Top 10 DeFi Lending Platforms In 2020
Nowadays, DeFi Lending platforms have filled the gap in traditional banking. Frequently, it's considered as the new technology for the financial sectors while fulfilling the adoption of the blockchain and cryptocurrency. It is popularly known as the open finance because it doesn't need any individual third parties for the financial services. In this article, we will be going to discuss DeFi lending, and let's get to know about the top DeFi lending platforms.
DeFi Lending and Borrowing:
In the DeFi lending process, the investors and lenders provide a load or deposit fiat currencies for interest through the distributed network and a decentralized ecosystem. On the other side, a single person or business gets money for interest through the decentralized network. Both the lending and borrowing process makes the use of DApps, smart contracts, and other DeFi Protocols.
Why Lending for Decentralization?
Decentralized lending offers various lending opportunities and more benefits to the lenders. Here, we have listed some of the benefits of DeFi lending below.
Earn your interest by holding crypto assets.
How Decentralized Finance (DeFi) lending works?
The decentralized lending is like putting your hands into the pocket to lend a borrower as much as simple. Moreover, dapps and smart contracts represent your intermediaries and negotiators. For example, you have been getting a loan of $10000 through a decentralized application (DApp), you just need to press a button on your PC, and that' all.
The process is that when you open a DApp which have a smart contract and a pool of borrowers. So click and decide at what interest do you want to provide a loan. Simultaneously, the smart contract automates lending and borrowing agreement.
Top DeFi lending platforms:
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I am Tim Josh, Working as a freelancing Technical Content Writer with having more than 3 years of experience. My interests are blogging, traveling, and photography.
I am Tim Josh, Working as a Digital Marketing Analyst at Osiz Technologies having 3 years of experience. My Interests are blogging, pencil sketching and traveling...