Diversifying

into DeFi
The future of finance

Your Decentralized Finance Guide

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Introduction to DeFi
Decentralized Finance (DeFi) moves at such an accelerated pace that
it can be quite difficult to keep up, let alone evaluate new projects in a
timely manner. What makes it even more challenging is the lack of a
standard approach – there are many different ways to measure and
compare DeFi protocols.

Fundamental analysis seeks to determine whether a protocol is

overvalued or undervalued, so that investors and traders can make
better decisions on their positions.

Currently, the DeFi space is primarily focused on Ethereum, a

blockchain on which most DeFi tools are built. However, this is only a
starting point for decentralized finance, and progress must occur on
other blockchains, including Bitcoin, XRP, LTC, EOS, Fusion, etc.

Why is DeFi important? In short, Decentralized finance (DeFi) follows

the idea of rebuilding the infrastructure of financial services and
moving it onto decentralized networks to take the finance industry
from a centralized system full of monopolies towards a trustless and
transparent world that runs with no intermediaries. Currently DeFi is
primarily built on the Ethereum network, where DeFi applications
provide users with traditional financial services but in a decentralized,
borderless manner that enables anyone across the world with an
internet connection to gain access to financial products and services.

DeFi is believed to be the future of the Financial Services industry.

The freedom from the monetary control of centralized institutions is
the ultimate vision of this movement. In the long run, institutions and
FinTech innovators must look to collaborate to efficiently build on
traditional markets while leveraging the innovations in DeFi.

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The notion of DeFi as a distinct subsection of the crypto industry first
came to be in May 2018 at the Decentralised Finance Meetup in San
Francisco. Fast forward to today and a multitude of startups are now
working on creating innovative smart contract instruments, which not
only allow for more decentralised and seamless peer-to-peer
transactions and swaps, but ones which also encompass much better
yield opportunities for users. However, it is important to note that the
vast majority of DeFi platforms are currently focused on the Ethereum
blockchain, and this prompted many to voice concerns regarding high
blockchain fees and bottlenecks. 

Only recently, Blockchair’s DeFi analytics showed that the average

and median ETH transaction fees skyrocketed to record highs of
$10.33 and $5.68, respectively. Furthermore, the dependency on
Ethereum has meant significant downturns in terms of network
speed, with ETH based stablecoin transactions hogging the majority
of bandwidth congestion. It is therefore imperative that DeFi dApps
start to build and operate on multiple different platforms in order to
take advantage of the speed and flexibility of other blockchains, and it
seems like the Fusion team have risen to the occasion with their
delivery of Anyswap. 

Fusion is built around cross-chain technology, that will take DeFi to

the next level, enabling interoperability between blockchains. Tools
like Uniswap and Trustswap have some limitations when it comes to
this aspect. One of the newest DeFi projects, Anyswap is a game
changer, thanks to Fusion’s DCRM technology which is able to ensure
interoperability and communication between the different
blockchains. These features allow Anyswap to have more use cases
and potential than others. Trustswap will also use a cross-chain
technology, however, according to their roadmap, this feature will be
launched in Q4 of 2021.

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Anyswap, built on Fusion chain, is a new project whose main goal is
to link traditional finance to the blockchain. Fusion started working on
decentralized finance as soon as it launched. The project has
developed features such as a time-lock function and multi-triggering
mechanism which allow complex financial operations to be carried
out. Fusion offers a flexible DeFI ecosystem, creating the foundation
for Anyswap, to implement efficient features and use cases.

Future DeFi Prospects

According to btconethereum.com, over 131,000 bitcoins are already
currently locked in the Ethereum blockchain, a figure that increasing
every day, representing over 0.7% of the circulating supply of BTC.
This gives a clear idea on how early we are in the DeFi space. DeFi is
now worth over $10 billion.

Wondering how you can measure and find the highest value of DeFi
assets? Read on to learn about some of the strongest and most
innovative projects in the space.

Disclaimer
The information provided is for educational purposes only and should not be construed
to be investment advice or considered to be a recommendation of any particular
security, strategy or investment product. No portion of this content should be construed
as an offer or solicitation for the purchase or sale of any security or investment. An
offering may be made available only to certain sophisticated investors through official
delivery of confidential offer documents along with other documents. Readers must
understand that past performance is not a guarantee of future results.

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Table Of Contents

▪ Top 5 DeFi Projects

◦ 1. Anyswap.exchange
◦ Anyswap Technical Overview
◦ ANY Anyswap Token
◦ Anyswap Lower Fees
◦ How Safe is Anyswap?
◦ Getting Started with Anyswap Now
◦ DeFi Example: $150 Hourly From Anyswap
◦ It’s Much More Than Passive Income
◦ 2. MakerDAO
◦ 3. Synthetix
◦ 4. dydX
◦ 5. Uniswap
▪ Diving Into DeFi
◦ What is DeFi?
◦ Why is Decentralized Finance Important?
◦ Understanding the History of Finance
◦ The Problems With Centralized Finance
◦ Birth of Bitcoin & the Crypto Boom

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▪ The World of DeFi
◦ Understanding the DeFi Ecosystem
◦ DeFi Explained Beyond the Surface
◦ Understanding Ethereum inside of DeFi
◦ Other DeFi Blockchain Networks
◦ Wallets in the DeFi Ecosystem
▪ The Power of DeFi in Action
◦ Peer to Peer Transfers
◦ Decentralized Exchanges 
◦ Anyswap
◦ Uniswap
◦ Trustswap
◦ Comparative Analysis
◦ DEX DeFi Rewards and Fees
◦ DEX Security
◦ DEX Overview
◦ Lending Pools 
◦ Roles of Stablecoins in a DeFi Network
◦ Wrapped Bitcoin, Ethereum, and Other Digital Assets
◦ Single Block DeFi Collateral Loans aka “Flash Loans”
◦ Derivatives on a DeFi Network

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▪ DeFi Risk Management
◦ Learn About the DeFi Space
◦ Reduce Risk With Stablecoins
▪ APPENDIX 1: DeFi Indicator Terminology
◦ Total Value Locked (TVL)
◦ Price-to-sales ratio (P/S ratio)
◦ Token supply on exchanges
◦ Token balance changes on exchanges
◦ Unique address count
◦ Non-speculative usage
◦ Inflation rate
▪ APPENDIX 2: Index of DeFi Projects
◦ DeFi Blockchains
◦ Lending
◦ Decentralized Exchanges:
◦ Decentralized Derivatives:
◦ Payments:
◦ Digital Assets and Asset Management

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CoinGecko.com/en/yield-farming - check latest DeFI and yield farms

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DeFiPulse.com - check for latest DeFi stats and leading projects

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Top 5 DeFi Projects

DeFi growth could not be at a weirder time, with a lock-down

sweeping the world, forcing much of the worldwide economy into a
shutdown, we have seen this new world of decentralized finance
being populated by new projects from teams across the world. There
are currently over 100 projects tackling various DeFi solutions.

Without a doubt, there will continue to be a plethora of promising and

exciting DeFi projects coming out, but for now, we believe that the
below five are likely to stand out above the rest and have enormous
potential.

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1. Anyswap.exchange

Anyswap is a fully decentralized cross-chain swap protocol, based on

Fusion DCRM technology, with automated pricing and liquidity
system. Anyswap enables swaps between any coins on any
blockchain which uses ECDSA or EdDSA as a signature algorithm,
including BTC, ETH, USDT, XRP, LTC, FSN, etc.

Why is Anyswap the top DeFi token to watch in 2020?

Anyswap is the first completely decentralized swap exchange that
allows the user to swap any coin or token, from almost any blockchain
(ECDSA and EDDSA as signature algorithms means 98% of all
blockchains) with one another, without any third party risk.

Other leading decentralized exchanges (DEX’s) such as Uniswap only

deal with Ethereum based tokens, while Anyswap allows full
interoperability between 98% of all blockchains.

Anyswap released in July 2020, has already pooled over $6.58M

USD, with yearly yield rates over 430% from staking your crypto.

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The ANY token issued is a governance token, which allows voting
rights for holders to choose which coins will be listed next. With the
ANY token there has been ICO, no fundraising, and no airdrop.

One of Anyswap’s most noticeable features is its low cost. Anyswap

charges a low fee of only 0.4% for every swap transaction, among
which 0.3% goes to liquidity providers and 0.1% goes to Anyswap
Company.

Anyswap protocol also supports the following features:

• Decentralized Cross-Chain Bridge — Users can deposit any

coins into the protocol and mint wrapped tokens in a
decentralized way.

• Cross Chain Swaps — Users can immediately swap from one

coin to another.

• Programmed Pricing and Liquidity — Liquidity providers could

add and withdraw liquidity into swap pairs. The programmed
pricing system is based on the liquidity provided.

For those who have been involved in the crypto space over the last 4
years, there are certain events and trends which will immediately
come to mind when reminiscing about each year. 2017 was
highlighted by ICO mania, and 2018 by a persistent bear market, and
2020 has very much been the year of the DeFi revolution - with many
pointing to NFTs as next (non-fungible tokens).

Leading the DeFi charge have been decentralized exchanges, liquidity

pools and protocols, which according to DeFi Pulse, now account for
over $10 billion in total value locked (TVL). Suffice to say, DeFi is now
the number one buzzword in the space, with seemingly every project
looking to make inroads here. As a result, there is now an ever
increasing emphasis on providing the best user-experience,

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interoperability and fees on the market, meaning that the well known
platforms such as Uniswap are now facing challenges from new
players on the block. 

Amongst these new players is the Fusion-based Anyswap, which is a

decentralised cross-chain swap protocol that purports to provide a
much cheaper and more interoperable token swap service than
anyone else, coupled with a much better user experience, and more
traditional trading charts.

Uniswap currently holds over $2.49 billion in locked USD, revealing

the potential for Anyswap to capture substantial market share. The
question that must be asked, are the Anyswap benefits enticing
enough to motivate users from current market leaders?

Anyswap: Technical Overview

Anyswap is an open-source and cross-chain swap protocol that
provides automated pricing and liquidity systems. Built on Fusion
chain and powered by Fusion’s DCRM technology (Distributed Control
Rights Management), Anyswap allows swaps to occur between any
coin or token from any blockchain that uses the ECDSA or EdDSA
signature algorithm. In other words, users will be able to swap
between BTC, ETH, XRP, USDT, LTC, FSN, ERC20 tokens and other
coins in a fully decentralized and secure way, with no centralized
market maker with custodial control over your assets. With a DEX like
Anysway, you hold your tokens and private keys the entire time. 

This is even more impressive when one acknowledges how DCRM is

even more powerful than atomic swaps, more secure than sharded
key storage schemes, and is safer and cheaper than multi-signature
schemes. What Fusion’s truly interoperable solution has the potential
to do is ensure that benefits from other chains (like Cosmos, for

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example) can be experienced by those who are currently restricted by
DeFi’s heavy reliance upon Ethereum Virtual Machine; which has so
far been limiting the scope of DeFi. 

Anyswap is leading the way by staying true to the original ethos of

DeFi by allowing for further decentralisation to be realised, and this is
further exemplified by the fact that the Anyswap team does not have
control over its users’ tokens; something which is instead managed
through the use of Anyswap Working Nodes (AWN). 

ANY Anyswap Token

Alongside providing an outstanding technological solution for
interoperability, Fusion have also taken it upon themselves to ensure a
much fairer and inclusive governance model with the ANY token. 

ANY is a democratic governance token that had no pre-sale or

fundraising, and one which allows holders to vote on the listing of
new coins and tokens, and also permits the election of Anyswap
Working Nodes (AWN). Users are rewarded with ANY tokens for
using different features offered by Anyswap, such as exchanging
coins or tokens, adding liquidity to pools, or running Anyswap nodes. 

In terms of its tokenomics, ANY has a total supply of 100 million, and
has been allocated according to the following breakdowns:
▪ 10 million ANY allocated for the ‘Community and Ecosystem’ in
order to grow Anyswap’s  community.
▪ 5 million ANY allocated for ‘Team Initial Liquidity’.
▪ 85 million ANY allocated to block rewards so that they can be
distributed along with Fusion network blocks.

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So, whilst it’s true that part of the motivation behind issuing
governance tokens is to primarily attract liquidity, an often-forgotten
benefit, is how community governance also prevents fraudulent and
low-quality tokens from entering into the market. Thus, giving users a
gamified ‘ownership’ experience will not only ensure that the
Anyswap protocol sees frequent monetisation opportunities, but also
ensures that the quality of the platform continues to uphold high
standards. 

Anyswap Lower Fees

Besides its cutting-edge tech and governance structure, Anyswap’s
platform fees are remarkably low, significantly lower than Uniswap. 

For example, traders who use Uniswap’s Ethereum powered platform

need to pay a high gas price for each token swap transaction, and to
put things into perspective, each Uniswap transaction cost more than
$3.50 on average in August 2020. This is of course very problematic
when one takes into account that gas fees of this magnitude are a
huge barrier to users with low trading volumes, especially since gas
price is in no way dependent on transaction size.

To combat this, Anyswap have sent a real shock wave through the
DeFi space by providing an outstanding reduction in their rates, with
each transaction cost being less than $0.0001.

Given how Glassnode estimate that over 17,500 ETH (USD $6.8
million) are currently being spent on fees daily on Ethereum, the
attraction of Anyswap’s fees cannot be understated, and will surely
tempt many to consider swapping over; pun intended. 

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How safe is Anyswap?
Some may ask the question, how safe is it to yield farm on AnySwap
really? Well, the truth is that you can expect a ton from a newly
launched DEX. Behind AnySwap is co-founder Dejun Qian, who was
one of the first movers in the blockchain and mining industry in China.
Moreover, he founded the cross-chain finance blockchain project
Fusion, one of the first decentralized finance platforms. His reputation
is also backed by the fact that he founded BitSe. The company is
famous for creating popular blockchain projects QTUM and VeChain.

Therefore not only is the Anyswap DEX not founded by an

anonymous team, but it is also led by one of the most respectable
developers in the world of blockchain technology. With some of the
lowest gas fees and an engaging reward program, the future looks
bright for yield farmers to earn money.

Traders familiar with the market can also rely on AnySwap’s

stablecoin liquidity pools. Their nature provides minimal risk of
impermanent loss. Utilizing Fusion’s Decentralized Control Rights
Management (DCRM) technology, farmers should also have no fear of
losing assets. The innovative feature holds and manages
cryptocurrency assets as a decentralized custodian. This ensures that
your holdings are safer than traditional software wallets.

Getting Started Anyswap Now

Put very simply, what Anyswap are offering to the DeFi space (in
terms of technology, fees and user-experience), objectively speaking,
drastically overshadows the offerings of other platforms like UniSwap,
and this makes one wonder - how is this possible? 

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As has already been seen, every metric is met with flying colors, with
the only possible drawback being Anyswap’s low liquidity, which at
the time of writing, is around $6.58 million. However, this number is
sure to increase once people become aware of the aforementioned
benefits.

Current illiquidity also provides early investors with a huge

opportunity to reap the rewards the moment large numbers migrate
away from the likes of Uniswap after discovering the attractive
conditions of the Anyswap platform.  

So, much like when DeFi first started out with the intention of
bringing more peer-to-peer decentralised technologies to the masses,
the Fusion team are conducting their own mini-revolution by
challenging the current DeFi status-quo.

DeFi Example:
$150 hourly in Anyswap: Here is how

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The cryptocurrency market is entirely engulfed by the new DeFi
sector’s sudden rise in 2020. In June, investors locked only $1 billion
in collateral. Only three months later, a DeFi ‘craze’ led to investors
locking almost $10 billion into the sector. Brought by yield farming
and their enticing APY rates (Annual Percentage Yield),
cryptocurrency users quickly flocked to the new center of money.

According to one successful enthusiast on Crypto Twitter, one yield

farmer makes $150 on the AnySwap platform. He did not disclose the
amount of crypto capital he used to stake to earn this.

Source: https://defipulse.com

Moreover, the Anyswap platform rewards users with its native

governance token. Everyone who participates and actively uses the
platform can earn free ANY when using functions such as swapping
and yield farming for an additional flow of passive income. Another
important thing is that users pay minimal gas fees. With the lowest
gas fees on any platform, AnySwap charges 100k times lower fees
compared to Ethereum (and Uniswap) thanks to Anyswap being built
on the Fusion network, which results in lower network congestion.

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‘It’s more than passive income’
The anonymous yield farmer revealed that he approximately made
$150 on the platform every hour by joining one specific liquidity pool.
Currently, there are 5 liquidity pools farmers can use via the Fusion
token ANY, BTC, USDT, ETH and UNI.

To remove the risk of impermanent loss during the recent wave of

volatility in the crypto market, this user utilized the Tether (FSN/
aUSDT) liquidity pool. According to the DEX, Anyswap hosts around
$6.58 million in their liquidity pools.

Based on his locked collateral, which he chose not to publicly disclose,

and the 0.3% reward farmers earn from users swapping tokens, the
farmer earned $150 per hour. This would mean he earns $3,600 per
day, or $25,200 per week and $108,000 a month. This lucky yield
farmer noted: “It’s more than passive income, DeFi platforms like this
can replace my usual earnings from traditional job prospects.”

What contributed to his rewards was also the fact that the DEX
shares ANY tokens to users. Around 25% of the total supply of ANY
is allocated for trading rewards. Even swap traders receive ANY, 250
tokens per 100 Fusion blocks to be exact, which takes 22 minutes.

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Connect Metamask Wallet on Anyswap

Add and Remove Liquidity on Anyswap

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2. MakerDAO
With over $1 billion in assets committed, Maker is by far one of the
most recognized decentralized finance applications in the market. It
has a market dominance of around 60%, and about $600 million
worth of digital assets are currently locked in Maker protocol.

Why does MakerDAO earn a position as one of the top DeFi projects?

The decentralized credit platform (created and) supports DAI, a

stablecoin whose value is pegged to USD, which has become one of
the most used stablecoins in the cryptocurrency industry. Maker DAO
allows anyone to open a vault, lock in crypto collateral, and generate
DAI against that collateral. Unlike other dollar-pegged stablecoins, Dai
does not hold dollars in a bank. Instead, Maker uses smart contracts
and collateral in the form of ETH to maintain the price peg.

Dai can be used to lend (to earn interest), to make payments, to trade,
or to invest in other Ethereum-based assets.

What sets MakerDAO apart from other projects is the manner they
operate and are governed. Its governance and automation system
leverages Ethereum smart contracts to perform lending and
stabilization functions without a central identity.

The Maker Foundation is directing its efforts to prepare the voting

community to govern the Maker protocol after decentralization. The
three key elements of self-sustaining DAO (technical, human, and
procedural) will enable the community to administer a full
decentralized marker protocol taking care of every sphere of DAO.

It is reported that MakerDAO is voting on whether or not to extend

the collateral that they currently accept for loans to real-world assets,
and not just cryptocurrencies. This exciting proposal, if accepted,
would be a major development for the space as a whole.

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3. Synthetix

Synthetix is an Ethereum-powered decentralized investment platform

that enables users to create and trade so-called “Synths,” which
provide on-chain exposure to tokenized, synthetic versions of real-
world assets. It allows users to bet on crypto assets, stocks,
currencies, precious metals, and other assets in the form of ERC20
tokens. Trades take place on a peer-to-peer basis and on a non-
custodial basis. Currently, Synthetix has over $140.6 million held in its
liquidity pools.

Why is Synthetix one of the top DeFi projects?

Much of Synthetix’s recent success can be attributed to its innovative

token incentive model. SNX holders stake SNX in return for fees from
the Synthetix exchange and rewards from the system’s inflationary
monetary policy. To create a new Synth, more than 750% of the value
of the Synth must be staked as SNX. The more SNX staked and
locked as collateral, the less is available in the market and the more
valuable the token becomes. The proof is in the price. The SNX token

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made a dramatic rise in 2019 and is predicted to continue this
success in 2020 as well.

Synthetix uses a multi-token infrastructure based on a system of

collateral, staking, inflation, and fees. The system uses two types of
tokens – the main Synthetix Network Token (SNX) and Synths. The
system is similar to MakerDAO’s where ETH is locked up to create
DAI; In Synthetix, SNX is locked up to create sUSD (synthetic USD).
The sUSD acts as debt while SNX acts as the collateral. SNX is staked
as collateral to potentially create any synthetic asset – not just sUSD.

One of the core requirements of the Synthetix system is the ability to

get accurate information from the outside world, such as the price of
the Japanese Yen – and eventually the price of stocks like Tesla.
Synthetix has partnered with ChainLink to reliably bring information
to the blockchain without needing to trust a central party – very DeFi.

Synthetix began 2020 by demonstrating the “money lego” properties

of DeFi by integrating the sUSD stablecoin with the margin trading
platform bZx. But the big feature most have been waiting for is the
ability to trade stocks like Tesla and Apple on top of Ethereum – an
absolute game-changer for DeFi believers everywhere.

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4. dYdX
dYdX is an Ethereum-powered non-custodial trading platform that
enables crypto traders to go long and short digital assets on margin.
Currently, traders can trade ETH using the stablecoins DAI or USDC
with up to 5x leverage. Additionally, it enables users to borrow and
lend crypto. Lenders can earn up to 5.10%, while borrowers can pay
as little as 0.51% interest p.a. (depending on the asset). Over $19.4
million of Ethereum-based tokens are currently locked up in the dYdX
protocol.

Why is dYdX included in the list of top DeFi projects?

As a pure trading platform, dYdX is quite limited, but as a completely

open, and non-custodial financial protocol, it is one of the most
advanced. It is a trustless trade service with minimum risk from a
counterparty. It is non-custodial, so the user keeps control over the
assets. The platform provides instant access with no sign-up. It uses
the Ethereum Blockchain for smart contracts and security.

Its features are currently limited to basic trading between three simple
assets (ETH, DAI, and USDC), lending assets to collect interest, and
two types of margin trading: isolated margin trading and cross margin
trading. Though these are simple tools for the veteran trader, they are
a huge leap forward for the fledgling DeFi ecosystem.

As opposed to the margin trading, lending on dYdX is considered low

risk and passive. With dYdX, lenders automatically earn interest each
time a new block is mined. Any funds deposited on the platform will
continuously earn interest at every block and can be withdrawn at any
time with no minimum requirements. Because all loans are
collateralized and face the threat of liquidation, the lender will always
be repaid.

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5. Uniswap
Uniswap is a decentralized exchange protocol that enables users to
convert Ethereum-based ERC20 tokens on-chain in a private, secure
and non-custodial manner via an extremely easy-to-use user
interface. Instead of using order books, Uniswap makes use of
liquidity pools that help to boost the protocol’s exchange liquidity.

Why do we think Uniswap is one of the top DeFi projects this year?

Uniswap is one of the driving forces behind the current DeFi bull run.
Acting as a fully decentralized exchange, Uniswap differs from other
DEX’s as it leverages incentivized liquidity pools instead of order
books. Users that decide to provide liquidity are rewarded with a
percentage of the fees incurred on each Ethereum powered
transaction.

Currently, Uniswap has over $100m locked in liquidity pools and

hundreds of new listings per week. For novice cryptocurrency users,
there is a learning curve to using Uniswap as it functions off of
external ERC-20 wallets that are connected and used to trade assets
and provide liquidity. There are also considerations around slippage
and volatility that should be studied prior to using Uniswap.

Uniswap is going places, and the project’s stats are the proof.
Uniswap powers over $250 million in daily trading volume, making it
the protocol to beat in Ethereum’s blooming DEX scene right now.
Coupled with a newly launched UNI token and Uniswap’s great
trading UI and cryptonative earning opportunities, combine with the
protocol’s proven track record make it one of the top DeFi projects. As
such, it’s well poised to be a dominant project for years to come.

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Background: Diving Into DeFi
Decentralized Finance is most commonly known as DeFi, is a financial
ecosystem based on a collective network of participants on a
blockchain or a series of blockchains. In contrast, traditional finance
models are centrally operated, meaning they have an overarching
single point of governance like a company or third party authority.
DeFi is an umbrella term used to describe distributed blockchain
systems that function in any category of finance such as corporate,
personal, or behavioral finance. Most aspects of blockchain and
cryptocurrency are decentralized in nature but the true working
innovation of DeFi is when two or more of these chains and projects
can work together without a primary means of operation.

Almost everything we do with money is an extension of finance

including banking, loans, interest rates, derivatives and trading,
budgeting, or ownership of assets that have value like real estate. All
of these systems today work on our normal finance system that is in
custody of a select few or in many occasions a single point of contact
for those financial operations. 

Why is Decentralized Finance Important?

The concept and function behind DeFi is very important as we look at
the changing nature of how money works and operates in our daily
lives. A decentralized method to use money has unique benefits and
helps most participants within the system equally, while ensuring that
the system is highly secure. Most people trying to explain Defi want to
give counter-arguments against a centralized system instead of
discussing its prolific applications. DeFi has not only a substantial
amount of positives but also has features that are needed for a new
age of technology. 

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The two main pillars to DeFi are 1) equal participation of the network
and 2) allowing a distribution of authority, which in turn makes it more
equal and open to all participants. In short, a DeFi network is
designed to be open to all and secure by hackers or takeover. 

Being an equal participant in a network means you will not be

disregarded or discriminated against based on fundamental identities
like race, gender, religion, age, or country of origin. It will also be much
more difficult for someone to be excluded based on financial tools
such as credit scores, income size, and standard of living unless the
financial service specifically requires it. Many of the projects in the
DeFi space are open source and have their code listed, available to all. 

Understanding the History of Finance

In order to understand the importance of DeFi further it is important
to visit a basic understanding of the history of finance, which has
changed as social economics have developed. The origin of money
itself is not easily defined throughout human history. A common
thought but myth of “financial history” is that the monetary system
was preceded by a barter system, which some anthropologists claim
is not true. Nevertheless, there are historical records that date back to
9000 BC where domesticated cattle and livestock was used as a
“money of exchange”. 

We do not know if a true barter system was in play as a network, but

we do know that certain materials have been used (like the livestock
example) as well as natural metals found throughout the world like
gold. Using metals in this way is called commodity money. The first
solid evidence of this is Mesopotamia in 3000 BC, which coincidently
allowed their economy to work at a larger scale. 

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As centuries passed, many problems and complexities arose with the
issuance of metal weighted coins despite this being an innovative
way for economic standardization. Issues like metal coins wearing
down over consistent use could devalue the coin. Fraud has been
committed by changing the metallic composition of coins, even for the
benefit of royalty. In addition to the problems of manipulation, it was
often a burden to carry so many coins if you wanted to save or
purchase something of great value. Being a huge target for theft was
also a real threat because sacks of money could not easily be hidden
from the public eye. 

The beginning of the concept of “account money” was credited to

Babylon around 1800 BC regarding interest rates to payback
borrowed assets. Paper money however did not appear until the 11th
century by the Song Dynasty. Banknotes, promissory notes that can
be exchanged for money, were issued in the 1600s but quickly
collapsed in less than five years. Afterward, banknote popularity grew
exponentially as economies shifted away from material exchange in
favor of an exchange based on a pegged measure of value.

Banking in the 15th century became common and was typically done
by people groups or families. By the 17th century, modern banking
took shape as a result of lending and interest rates merging with
paper money. Some of our troublesome financial practices seen today
like fractional reserve banking took shape around this time. Paper
money was gaining significant ground but still pegged to a coin of
value or metal. However, decoupling of precious metals and pegged
currencies started to change, beginning with Great Britain and
eventually with other countries like the United States in 1971, when
Nixon took the doll off the gold standard. This marked a full,
worldwide scale of money being decoupled from value to a reliance
on authoritative trust. 

Page 28
As you may be able to see with these historical patterns, it has always
been difficult to see whether financial services and money is defined
by a money of exchange (gold, grains, or property) or money of an
account (debts or loans). Ironically, blockchain technology seems to
combine both of them, with cryptocurrencies like Bitcoin and
Ethereum as commodities of sustained value in combination with DeFi
for lending and other services through smart contacts. It is quite
literally a confluence of the entire record of money in human history.

The Problems With Centralized Finance

There have been many apparent problems associated with the
centralized nature of financial institutions, especially within the last 50
years since the dethroning of gold toward a full favor of paper money.
Banks and financial companies have had to pay massive amounts of
settlements on their unethical practices but sometimes the
punishments are worth far less than profits of their breached terms.
Banks are also guilty of manipulating precious metals like the case of
JPMorgan: a bank that created manipulation of gold and silver during
an eight year period, given a relatively petty fine of $550 million, and
up for a second case of criminal charges in 2020.

Another issue is blatant security flaws that are extremely problematic

when you consider that these institutions can be compromised much
easier as a centralized system. Even mobile banking has its limits as
the top 14 mobile banking apps all felt short of proper security
measures for their users. Something that has a centralization to its
operation has less points and often a single point of failure to which
money and data could be compromised. The broader part of the world
lives largely in a paper money market within a digital era, making
them essentially out of reach in a modern approach to finance. Paper
money is showing severe weakness and as technological advances, a
digital coin has been seriously addressed around the world.

Page 29
Birth of Bitcoin & the Crypto Boom
Over the span of decades and different economic issues like the
housing market crash in 2008, many people started to lose their trust
in the banking system as a result of centralized manipulation and
constant bailouts. This led someone by the alias of Satoshi Nakamoto
to create Bitcoin in 2009. As an ode to the flaws brought about by the
banking system, Satoshi was able to write a message within the
genesis block with the phrase “Chancellor on brink of second bailout
of banks”, a nod to a feature article about Allistar Darling to “pump”
the economy by giving banks cheaper state guarantees. 

The popularity of Bitcoin caught wind and started to grow with the
idea that it was a functional system of exchange without the need of a
“trust party” like a bank. The first “official transaction” was done by
someone ordering a pizza for 10,000 BTC, who asked someone on
the internet to buy two pizza in exchange for Bitcoin. The day on
which this happened is now celebrated as Bitcoin Pizza Day.
Although the road of Bitcoin from then til now is slightly complex in
how people have used it, overall it has managed to be a successful
system with more uptime than some of the most popular and secure
companies of today.

The rise of Bitcoin also gave rise to the creation of other

cryptocurrencies like Litecoin and XRP in 2013 but in more recent
years came the Ethereum blockchain by creator Vitalik Buterin which
is the main highway today where DeFi is currently being used.

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The World of DeFi
Understanding the DeFi Ecosystem
Today, there are over 60 established DeFi tokens and growing, with
almost 200 mentionable DeFi projects. These tokens and projects
help create solutions in the decentralized finance space in contrast to
the issues of banks and other centralized platforms. DeFi projects
have real world comparisons with the features they provide like
payments, loans, derivatives, and even refinancing options. Many of
these projects have extremely intuitive user experiences as well.

Before you can understand the nature of DeFi and decentralized

finance projects working together, it’s important to understand the
entire ecosystem. As one would expect, decentralization plays a
pivotal role in the world of DeFi, most notably in the area of
functionality without a party of trust. A person is able to buy, sell, and
trade digital assets without talking to anyone or trusting in an online
network to keep running into order to obtain a successful exchange.
Uniswap is a perfect example of this, where someone can simply go
to the website location, connect a wallet, select the coins they wish to
exchange, and do so by paying minimal fees.

DeFi has wallets, APIs, plugins, applications, and interfaces all located
on a blockchain or connected to a blockchain. This series of features
are the on-ramps to what DeFi can accomplish: adding coins like DAI
and USDC within a blockchain system to generate annual percentage
yields (APY) like a savings account, or using lending capabilities to let
other users take advantage of the capital which not only stays in your
ownership but can also generate more capital off of the borrowers
trading fees. Some projects allow you to own wrapped tokens of
popular coins (such as wrapped Bitcoin) that can be kept in cold
storage while generating interest in real time.

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DeFi Explained Beyond the Surface
These features not only have similarities of traditional finance, but
also offer better yield rates and allow someone to utilize a blockchain
for peer to peer lending and borrowing. In the world of banks, credit
unions, and lending companies this can take a matter of days or
weeks and much longer if you need to establish or repair qualifying
credit. In some of these cases, credit scores are checked as well as
income stabilization and history, which can often be a source or
inaccuracy or discrimination. Paperwork for standard loans can be
susceptible to human error while sectors like the automotive industry
can manipulate consumers into longer terms through coercion to pay
higher interest through the deception of lower payments. 

In contrast, blockchain technology plays a pivotal role in DeFi with

code setting the terms, agnostic toward a user’s identity (only money
talks), and by eliminating human error or manipulation. DeFi offers the
following benefits in comparison to traditional finance:

▪ Higher APY rates: annual return for locking a stablecoin like DAI
or USDC is 4% (250 to 400% higher than the average popular
savings account). Rates on DeFi projects Aave, Compound, and
Dharma are 6-7%, and DEX’s like Anyswap can be over 400%.

▪ Ownership of Assets: you are in control of how you maintain

your digital assets, where to store them, how you spend them,
and when you buy or sell them. You can import multiple wallets
to the same location and even integrate the same wallets in
multiple exchanges at once, eg. Your private wallet connected to
Uniswap while you also have a visual of your assets on a
beautiful interface and DeFi index database like Zerion.

▪ No manipulation of terms: No salesmen, no fine print to trick

you. The blockchain code keeps changes from the terms.

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Understanding Ethereum inside of DeFi
Decentralized Finance uses assets to create financial services by the
means of smart contracts, which of course can only be done on
blockchains that have these capabilities. Although there are a few
different blockchains offering this service under the hood, the biggest
blockchain by far in the world of DeFi is Ethereum. 

Ethereum has a rich but short history with the vision that was built
around smart contacts. This feature allows users to build on the ETH
network in numerous ways – from something as basic as messaging
or currency exchange or to something more complex, such as creating
tokens to be used for other sub-networks, applications for file storage,
and decentralized autonomous organizations (DAOs).

With this suite of benefits, ETH grew very quickly in the crypto world
and many projects were built on top of it. Ethereum uses its own
programming language called Solidity which is very similar to
Javascript, allowing easy transfer of skills. After some time, DeFi
projects started to exist without being labeled as such. Projects that
are successful today that were first movers are coins like the 0x
Project and Aave (formerly LEND, which goes by the same ticker).

Every project built on the Ethereum blockchain must naturally use

ETH as a means of exchange. This reliance on the Ethereum
blockchain has many strengths as this gives the blockchain more
value. Conversely, with most of the DeFi projects on the ETH
blockchain, there are concerns of the network faces issues regarding
scaling, which has been evident through network congestion causing
higher ETH gas fees in 2020.

Page 33
Other DeFi Blockchain Networks
It would be unfair to focus only on the Ethereum network despite the
fact that the umbrella term of DeFi uses Ethereum for 95% of all its
operations. The emergence of other blockchain platforms being used
for decentralized finance gives a look into what DeFi could offer in the
future. Some of these chains also existed before Ethereum but have
been slow movers. Nevertheless, the Ethereum network was the first
big mover and presents creators with a “self-fulfilling” dilemma. If
someone wishes to work on DeFi, Ethereum is the easiest path to take
yet this also creates less innovation on other platforms. All things
considered, the space is still early and encourages innovation on both
the Ethereum chain and others as well. There are some possible
contenders in the space in addition to some upcoming blockchains to
take advantage.

Here is a list of popular and rising DeFi platform networks. There are
hundreds of projects with a decentralized component, but this list
focuses on those that have a strong financial application, have a
considerable amount of developer activity, and are actively trying to
work alongside other projects with similar intentions:

▪ Ethereum: as expected, this chain is the largest by far, holding a

multitude of projects like MakerDAO, Aave, Compound, Kyber
Network, Synthetic, and Balancer, all of which have tokens of
their own, in addition to non-token projects like Instadapp and
Uniswap. 

▪ Fusion: Fusion's cutting-edge interoperability solution ensures

that Fusion is the most connected ecosystem in the
cryptocurrency landscape. By combining Fusion's interoperable
architecture with the ability to express asset ownership over
time, asset holders are able to monetize the time-value of their

Page 34
 assets. From this, a new reality of value-exchange emerges, from
mundane to sophisticated financial instruments.

▪ Band: Functioning more as a cross-chain platform than its own

dedicated network, Band Protocol is a non-discriminative oracle
that connects data together for scalability. Band is not designed
to be a competitor but instead a helper; the chain integrates with
the Ethereum platform and other chains.

▪ Cosmos: Otherwise known to many as the exchange ticker

ATOM, Cosmos is another cross platform solution like Band
Protocol, but uses integrations like Tendermint BFT for
consensus measures and the Interblockchain Communication
module for interoperability. Cosmos is designed to work as a
SDK.

▪ Nervos Network: Trying to take the best of every chain, the

Nervos Network is a layer 1 solution which uses smart contracts
on a proof of work (PoW) consensus for the purpose of multi
digital asset support. The network is actively trying to manage
solutions that the Ethereum and Bitcoin blockchains have yet to
solve.

▪ Polkadot: Created as an open source project by the Web3

Foundation, Polkadot is a platform designed to be a network
protocol for future integrations that “are not yet created”. The
creators of Polkadot are letting people lead in which blockchain
platforms to use while they create tools to make those platforms
better. This project is more about making hammers and nails to
build a house instead of building the house itself.

▪ Wax: The new WAX tokenomic model that combines WAX’s

operational advantages for creating and trading NFTs (non-
fungible tokens) with Ethereum’s superior DeFi financialization

Page 35
 capabilities. The WAX Blockchain will continue to perform the
core NFT operational functions (i.e. item creating and trading),
while the capital generated from WAX NFT commercial activities
will be transferred into the vast and growing network of financial
services available on Ethereum.

▪ Bitcoin: You might be surprised to see the king of cryptocurrency

itself on this list, but Bitcoin is a decentralized network that has
been used for financial applications. In addition to a multitude of
wallet support and blockchain integration on other chains to
create Bitcoin wrappers, its most famous “DeFi” project is the
Lightning Network. This project was designed as a Layer 2
solution to the scaling issues that Bitcoin faced.

Page 36
Wallets in the DeFi Ecosystem
Taking advantage of the DeFi world requires someone to have proper
asset management. A required aspect of this management is the
ownership of wallets on the network associated with the DeFi coin or
service. A wallet is the location where you can interact with your
digital assets and cryptocurrencies. Wallets are able to help monitor,
send, and receive assets based on the public and private key data that
is given. 

There are four main types of wallets with some similarities between
all of them:

▪ Cold Storage Wallets: this is a type of wallet that stays offline

for most of its lifespan. The main feature of cold storage wallets
is its ability to be stored offline to prevent unnecessary hacking
or theft. Common examples of cold wallets include Leger and
Trezor storage options, but also include more archaic options like
paper, notebooks, and metal punch cards.

▪ Hot Storage Wallets: this wallet type is one that generally stays
online or connected to a software system or exchange. The
benefit of hot storage is the instant connectivity for deposit or
withdrawal of an asset. The most common examples of this
includes wallets on an exchange or through applications on
mobile devices or browser extensions.

▪ Multi-Signature Wallets: the main feature of multi-signature

wallets, or MultiSig, is the added layer of security by requiring
multiple users access to the wallet, each with a “key”, where a
certain number of keys are required to access the digital assets
within the wallet. A popular multisig service is called Casa which
uses a subscription service.

Page 37
 ▪ Name Service Wallets: some wallets have unique features that
make it easier to transact. The most common type of service
wallet is called Ethereum Name Service, or ENS. This allows you
to use names with the ETH suffix attached (crypto.eth) instead of
standard ledger addresses that are less readable to the untrained
eye. The wallets are automatically configured to send and receive
transactions without needing to remember long addresses or get
scared about losing funds. Another type of special wallet is called
a Blockchain Domain Name, which is a decentralized web
address (myExample.crypto) where you can send assets to
directly. This is mainly a service created by Unstoppable
Domains.

Here is a list of the most integratable wallets used in DeFi for the
Ethereum network (add popular companies using each one of these):

▪ MetaMask: the MetaMask wallet is the most common wallet

integration. Advertising themselves as a “crypto wallet and
gateway to blockchain apps” they have foundationally built
themselves to integrate with a very broad range of DeFi services.
MetaMask allows for almost any kind of ETH token integration
like erc20 and erc721, with the ability to add funds through
mobile payment systems like Apple Pay. MetaMask also is the
wallet that can most easily be used for the Fusion blockchain.

▪ Fortmatic: recently changed to Magic, this wallet is actually an

SDK built for web3 and dApp integrations. Fortmatic goes a step
farther than MetaMask by allowing developers to customize
wallets with an intuitive UI. For those that are not developers,
they also offer out-of-the-box integration. Fortmatic is a great
choice if you are running a business and would like to accept
DeFi payments. For those without an online business, this is still
a fantastic wallet that’s popular on a lot of DeFi sites today. 

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▪ Coinbase Wallet: as you may expect from the name, this is a
wallet created by Coinbase. One of the strengths of Coinbase
Wallet is it’s ease of use and integration, making it a decent
option for both users and developers. In addition, Coinbase
Wallet lets you add collectibles like Crypto Kitties as well as
different types of ERC tokens and also supports DNS
transactions. You can also switch away to other wallets like
MetaMask and MyEtherWallet. Last but not least, Coinbase
Wallet is mobile friendly and available on most app stores. 

▪ Trust Wallet: another common wallet is Trust Wallet which

provides a comprehensive package for the everyday DeFi owner.
The main feature of Trust Wallet is it’s ease of use and UI, along
with personal ownership of assets. Instead of having flashy
features, Trust Wallet just tries to do things simple and effective.
They also have a mobile app for iOS and Android in addition to
having a convenient browser plug-in so you can access DeFi
within the wallet. Trust Wallet was purchased by Binance.

▪ Portis: adding to the clean interface and intuitive UI wallets is

Portis, which is the most elegant of all of them. They are able to
do something that most popular wallets do not offer: they allow
users to sponsor the gas fees of other users so they can send
their transactions in a more friendly way or if they need to send
money without concern for fees. Called Gas Relay, it is
operational by use of the Gas Stations Network which is an
Ethereum Improvement Proposal (EIP).

▪ MyEtherWallet: recently rebranded to the acronym MEW,

MyEtherWallet is one of the original ERC-20 compatible wallets
and has a simple feature set of basic wallet functions to have a
wallet that just works. MEW is also an open source project.

Page 39
▪ iM Token: another wallet that was one of the first, imToken is
known for being a multichain wallet that supports over 200,000
cryptocurrencies and tokens, in addition to offering bleeding
edge DeFi features like Yield Farming and staking. The imToken
wallet also offers an impressive connectivity to eight different
chains.

▪ Argent: a completely Ethereum based wallet, Argent packs a

very heavy punch in a small package. It is a crypto wallet first
and foremost where you control the assets, but also allows a
heavyweight of DeFi integrations like Maker, Compound, Aave, in
addition to unique DeFi projects like Pool Together and an AI
based blockchain project called Token Set which allows you to
purchase special assets for algorithmic trading and crypto
management.

Page 40
The Power of DeFi in Action

Peer to Peer Transfers

DeFi allows you to do one basic but breakthrough financial service
since before its name even became popular: sending and receiving
digital assets from one person to another without relying on a bank or
wait times. It shouldn’t be understated on how valuable sending
money this way can be.

Sending money this way solves a multitude of issues:

▪ No reliance on a company or third party

▪ No restrictions on sending or receiving times
▪ Exchanging hands from anywhere on the globe 
▪ Extra layers of security 
▪ Much more general privacy and less eyes looking at the
transactions for approval 

▪ Not using your exchange for data gathering or intelligence 

Certain services like Cash App have made great strides to have a
more peer to peer experience, however users are still limited to things
like daily withdrawal limits and KYC regulations. Crypto.com has also
made good progress in designing a “Plan B” that combines crypto
wallets with earning interest options and a Visa debit card. Although
Crypto.com (formerly Monaco) is almost fully centralized, they do offer
a wallet to transfer your private keys into your hands. 

A more decentralized option that focused on payments is Flexa, who

has a pretty solid partnership with a number of heavy hitters in the

Page 41
cryptocurrency space including Gemini, Shape Shift, Bread, Dharma,
and many others. 

Another popular payment system is the Lightning Network that

although is an independent system that adds smart contract
functionality, it is most commonly used on Bitcoin. 

Decentralized Exchanges
With DeFi or decentralized finance being one of the hottest topics in
the crypto space; it should be remembered that DeFi was the original
objective for the creation of blockchain technology in the first place,
designed to represent the future backbone of the financial world. That
being said, it was only recently when effective and practical tools
were developed to achieve this objective. Decentralized exchanges
and liquidity pools are among the tools leading the DeFi revolution.

In 2018, decentralized exchanges (DEXs) were starting to become a

reality and have made lots of headway since then. These exchanges
allow you to trade your digital assets from one kind to another
without relying on a centralized exchange.

A number of benefits are present in DEX trading:

▪ Higher security by trading directly from a connected cold wallet

instead of a built in exchange wallet 

▪ Not nearly as restricted to one particular exchange

▪ Less requirements for identification like KYC
We are still in the early days of DEX trading so liquidity can be an
issue, but the ability to trade currencies without a third party is a great
feature. 

Page 42
Users who want to trade in a fully decentralized manner have many
options to choose from, which can make it confusing to make the right
choices, depending on their wants and needs. In this article, we’ll
break down three of the most popular and promising swap and
liquidity providing protocols currently on the market: Uniswap as a
popular option, and Anyswap and Trustwap as new promising
options.

We will first discuss the features of each platform, then compare them
based on the most important criterias for users. So, without further
ado, let’s start by reviewing Anyswap, one of the newest most
exciting developments in the entire crypto space.

Anyswap

Anyswap exchange is a new open-source cross-chain swap protocol

that provides automated pricing and liquidity systems. Anyswap is
built on Fusion chain and powered by Fusion’s DCRM technology
(Distributed Control Rights Management) which allows swaps to
occur between any coin or token from any blockchain that uses the
ECDSA or EdDSA signature algorithm. Simply put, users will be able
to swap between BTC, ETH, XRP, USDT, LTC, FSN, ERC20 tokens and
other coins in a fully decentralized and secure way.

Page 43
Anyswap introduced ANY, on Fusion blockchain. ANY is a governance
token that allows its holders to make decisions, such as voting for the
listing of new coins or tokens, and electing Anyswap Working Nodes
(AWN). ANY token will also be used to reward users for using the
different features offered by Anyswap, such as exchanging coins and
tokens, adding liquidity to pools, or running Anyswap nodes.

Anyswap Working Nodes will therefore be elected by the community

(ANY holders), this process will contribute to the full decentralization
of the network, and the Anyswap team does not have any control
over your funds.

Anyswap has grown with more than 6.5M USD contributed to the
pool. Also, the annual yield percentage managed to stay highly
profitable, at 430%. 

Anyswap continues to list more major tokens, which in recent months

has included USDT, ETH, UNI and BTC. This is continuing to bring
more adoption and higher numbers to Anyswap.

Another important development is its strategic partnership with

Hotbit. The centralized exchange Hotbit and Anyswap will mutually
collaborate on top DeFi projects and the discovery of new DeFi
tokens. All DeFi related projects issued on Anyswap will be listed on
Hotbit with top priority. Hotbit will also provide Anyswap with $1M
worth of liquidity to build their mutual DeFi ecosystem.

Page 44
Uniswap

Uniswap is an open-source swapping protocol that facilitates on-

chain exchanges within the Ethereum blockchain. Uniswap allows
users to swap between different ERC20 tokens in addition to Ether
(ETH) through an automated liquidity system. 

Uniswap like Anyswap, has recently launched their UNI utility

governance token. It is currently one of the most used and popular
DeFi tools according to DeFiPulse, with more than $2.6B in locked
value.

Earlier this year, the DeFi space and particularly Uniswap, suffered
from flash loan attacks that allowed hackers to run away hundreds of
thousands of dollars. To remedy this situation, a new version of
Uniswap has been released. Uniswap 2.0 is more resistant to this kind
of attacks and offers more advanced and suitable features to the DeFi
space.

Page 45
Trustswap
Trustswap is a new ecosystem whose main objective is to facilitate
financial transactions and offer lower fees for businesses. Trustswap
specializes in financial services that can be done through smart
contracts such as time-released payments, token locks, event release,
cross-chain swaps, and other DEX solutions.

Trustswap will use a governance and utility token “SWAP”. It is an

ERC20 token that gives its holders voting rights to govern platform
decisions. Also, the platform will charge lower fees when paying
services using SWAP tokens.

Initially, Trustswap will provide these services within the Ethereum

blockchain, and then extend to other blockchains through wrapping
coins into ERC20 tokens. The whitepaper was recently released,
which focuses more on explaining the services the platform will
provide and less on the technical aspects that allows the ecosystem to
provide complex services as cross-chain wrapping and time-released
payments.

Now that you have a general idea about Anyswap, Uniswap and
Trustswap, let’s compare them based on the most important aspects
for users:

• Defi: Which protocol is the most suitable to current Defi needs

and offers the best features?

• Rewards and fees: Which decentralized exchange has the

lowest fees and the best rewards?

• Security: Which protocol provides the highest security and the

safest experience?

• Prospects: Which protocol is expected to have the best adoption

and success in the future?

Page 46
Comparative Analysis

Page 47
DEX DeFi Rewards and Fees
Let’s first look at network fees, a crucial aspect because fees vary
greatly from one network to another. We’ve seen how offering cross-
chain DeFi transactions is important, but how important is it for users
to pay lower fees? As a rhetorical question, we know this a major
incentive for acquiring users!

Let’s see a comparison of fees in this transaction: $1,240 in Ether on

the Ethereum network, with $ 7.45 in fees. Compare this transaction
on the Fusion Network,  where a transaction of 2112.99 FSN valued
at $1,364, costs  0.000066FSN (around $ 0.000043).

The numbers speak for themselves, and the user who made the
transaction on the Fusion network paid around 100K times less than
the Ethereum network user.

The first transaction is an Uniswap transaction, while the latter is a

transaction from Anyswap. As you can see, Uniswap and Trustswap
users pay high transaction fees, while Anyswap users pay 100,000x
less  in transaction fees. Anyswap is the only swap protocol that
supports ERC-20 tokens without being built on Ethereum. Users can
access Ethereum tokens through its cross-chain technology with
much lower fees than exchanges built on Ethereum.

Also mentioned earlier, in addition to Ethereum, Anyswap uses DCRM

technology to support listing major blockchains such as Bitcoin,
Cardano, Litecoin, Cosmos, and Ripple.

Now, let’s move on to platform fees and rewards. When swapping

cryptocurrencies, Uniswap charges a 0.3% fee which will be used to
reward liquidity providers of that particular pool proportionate to their
contribution to the pool. On the other hand, Anyswap charges a 0.4%
swapping fee, from which 0.3% goes to liquidity providers, and 0.1%
to the project.

Page 48
Does it mean that Anyswap charges more than Uniswap? No, and
here’s why.

Do you remember ANY, Anyswap’s utility and governance token?

ANY is used to reward all the users of the exchange, including swap
traders. Indeed, 25% of its total supply has been allocated to “Swap
and Trading.” Swap traders will share 250 ANY for every 100 Fusion
blocks, proportionate to their trading volume during this period.

While liquidity providers share the 0.3% trading fees as rewards on

both Anyswap and Uniswap, Anyswap liquidity providers will receive
around 9900 ANY daily, in addition to the 6600 ANY they earned
before Working Nodes are set up. This is significant considering the
current price of ANY.

DEX Security
Uniswap has been up and running for almost two years. During this
period, several attacks targeted DEXes, with the most notable one
known the flash loan attack that occurred earlier this year, resulting in
the theft of $ 350K worth of Ether. This was one of the main reasons
that led to the launch of Uniswap V2.

Uniswap V2 was launched with the aim of offering more features, but
above all, to strengthen the security of the exchange. However,
Uniswap users are still facing a token listings issue. Basically, anyone
can add fake cryptocurrencies to Uniswap, and choose to give these
tokens names and logos similar to famous cryptocurrencies, which
means you have to be very careful to not be scammed while trading
on Uniswap, always check the Ethereum smart contract address.

On the other hand, Anyswap will be fully decentralized through the

use of Anyswap Working Nodes. The Anyswap team does not have

Page 49
management over its users’ tokens, unlike other exchanges such as
Bancor that claim that they are decentralized. Bancor was hacked
back in 2018, and the team managed to freeze the stolen BNT tokens.
You may think this is good news, however, the team managed to do
this because it had control of BNT smart contracts.

On Anyswap, users can safely trade coins and tokens without

worrying about buying scam tokens. Moreover, Anyswap uses an
already established cross-chain technology, and it is the only
exchange that rewards all the users, including swap traders, for using
the platform.

Uniswap, is a reputable swapping protocol among the Ethereum

community. However, it is limited to Ethereum blockchain, and its
other main issue is that it makes it easier for scammers to list fake
tokens and steal users’ money.

Trustswap has a lot of hype because it promises a lot of interesting

features in its whitepaper. However, very few technical details are
provided on how the team will implement these features.

Anyswap looks to be the best exchange when it comes to security,

and the most suitable option in terms of cross-chain DeFi.

Page 50
DEX Overview
Here is a quick review of some other DEX platforms:

▪ Uniswap: one of the oldest on this list, Uniswap is a liquidity

providing protocol that allows you to trade ERC-20 tokens. It has
a robust set of features with swaps, flash swaps, pool creation,
and the use of on-chain price oracles.

▪ Macha: created by the owners of 0x project and the ZRX token,

Macha is an extremely simple, UI focused exchange that allows
you to trade directly from your wallet without any KYC or user
identity confirmation. Matcha also specializes in getting the best
price for an exchange by using liquidity aggregators. 

▪ Curve Finance: the main feature of this exchange is to have an

extreme efficiency in trading stablecoins like USDC, USDT, and
DAI. The features that make this happen are low fees in addition
to extremely low slippage variables.

▪ Balancer: a very unique approach to an exchange, Balancer is a

pool management protocol system that allows users to add or
create liquidity and in turn helps enhance the built-in market
maker system that Balancer operates on. They are advertised as
the opposite of an index fund. While investing in index funds, you
give your investments to portfolio managers for constant
rebalancing. Balancer allows you to instead gain money from
trading fees associated with a portfolio rebalance by taking
advantage of network arbitrage.

▪ Bancor: the Bancor Network is an exchange that is similar to

other DEXs but relies on non-custodial trades so it doesn't use
the typical methods of liquidity like other exchanges.
Furthermore, it uses three DeFi chains on its exchange:
Ethereum, POA, and EOS.

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▪ Loopring: processing trades at over 2000 per second, Loopring
is a DEX that uses a zero knowledge process which creates an
extra layer of security and off-chain relayers that help with the
smart contact system for the on-chain assets used in trading.

▪ Kyber: the Kyber Network is an exchange that takes an all-

inclusive approach to liquidity by tapping into a manifold set of
aggregators such as market makers, liquidity pools, and token
holders. Having all of these liquidity departments also allow them
to generate the best price for a buyer or seller. Another unique
feature of Kyber is the traders are done completely on-chain

▪ DeversiFi: the features behind DeversiFi are straight and simple:

the ability to offer fast trading with low fees. The claim for this
exchange is the ability to manage over 9,000 transactions per
second and a very low fee cost ranging from 0.2 to no fee at all. It
uses a special scaling layer to achieve this. The final result of the
trade finishes on-chain.

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Lending Pools
The lending sector of DeFi is arguably the most popular and
competitive area. It is a frontier that is stretching what DeFi is able to
accomplish by allowing users to add their assets to a smart contract
and use their crypto in different ways. One of the main benefits of
lending pools is allowing participation in interest staking of different
coins. Users simply deposit the amount they wish onto the blockchain
transaction and they are able to obtain interest as long as it remains
on contract. Some of these lending contacts let you generate interest
in real time and in cold storage. 

The second main benefit is the ability to lend assets into a pool to be
used by others for trading or investing. This allows you to generate
rewards like interest or their fees associated with trading. This is also
a great benefit if you have crypto set aside that you don’t wish to
trade but still wish to put to good use.

Lending pools are a great utility in DeFi. They share many benefits
with centralized systems but without the drawbacks that come with a
single point system.

Here are some of the selling points of lending pools:

▪ Community driven 
▪ Equal opportunity and participation 
▪ Secured collateral: nothing is loaned beyond the pool scope 
▪ No paperwork, restrictions, wait times, or haggling or terms
▪ No company in the business of your own assets
▪ Many different options and rates well beyond normal centralized
rates

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Here is a list of some of the most popular DeFi lending projects:

▪ Maker: the project behind the stablecoin DAI, Maker is a lending

platform that gives users credit by locking in assets as collateral.
Utilization of that collateral is up around 150% collateralization
ratio. Maker also has an option called Oasis Save which allows
users to generate interest on their DAI.

▪ Compound: another DeFi lending platform that allows users to

borrow assets, Compound has options to create collateralized
loans of 50-75% of their deposited asset value. Compound has
made impressive partnerships including Coinbase Custody,
BitGo, and Token Tax.

▪ Aave: more famously known for its flash loans, Aave is an open
source protocol that primarily lets users generate interest in their
assets when deposited to the protocol. In addition, collateral
based borrowing is available but is dynamic based on the type of
asset instead of a flat rate.

Roles of Stablecoins in a DeFi Network

Stablecoins take a big spotlight in DeFi and are very important to
consider why they are used and how they are beneficial to this area of
cryptocurrency. If you are unaware of what stablecoins are, they are
coins or tokens that are designed to have low volatility in order to
maintain a certain value. These stablecoins are typically backed 1:1 by
the asset that it’s supposed to represent. The most common type of
stablecoins are coins pegged to the United States Dollar like Tether,
USDC, TUSD, and Dai. Others are pegged to other currencies like
Canadian Dollars of Euros (TCAD, TEUR). In addition, some are
pegged to volatile assets like Ethereum and Bitcoin, known as
wrapped assets, in this case wETH and wBTC respectively. Although

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ETH and BTC are coins we consider volatile, they are still not volatile
according to their own currency: 1 BTC or ETH (in this case wBTC and
wETH) remains 1 BTC or ETH as that is the denomination of those
currencies. 

Stability in DeFi is important because it decreases the amount of

variables in a financial service like lending or investing. It wouldn’t
make a lot of sense if you had a stable APY but the asset varies in its
own value. This would cause uncertainty in the value of your asset or
the benefit of someone lending an asset. Although you can leverage a
volatile asset, this dramatically increases your chances of liquidation
or massive expectation of asset value. As a result, stablecoins are a
mainstay. 

The most popular stablecoins in DeFi are as follows:

▪ DAI: a decentralized token on the ETH blockchain and “soft-

pegged” on a 1:1 ratio to the USD owned by MakerDAO

▪ USDC: known as the USD coin, this is a 1:1 pegged ERC-20

token of the US dollar. It is on the Ethereum network with
founding companies of Coinbase and Circle.

▪ USDT: one of the original stablecoins known as Tether and also a

1:1 peg to the USD hosted on the Omni blockchain where they
state the coins are backed by various reserves like Gold 

▪ TUSD: otherwise known as the Trust Token, this is a 1:1 peg to

the USD 

▪ SUSD: a 1:1 dollar peg issued by the Synthetix project on the

Ethereum platform

▪ BUSD: Binance stablecoin that is 1:1 USD peg in partnership

with Paxos and used for decentralized finance services 

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Wrapped Bitcoin, Ethereum, and Other
Digital Assets
Some functions of DeFi require you to trade digital assets that aren’t
compatible with a platform you wish to use for a service. This requires
a process known as “wrapping”. While nothing is technically being
wrapped in a physical sense, it is a descriptive term for creating
compatibility to a specific network architecture. Bitcoin has many uses
on other networks and not just as a standalone currency. Users can
wrap Bitcoin to be compatible with the Ethereum network for
example which allows that Bitcoin to be ERC-20 compatible that is
also backed 1:1 in value. This is also backed by some of the biggest
Defi projects and oldest crypto projects in the space. Another big
example is Ethereum, which is not actually compatible with its own
network, so wrapped ETH tokens also exist and are the most popular
wrapped non-stablecoin token. In addition, a lot of stablecoins are
also wrapped like sUSD (Synthetix) to be compatible with their own
exchange.

Wrapping an asset provides more benefits than just compatibility

benefits. Wrapped assets also offer liquidity to a blockchain, allows
hard assets to be directly tradable with tokens, and reduces noise by
only utilizing one node (if on the Ethereum network for example)
instead of multiple. This is aso very handy for decentralized
exchanges. In other words, less moving parts so less complications or
things to break. When an asset like Bitcoin is about to be wrapped,
the Bitcoin is taken under a smart contract and a wrapped BTC token
is minted and used while it is held. A user under this smart contract
keeps ownership of this wrapped BTC until its use has expired, which
can then be burned in exchange for receiving BTC of equivalent
amount back to the user.

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Coins in this way are recognized as wrapped by using the lowercase
“w” prefix, for example: wBTC and wETH for wrapped Bitcoin and
wrapped Etherum respectively. It is also assumed that the tickers in all
caps, WBTC and WETH, are also considered wrapped.

According to btconethereum.com, over 131,000 bitcoins are already

currently locked in the Ethereum blockchain, a figure that increasing
every day, representing over 0.7% of the circulating supply of BTC.
This gives a clear idea on how early we are in the DeFi space. DeFi is
now worth over $10 billion.

Single Block DeFi Unsecured Loans aka

“Flash Loans”
Most of the features available in DeFi lending today are collateralized,
which means that users must have a digital asset or similar collateral
in order to move forward with a feature. That changed not long ago in
the crypto world with the introduction of Flash Loans made popular
by Aave. The company behind the LEND token claims to be the
inventor of the first successful uncollateralized loan on chain. 

The inner workings of these Flash Loans operate within one single
block transaction. In other words, while some DeFi features and
lending can be held onto for days, weeks, and even months or years,
Aave Flash Loans are returned within one block to ensure liquidity.
This loan is generated by the chain and can be used freely while a
user is in possession of it. 

This immediately raises questions about returning the loan on chain

without losing value or by users giving proper repayment. In the CeFi
world, it is commonplace for people to miss payments and default on
loans. Aave has thought of this and countered it with a built in feature
where the transaction becomes reversed if it is not paid in full.

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Derivatives on a DeFi Network
Stepping back a bit, decentralization isn’t just about Ethereum,
interest rates, and lending. The sector of trading and derivatives also
has a place in the DeFi world, giving another area where crypto and
blockchain technology are taking the market share from traditional
systems. 

Derivatives are simply securities that derive their value from a

particular asset. This feature uses contracts as a means of trading
instead of the asset itself as well as an agreement between two
parties. Some of the most common types of derivatives in the
centralized world are Futures, Options, and Swaps. The benefits of
derivatives range from locking in a particular price for an asset or by
utilizing margin as a means of purchase. 

Decentralized derivatives provide all the features of a normal

centralized one but offer the ability and freedom to use it without
strict regulation and cost. A majority of people are unable to use
centralized derivatives because they do not have a big enough
portfolio or because their country restricts it without certain
regulations (certain countries are not allowed to use crypto
derivatives too). However with a DeFi platform, these restrictions are
removed, allowing more users to participate, albeit with higher risks. 

The most popular DeFi derivatives service to date is Synthetix. They

offer over 30 different asset derivatives including commodities like
Gold and fiat. They are able to do this by taking advantage of the
Ethereum network and allowing users to change their assets into a
wrapped ERC20 token called SNX, then trade accordingly. A unique
feature of Synthetix is that the trading fees associated with the
derivatives are given to SNX holders, allowing users to be rewarded
for offering stability to the network.

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DeFi Risk Management
There is a lot of excitement over the current state of the market. It's
easy to get carried away with the hype. Most people in the crypto
space tend to focus their attention on trading, since that is what they
hear about most, and it works when the market is in a bull run. But
DeFi offers another way to earn good returns during all market cycles.
with less risk involved. Here are some of the strategies that can be
used to manage Defi risk.

Learn about the DeFi space

Some people can learn themselves, but you can benefit a lot from a
good course. It's getting more and more costly to experiment and get
practice since the network fees are so high. Investing in this space is
very different than the traditional financial systems, and the
economics are really different. Some of the basic rules might apply,
but many of them don't. The current user interfaces can be
unforgiving, and mistakes can be costly. Here is the Learnyearn site
from the yearn.finance documentation, as an example of good docs:

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Reduce risk with Stablecoins
A good investment is the ycurve vault on yearn.finance. They make it
simple to use and get the best returns without the volatility risk. They
further reduce the risk of individual stable coins (algorythmic or 
collateralized) by using a basket of 4 different stablecoins. Another
pool which does this is the y.curve.fi pool on curve, or musd on
mstable.org. That way you are not depending on any individual
stablecoin to maintain its peg in the event of a disaster. The yearn
project also allows you to invest in BTC, which is probably the least
risky crypto currency. For that, the best, and easiest choice is the sbtc
pool on yearn.finance vaults. You can earn also very good returns
while hodling Eth, which is relatively safe, certainly compared to
ERC20 coins. 

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Diversify your portfolio
Don't put all your eggs in one basket, and don't bet the farm on 1
project. Don't place large bets on individual positions. Spread out the
risk. That way there is a lower chance of a downturn affecting all of
your investments. Don't put all your faith in technical analysis. There
are lots of different factors that can affect the price. You can also
hedge high risk positions with "put options", which will protect you on
the downside. 

Minimise short term trading

You can't predict the future, especially in the short term. So, why try to
time the market when there are other strategies  and aggregation
projects that can earn very good rewards without doing a lot of
trading. Also, the gas fees are becoming prohibitive for this type of
activity. You may end up paying more in fees than you are earning in
profit, unless you are trading with very large amounts, which is also
high risk. Take a long term view, and look at the big picture. 

Do research
Read whitepapers. There  are lots of places to get detailed
information about projects. If you can't find any documentation, that is
a red flag. Chose projects with sustainable value, and good Price/
Earnings ratios (see token terminal). Do your due diligence.

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Don't FOMO into projects that are shooting
up in price
Only exception is when you feel that they have long term value, and
you are prepared to stick with them if they drop. Also look at other
tokenomics like market cap, circulating supply, how many coins are
being issued and to who etc. 

Look for projects that are audited, and

have a track record.
This is a great site to check DEFI projects that have been audited. You
can see their overall safety/security score, and drill down to more
detail, and even the audit report itself, which you can read. Be
sceptical of marketing hype and overly ambitious claims that are not
backed by evidence, and solid fundamentals. The projects should
have a good team, sensible roadmap, community, support resources
etc. 

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Do testing
Look for projects that have a working version, or at least a prototype
to test. Check out the user interface by using the product with small
amounts. 

Buy Insurance
Look into coverage for things like smart contract bugs, hacks, liquidity
events etc. There are good products from Nexus mutual, put options
from Opyn, and also coverage from insure.finance. You can also sell
insurance on some of these platforms, which could be a good
investment. 

Page 63
Don't risk more than 5% of your overall portfolio.

Start off with smaller amounts. That way you don't have as much to
lose, as you gain experience. You are dealing with real money. Things
can go wrong, and you have to be prepared to handle them. The
ethereum network doesn't scale enough yet, and there will be bugs. 

Stay away from leverage and shorting

These are advanced technique which should only be used by
experienced traders, with caution. If you do, you have to monitor them
closely or face costly liquidations. 

Use Yield aggregators to batch transactions and strategy and save on

gas costs

See this article for more detailed explanation of alternatives. Use the
wisdom of the crowd and the experts, and economise on network
fees. 

Realise that current high Yield farming

gains are not sustainable in the long term
Its ok to indulge in high reward activities only if you know what you
are doing and understand the risks. Earn the governance tokens, don't
buy them to speculate. If you get them for free (or providing liquidity)
you don't have a lot to lose. Also recognise that liquidity mining has to
be monitored more closely since it can change quickly. Also,
remember to claim your rewards on a regular basis if you are using
farming, or staking. You might miss out on rewards if they are time
limited. If you are a liquidity provider, avoid strategies which could
result in "impermanent losses". 

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Dollar cost average on the way up, and
Take profits along the way down
Slowly add to your position if you think the price is going up, with
smaller amounts on a periodic basis. Sell your original investment or a
percentage if you make a big gain. 

Track your Defi portfolio with a good tool

like Zapper.fi or Zerion.io
Especially if you are using multiple wallets, you might forget about
some of your investments. And some of the more obscure ones might
not show up in these tools, so you will have to track them manually.
Calculate your ROI, net of gas fees if possible. You might need another
tool for doing that. 

Use a hot wallet and a cold wallet

For current DeFi transactions, the Metamask wallet tends to be the
most convenient, since it is well supported by most services, and the
most safe. For longer term holds, consider a smart contract wallet like
Gnosis, or Authereum. They also have the multi-signature feature.
Which means you can get another signer, in case something happens
to you. 

Some people will prefer hardware wallets to be the safest, but many
don't find them very convenient. Test both hot and cold wallets for
yourself, to find out what works for you.

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Take advantage of staking, if it is
available (POS coins)
Otherwise, you will be losing out to inflation. 

Make use of token sets for automated

trading of reliable assets
The token set protocol is another good way to automate trades, save
on gas and reduce risk. Version 2 will have even more powerful
features, and also be supporting yield farming for better yields with
managed risk. Here is an example of an automated arbitrage and yield
stablecoin set. 

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APENDIX 1:
DeFi Indicator Terminology
Here are some of the most commonly used DeFi indicators that can
be good sources of information in DeFi. Since a considerable amount
of data is publicly available on-chain, it's easy for any trader or
investor to use these indicators.

If you're a veteran cryptocurrency trader, you'll note that a lot of these

metrics are commonly used in fundamental analysis for "traditional"
cryptocurrencies.

As always, the markets are unpredictable, irrational, and prone to

extreme volatility. Above all, doing your own research is crucial to
success.

1. Total Value Locked (TVL)

As the name would suggest, Total Value Locked (TVL) is the
aggregate amount of funds locked into a DeFi protocol. You could
think of TVL as all the liquidity in the liquidity pools of a given money
marketplace. For example, in Uniswap's case, TVL means the amount
of funds deposited by liquidity providers to the protocol.

TVL can be a useful data point that gives you an idea about the
overall interest in DeFi. TVL can also be effective in comparing the
"market share" of different DeFi protocols. This can be especially
useful for investors who are looking for undervalued DeFi projects.

What's also worth noting is how TVL can be measured using

different denominations. For example, the TVL locked in Ethereum
projects is typically measured in ETH or USD.

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2. Price-to-sales ratio (P/S ratio)
In the case of a more traditional business, the Price-to-Sales Ratio (P/
S Ratio) compares the price of the company's stock to its revenues.
This ratio is then used to determine whether the stock is undervalued
or overvalued.

Since many DeFi protocols already generate revenue, a similar metric

can be used for them as well. How can you use it? You'll need to
divide the market capitalization of the protocol by its revenue. The
basic idea is that the lower the ratio is, the more undervalued the
protocol may be. 

Bear in mind that this isn't a definitive way to calculate valuation. But
it can be helpful in giving you a general idea of how fairly the market
may be valuing a project.

3. Token supply on exchanges

Another strategy involves tracking the token supply on
cryptocurrency exchanges. When sellers want to sell their tokens,
they usually do so on centralized exchanges (CEXs). That said, there
are a growing number of options available to users on decentralized
exchanges (DEXs) which don’t require trust in an intermediary.
However, centralized venues tend to boast much stronger liquidity.
This is why it's important to pay attention to token supply on CEXs.

Here's a simple assumption about token supply. When there are a

large number of tokens on exchanges, sell pressure may be higher.
Since holders and whales aren't holding their funds in their
own wallets, it could be likely that they are looking to sell them.

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With that said, this isn't so straightforward. Many traders will use
their holdings as collateral for trading on margin or futures. So,
sending a large balance to an exchange doesn't necessarily mean that
a large sell-off is imminent. Still, this might be something you want to
keep an eye on.

4. Token balance changes on exchanges

We already know that keeping an eye on token supply can be useful.
But looking at only the token balances may not be enough. It can also
be helpful to look at recent changes in those balances. Large token
balance changes on exchanges can often signal an increase
in volatility.

For example, consider the opposite scenario of what we've just

discussed about token balances. If large holdings are being
withdrawn from CEXs, that may indicate that whales are
accumulating the token. If they were looking to sell soon, why would
they withdraw to their own wallets? This is how monitoring token
movements can be useful.

5. Unique address count

While it has its limitations, a steadily increasing amount of addresses
holding a particular coin or token should point to increased usage. On
the surface, it would appear that more addresses correlates with more
users and growing adoption.

This is a gameable metric, though. It's easy for someone to create

thousands of addresses and distribute funds across them, thus giving
the impression of widespread use. As with any metric in fundamental
analysis, you should contrast unique address count with other factors.

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6. Non-speculative usage
So you're eyeing up some emoji-based token that promises crazy
returns, but does it actually do anything? It might get the Charles
Ponzi seal of approval if its sole purpose is to appreciate in price, but it
won't be sustainable for long.

Understanding what the token is used for is critical to figuring out its
true value. Ideally, you would measure this by looking at the number
of transactions that aren't carried out for the purposes of speculation.
That can be difficult, but a good start would be to look at transfers
that don't take place on decentralized or centralized exchanges. The
aim here is to check that people are using the token.

7. Inflation rate
Wow, a token with a small supply! That's a really good sign, right?

Not necessarily. Another vital metric to keep an eye on is the inflation

rate. A small supply now doesn't guarantee a small supply forever,
particularly if new tokens are continuously minted. A notable property
of Bitcoin is a constantly diminishing inflation rate, which should
theoretically prevent debasement of existing units in the future.

That's not to say that every system should aspire to replicate Bitcoin's
scarcity. Inflation in itself is not necessarily bad, but too much could
reduce your slice of the pie. There's no standardized percentage
considered "good" or "bad," so it's wise to take the number into
account when considering other metrics.

Page 70
APENDIX 2:
Index of DeFi Projects
The world of decentralized finance is expanding daily. Here is a list of
projects in their respective categories that are on the frontier of
cryptocurrency and blockchain technology.

DeFi Blockchains:
▪ Ethereum: https://ethereum.org
▪ Fusion: https://www.fusion.org

Lending:
▪ Aave: https://aave.com 
▪ Compound: https://compound.finance 
▪ DDEX: https://ddex.io 
▪ Dharma: https://www.dharma.io 
▪ dYdX: https://dydx.exchange 
▪ EOSREX: https://eosauthority.com/rex 
▪ Fulcrum: https://fulcrum.trade 
▪ Instadapp: https://instadapp.io 
▪ Maker: https://makerdao.com/en/ 
▪ Nuo Network: https://nuo.network 

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Decentralized Exchanges:
▪ 1inch.exchange: https://1inch.exchange/#/ 
▪ AirSwap: https://www.airswap.io 
▪ AnySwap: https://anyswap.exchange
▪ Balancer: https://balancer.finance 
▪ Bancor: https://www.bancor.network 
▪ Curve Finance: https://www.curve.fi 
▪ DeversiFi: https://www.deversifi.com 
▪ Kyber Network: https://kyber.network 
▪ Loopring: https://loopring.org/#/ 
▪ Matcha: https://matcha.xyz 
▪ UniSwap: https://info.uniswap.org

Decentralized Derivatives:
▪ Erasure: https://erasure.world 
▪ Nexus Mutual: https://nexusmutual.io 
▪ MCDEX: https://mcdex.io
▪ Opyn: https://opyn.co/#/ 
▪ Synthetix: https://www.synthetix.io

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Payments:
▪ Celer Network: https://www.celer.network 
▪ Flexa: https://flexa.network 
▪ Lightning Network: https://lightning.network 
▪ Request Network: https://request.network/en/ 

Digital Assets and Asset Management:

▪ Argent: https://www.argent.xyz 
▪ DeFi Saver: https://defisaver.com 
▪ dForce: https://dforce.network 
▪ Melon: https://melonprotocol.com 
▪ MetaMask: https://metamask.io 
▪ mSTable: https://mstable.org 
▪ PieDAO: https://piedao.org/#/ 
▪ RenVM: https://renproject.io 
▪ Set Protocol: https://www.tokensets.com 
▪ Token Sets: https://www.tokensets.com 
▪ wBTC: https://wbtc.network 
▪ Yearn.finance: https://yearn.finance 
▪ Zerion: https://zerion.io 

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