You might have woke up this morning to see the UNI craze developing across all crypto channels.
In other words, Hayden Adams (the founder of Uniswap) has gifted a lot of users early x-mas gift of ~$1200 or even double that, depending on when you sold or still hold.
UNI is the governance token for the Decentralized AMM Uniswap, allowing users to swap ERC-20 tokens amongst each other easily. They decided to launch their governance token yesterday and distributed it to users on their platform. You can keep up-to-date with how much UNI has already been claimed through this dashboard.
If you haven’t been trading on Uniswap before September 2020, you have missed out on this opportunity.
Not to worry!
There are still a handful of platforms that do not have their governance token...YET. In this article, I will cover 4 of the top platforms in crypto that are still likely to introduce their governance token over the following months(in order to catch up with the defi trend) as Uniswap did.
What is InstaDapp?
InstaDapp is a DeFi management platform that allows users to manage their assets amongst various DeFi Protocols easily. The platform has integrations with Compound, Aave, MakeDAO, UniSwap, Curve, and Kyber, and it allows its users to interact with these integrations from one single dashboard.
The platform saves users the hassle of having to log in and connect their wallets to each of these individual platforms and, instead, can interact with the DeFi Protocols from the IntaDapp dashboard.
With the wide variety of integrations, users can easily do the following;
- Lending - deposit tokens into a protocol to earn interest.
- Borrowing - deposit collateral to take out crypto-backed loans.
- Leverage Trading - borrow additional funds to trade at with higher leverage.
- Swapping Tokens - easily trade between ERC-20 tokens
InstaDapp is ranked in the 14th position on DeFi Pulse as it currently holds a Total Value Locked (TVL) of around $119 million;
At its peak in early August 2020, InstaDapp had around $318 million locked inside its smart contracts. This number has since dropped slightly.
What is DyDx?
DyDx describes itself as the most powerful open trading platform for crypto-assets - and they just might be correct! If you were to just look at the screenshot above, you would think this is just any standard type of centralized exchange like Coinbase Pro or Binance.
However, DyDx could not be further from these examples mentioned above.
The first thing to note is that DyDx is an entirely decentralized exchange (DEX). This means that you never give up the custody of your own crypto-assets while trading here. The second important thing to note is that DyDx lets its traders utilize leverage to increase their trading positions - again, in a decentralized fashion.
DyDx is considered to be a derivatives platform for cryptocurrencies. It allows users to come and borrow funds from the protocol to place leveraged trades on margin.
Think of BitMEX but on-chain.
It was created in 2017 by Antonio Juliano, an engineer with previous positions at Coinbase and Uber. Since its inception, the exchange had grown to become precisely what he had in mind when he visualized it - a powerful trading platform that offers all the professional-grade tools traders would need while remaining decentralized.
The trades placed on the exchange are facilitated through a global lending pool, managed by smart contracts. This means that buyers and sellers are not connected as you would see on a typical centralized exchange. It allows for instant liquidity for orders of up to any size (until the pool is drained) for traders.
Additionally, it is worth mentioning that DyDx is also a protocol in itself. This means that other developers can come and build their financial tools on top of this protocol layer - separate from the DyDx exchange.
DyDX is ranked in the 18th position according to DeFi Pulse, with a total of $31 million of value locked inside the contracts;
The platform had peaked at around $45 million during early September 2020 but has since dropped below the June 2020 levels of $35 million.
What is Opyn?
You might not have heard of Opyn too much - it seems to fly under the radar as far as I can tell. However, Opyn is something that everybody will be paying attention to over the coming months - that is guaranteed.
It is a smart contract-based insurance platform that allows users to take out insurance on their DeFi farmlands. Currently, there is a total of $8.8 billion locked inside DeFi protocols, which is a hell of a lot of money. Considering how much is locked inside DeFi smart contracts, it is inevitable that hackers will attempt to break in by finding an exploit in the code and drain any funds they can get their hands on.
This is where Opyn steps in.
It allows users to quickly come and buy out “protection” (insurance) on their assets locked in DeFi Protocols. For example, you can protect any USDC and DAI deposits that you may be lending to the Compound protocol. If there is an attack on the Compound Finance smart contract, which results in a loss of your funds - the insurance will return your funds.
The exciting part of Opyn is that it is built on top of a generalized options protocol called Convexity. This allows users to buy and sell insurance options allowing for anyone to provide coverage and receive premiums for doing so.
Opyn is way down in the DeFi Pulse rankings as it sits in the 32nd position with a TVL of just $1.3 million. This shows just how far under the radar it is flying;
At its peak, it managed to lock in around $2.1 million, but we can expect this to be surpassed once DeFi insurance truly starts to gain traction.
What is 1Inch?
1Inch.Exchange is known as DEX liquidity aggregator that routes trades from different protocols within the DeFi Sector. It is designed to take liquidity from other DeFi protocols to find the best trade prices for all of its users - with the lowest slippage and the most comprehensive array of ERC-20 token options to swap between.
1Inch Exchange takes the concept of “swapping” to a whole new level as it can split trades amongst several different protocols. For example, let’s say you wanted to swap $10,000 DAI into ETH, it could swap 5000 DAI on Uniswap and the other 5000 DAI on Kyber to give you the best price possible in that trade.
You can think of it as the “CompareTheMarket.com” of cryptocurrencies as it continuously sources the best prices through its integrations. But 1Inch will also conduct the trade for you - directly from your wallet!
In addition to this, with GAS fees being so high, you can also make some further savings by trading on 1inch as it utilizes its own GAStoken to help reduce any trading fees.
On top of this, 1Inch also has integrations with Nexus Mutual to allow users to take out insurance coverage directly from the platform.
As 1inch is not a protocol in itself, it does not have any TVL inside its smart contracts and, therefore, does not appear on DeFi Pulse.