Lately, the rising field of Decentralized Finance (DeFi) has been the dominant trend in cryptocurrency and the blockchain tech. It is particularly associated with the Ethereum blockchain, since it has the most development till date and carries the most market value. However, DeFi is growing on other blockchain platforms, and slowly catching up to Ethereum. Enter EOS DeFi.
EOS.IO blockchain, simply known as EOS is one such promising candidate. Launched in 2018 by parent company block.one, EOS features the Delegated Proof of Stake (DPoS) as the consensus algorithm and supports complex smart contracts. The native token token is EOS, which has a total supply of 1.02B tokens. EOS recently made headlines after Google Cloud decided to join the chain as block provider.
EOS offers a block time of 3 sec and can process upto 4,000 transactions per second (TPS). The transactions are practically free on the network, which is funded through an ownership model, through user purchased stake in the EOS tokens. It’s one of the ideal places, where DeFi can exist outside the Ethereum blockchain. Here are the top 6 EOS based DeFi projects.
6. Bancor – Decentralized Exchange AMM
The old classical automated market maker (AMM) has a secret, it supports EOS tokens too! However, that feature gets hidden and often over-looked under the neat and unifying interface of the Bancor service. But that’s not the only best part, besides automatic conversion between different EOS tokens, the service also allows for cross-conversion between Ethereum and EOS based tokens.
Bancor offers a wallet service to hold the tokens and the conversion can be processed with optimum slippage, depending on the liquidity depth. For passive income, users can also add liquidity to the pools, to earn conversion fees. The platform supports a wide variety of EOS based tokens. It’s all slated to get better too with the upcoming launch of Bancor v2.1!
5. eosfinex – Bitfinex Technology Based Non-Custodial Trading
Based on the industry leading Bitfinex technology, eosfinex caters specifically to EOS based assets. It features high performance, non custodial digital exchange services. and allows users to mange their portfolios, from within interface. The eosfinex release will alleviate the major liquidity problem that EOS blockchain faces.
eosfinex features updated exchange technology, fast/responsive trading and access to Bitfinex liquidity. It combines off-chain order matching with custody and settlement happening on-chain. A hybrid solution to speed up the processing times, while ensuring security and smoothness.
4. EOSDT – Decentralized Collateralized Stablecoin
The Maker equivalent, EOSDT is a decentralized stablecoin on the EOS blockchain, which bounds ETH and EOS as collateral or underlying to issue a United States Dollar (USD) pegged 1:1 token. According to the team, it is insured by Equilibrium Stability Fund of 4,693,218.38 EOS.
EOS holders can earn interest by binding their collateral for EOSDT minting. Plus, the users can protect themselves against volatility and uncertainty of blockchain assets, by acquiring the dollar pegged stablecoin. It is available on Bancor, Changelly, FINDEX, Morecoin etc.
3. EOSREX – EOS Resources Lending And Borrowing
EOSREX refers to the “resource exchange market” on the EOS blockchain. It allows users to lend and borrow the CPU/RAM resources on the mainnet. Proposed by the block.one, it allows EOS token holders to borrow and reimburse resources without risk.
EOS holder scan lease out their tokens, earn fees from pools, access liquidity and control tokens. The UI/UX is user friendly and clean. Further, there’s no impermanent loss and the service is non-custodial, being run by decentralized smart contracts. The native token is REX, with an initial ratio of 1:10,000 to EOS token.
2. VIGOR Protocol – Decentralized Borrowing/Lending and Insurance
As one of the finest EOS based projects, VIGOR is a DeFi most-in-one protocol for the EOS blockchain. It allows for decentralized and fully automated borrowing, lending, saving and insurance services. It has a two token system, primary token VIG for transaction fees payment and low volatility VIGOR, backed with overcollaterized cryptocurrencies.
The users can deposit crypto for VIG rewards and VIGOR tokens into savings for asset appreciation. Powered by a Decentralized Autonomous Community (DAC) of 21 custodians and 100 plus candidates overseeing the operation and health of the protocol, VIGOR is truly decentralized and trustless.
The Defibox is a general purpose combination of DeFi protocols for the EOS blockchain. It’s a combination of the features of Ethereum based Uniswap, MakerDAO and Aave. Defibox has two working products currently, namely the Swap protocol (allowing for EOS token conversions) and USN stablecoin (generated by staking EOS). A lending protocol is currently under development.
It’s governed by the BOX Decentralized Autonomous Organization (DAO) by the native token, also named BOX. The BOX token holders can participate in governance matters ran by BOX DAO and can vote on important parameters such as transaction fee rate, stablecoin interest, revenue distribution, logic adjustment and upgrades etc.