5 popular types of DeFi applications📱

1️⃣ — Decentralized exchanges (DEXs). Online exchanges help users exchange currencies for other currencies, for example U.S. dollars for bitcoin or for DAI. DEXs are a «hot» type of exchange, which connects users directly so they can trade cryptocurrencies with one another without trusting an intermediary with their money.

2️⃣ — Stablecoins. A cryptocurrency that is tied to an asset outside of cryptocurrency (i.e. dollar or euro) to stabilize the price.

3️⃣ — Lending platforms. These platforms use smart contracts to replace intermediaries, such as banks that manage lending as intermediaries.

4️⃣ — «Wrapped» bitcoins (WBTC). A way of sending bitcoin to the Ethereum network so the bitcoin can be used directly in Ethereum’s DeFi system. WBTCs allow users to earn interest on the bitcoin they lend out via the decentralized lending platforms described above.

5️⃣ — Prediction markets. Markets for betting on the outcome of future events, such as elections. The main goal of DeFi versions of prediction markets is to offer the same functionality but without intermediaries.

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