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Top DeFi Tokens by Market Capitalization

What Is DeFi? In the past, when people thought of the crypto industry, many would assume it is just about Bitcoin and other crypto coins. But, lately, advancements made in the industry have birthed a new movement that has democratized financial services beyond a central authority or institution's regulations. This development is broadly known as decentralized finance, DeFi for short. While Bitcoin has already arguably had a Copernicus effect on our payment and financial system, DeFi also holds the same promise. DeFi essentially provides financial services like savings, loans, trading, insurance and more to practically anyone with an internet-enabled smartphone. Here, the need for an intermediary is greatly diminished as DeFi technically uses "smart contracts" that are built on blockchain , which automatically looks to enforce any agreements in such contracts. For want of a definition, let us say that DeFi uses blockchain-powered technologies to provide financial services across various niches without the limitation of central systems or human censorship. DeFi can also be referred to as open finance. The industry, though still growing, has already recorded massive growth in the last year. The DeFi market cap stands at over $35 billion now, while the total value locked (TVL) in the space is also well over $20 billion. As of January 2020, the figure stood at a paltry $1 billion, which shows that the industry has become more trusted and respected by investors in the crypto space. Understanding Decentralized Applications (DApps) In the DeFi space, one prominent component of the system is the idea of decentralized applications . DApps play a very significant role in understanding how the industry operates and the capabilities of the industry. Most of these decentralized applications are built on Ethereum , the second-largest crypto asset, and it is also straightforward to build other decentralized apps. A developer can quickly deploy a "smart contract" on Ethereum using t

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