... Each chain is building its own DeFi ecosystem to attract users.
The money in DeFi is constantly seeking for the chain with the highest earning potential, so you should follow the change in TVL constantly together with the market sentiment to spot your own investment opportunities in this market.
The Future of DeFi
DeFi is constantly developing to offer better experiences for users. Recently, we saw the rise of the new term “DeFi 2.0” as a new phase of development for DeFi. So what problems DeFi is facing right now and how DeFi 2.0 can be a solution for those issues:
Liquidity
Liquidity is a key requirement for the development of any financial market. Most protocols are bootstrapping liquidity by liquidity mining programs with high APY. However, this technique generates unsustainable liquidity for the protocols as users leave the protocol as soon as the APY decreases and the price of the protocol tokens will dump aggressively.
A solution for this is to lock the yield to ensure sustainable capital in the protocol. One protocol that applies this technique is Olympus DAO. It uses the bond model in traditional finance to payout yield for users, which means that instead of paying all yields in one day, the yields will be divided to be paid evenly for 5 days. This prevents the dump in the price of farming tokens when peoples sell yield tokens immediately after earning enough.
Decentralization
Decentralization is among the key properties that define DeFi. However, the DeFi market is actually not as fully decentralized as people expect. One example is the case of Uniswap when the community was unaware of the proposal to sell a $20M UNI token for the “DeFi Education Fund”. Even after acknowledging this plan, the vote of each individual in the community was powerless as the number of “yes” votes had already been dominant by a group of powerful people.
DeFi 2.0 solves these issues by what is called DAO (Decentralized Autonomous Organization). Instead of running by the control of humans, DAO uses the power of blockchain to run automatically by a series of coded rules. The key highlight of DAO is that DAO ensures every member can easily access and vote for any raised proposals in the most decentralized way.
Capital Efficiency
TVL in DeFi is increasing at an impressive rate, but a large proportion of that has not been utilized efficiently.
Some of DeFi 2.0 protocols have offered solutions for those issues. For example, Uniswap V3, with the design of centralized liquidity, has maximized the capital efficiency insides its liquidity pool, while Abracadabra offers a use case for interest-bearing tokens when they can be used as collateral to mint stablecoins. All of the innovations in the design of DeFi 2.0 protocols have boosted the capital efficiency in DeFi.
In case you want to learn more about DeFi 2.0 and its Future, this article will be useful for you: What is DeFi 2.0?
Investment Opportunities with DeFi
DeFi is a young market compared to other financial markets like stock, gold,... Therefore it offers high returns but also has extremely high risks, so you should do your own research before making any investment decisions. The following part will be some suggestions of how to earn from this market that you can read as a reference.
Invest in DeFi coins/ tokens
It may be the most common and easy way to start investing in DeFi. Each project tends to have its own native token that offers its own upside opportunities. Due to high risk, the extent of an upside in crypto is also much more significant than any other traditional market.
IDO, IEO, IGO, IFO
Despite different names, they are basically a method that you can buy a coin/ token/ NFT at its first initial public offering price. The potential returns from this method are also impressive. You can take the ATH ROI of projects launched IFO on Pancakeswap as a reference.
Airdrops, retroactive
This is a way a project reward tokens for its early supporters. Therefore, by experiencing a protocol at an early stage, you own a chance to receive a huge amount of rewards from the protocols.
For you: What is Retroactive Airdrop?
Skin in the game
This is when you become a real user of DeFi, as a participant in this financial market. As I mentioned above, DeFi has offered nearly complete financial services like traditional finance: saving, lending, margin trading,... so you can leverage your capital by utilizing all of DeFi services.
“Farming” is one of the most favorite “skin in the game” activities when users can earn from their initial capital with a much higher interest rate compared to traditional finance.
How to optimize yield by leveraging different protocols (AMM, Saving, Synthetic, IDO) on Terra (source: here)
Conclusion
I hope that this article has provided you with a fundamental understanding of DeFi. If you want to discuss more this topic, feel free to join Coin98 Community.
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