Top-5 Decentralised Finance Projects Based On Market Cap

Decentralised Finance (DeFi) is a structural financial system that seeks to connect loan recipients and lenders directly, as well as stock buyers and sellers by doing away with banks, brokers, and other middlemen.

But this also brings forth the question that since now there aren’t any banks involved, so, how do we establish confidence between the two parties?

Well, this is where Blockchain comes in. Blockchain technology, which is essentially a network of distributed ledgers, is the foundation of decentralised finance, because it prevents data from being altered by hacking, or the manipulation of a single system.

So, here’s a list of the top-5 decentralised finance projects by market cap

Dai (DAI): Dai is an Ethereum (ETH)-based decentralised Stablecoin that aims to keep its value constant at $1. The aim of this DeFi initiative is to bring stability to the wildly unstable crypto market. The first MakerDAO official white paper was released in December 2017, which introduced Sai, and it only accepted Ethereum as collateral.

The Dai Stablecoin System, commonly known as the Maker Protocol, accepts Ethereum-based assets as collateral from MKR holders. As a result, you can generate Dai by utilising any Ethereum-based token as collateral in the form of smart contracts, or you can purchase Dai tokens directly from any crypto exchange. Dai’s market cap was $6.8 billion as of 2:20 pm on September 10, 2022, and the current price of a Dai is…