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7: 00-12:00 Keywords: MakerDAO, CosmosHub, Increment, Moonbeam
Summary of important updates during the afternoon on April 6th
Decentralized finance (DeFi) has been increasingly gai

Introduction

7: 00-12:00 Keywords: MakerDAO, CosmosHub, Increment, Moonbeam

Summary of important updates during the afternoon on April 6th

Decentralized finance (DeFi) has been increasingly gaining popularity over the past couple of years, with the total value locked (TVL) in DeFi protocols surging from below $1 billion in January 2020, to over $100 billion by May 2021. DeFi platforms are designed to offer a more decentralized, transparent and secure way of accessing financial services. Today, we are going to delve into some of the new DeFi protocols operating between the hours of 7:00 AM – 12:00 PM, including MakerDAO, CosmosHub, Increment and Moonbeam.
# MakerDAO
MakerDAO is an Ethereum-based DeFi protocol that is designed to offer collateralized loans using the stablecoin, DAI. It is powered by two tokens – Maker (MKR), a governance token, and DAI, a stablecoin pegged to the US dollar. To acquire DAI, users deposit Ethereum into the MakerDAO smart contract where it’s locked as collateral. Once the collateral is locked, the user can then create DAI tokens that they can use to make purchases or trades. MakerDAO plans to compound the value of its DAI stablecoin to make it more valuable than the US dollar. MakerDAO is a pioneer in the DeFi space, having been launched in December 2017.
# CosmosHub
CosmosHub is a decentralized ecosystem that enables the transfer of data and value between different blockchains through “inter-blockchain communication.” CosmosHub is designed to offer an infrastructure that is easy to use for developers, businesses, and other blockchain-based projects. Cosmos operates with the Cosmos Software Development Kit (SDK), which allows different applications to connect, communicate and transact with each other without the need for a middleman. This protocol has been able to build an ecosystem of blockchains that are interoperable and enable users to transfer value easily.
# Increment
Increment is a blockchain-based DeFi platform that provides a range of financial services, including borrowing, lending, staking, and yield farming. The platform has three main tokens – INCR, BIFI, and FINE. The INCR token is the governance token of the platform, while BIFI is the borrowing token and can be used as collateral to borrow other tokens. The platform also has a FINE token that is used for participating in liquidity provision on decentralized exchanges. Increment has continued to gain traction in the DeFi space due to its attractive APR and yield farming opportunities.
# Moonbeam
Moonbeam is a DeFi platform designed to enable the smooth transition of applications from the Ethereum network to the Polkadot network. Moonbeam is built on the Polkadot network, a network of interoperable blockchains that allow for seamless communication between different blockchain networks. Moonbeam uses the Ethereum Virtual Machine (EVM) and Web3 API, making it easy for developers to build applications on it. Moonbeam is designed to offer better scalability, lower transaction fees and faster transaction confirmations to Ethereum-based apps.
# Conclusion
The demand for DeFi protocols continues to grow, as cryptocurrencies evolve to become a trusted medium of exchange. The DeFi projects we have discussed, including MakerDAO, CosmosHub, Increment, and Moonbeam, are all designed to provide a more decentralized, transparent, and secure way of accessing financial services. As the DeFi space continues to expand, it’s important to keep an eye out for new protocols and opportunities.
# FAQ
1. What are the benefits of using DeFi protocols?
DeFi protocols offer a more decentralized, transparent, and secure way of accessing financial services. They offer users control over their assets, low transaction fees, better privacy, and reduced dependence on traditional financial institutions.
2. How does Maker DAO work?
MakerDAO allows users to collateralize their cryptocurrency to generate stablecoins. Users deposit cryptocurrency as collateral and can then generate DAI, a stablecoin pegged to the US dollar. MakerDAO utilizes a governance token known as MKR to enable users to vote on proposals for the platform.
3. What advantages does Moonbeam offer over the Ethereum network?
Moonbeam offers better scalability, lower transaction fees, and faster transaction confirmations compared to Ethereum-based apps. It is also designed to enable smooth communication between different blockchain networks.

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