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When most people think of decentralized applications (dapps), they tend to envisage some type of permissionless financial application on the blockchain. However, dapps extend much further than finance. High-utility dapps are experiencing a surge in demand. However, many are yet to consider what gives a dapp its utility, or what types of dapp utility are available.
Decentralized finance (DeFi) looks set to disrupt the legacy financial system. If you’ve been in the DeFi space for a while, you’ll likely be familiar with some of the innovative decentralized applications (dApps) available across various blockchains. However, many crypto investors are still relatively unfamiliar with dApps and how they function. So, if you’re one of the many people wondering, “What are dApps?” and “How do dApps work?” then this article is for you!
Decentralized Finance, also known as DeFi, is a quickly evolving and increasingly integral part of the blockchain space, especially on the Ethereum protocol. If proponents are correct, the technology could lead to greater financial autonomy among users while undercutting financial rent-seekers and reducing costs. During a time of unprecedented monetary policy and limitless quantitative easing, such an accomplishment has implications far beyond Ethereum and the DeFi space.
Over the last year, the term “DeFi” has caused quite a stir in the decentralized community. Many in the community believe that DeFi, or decentralized finance, can completely turn the global economy on its head by making the finance sector transparent and more easily accessible. The DeFi movement leverages decentralized networks to transform old financial products into trustless and transparent protocols that run without intermediaries:
The pitfalls of traditional finance.
What is DeFi, and why do we need it?
DeFi use-cases and applications.
New and exciting DeFi projects launch all the time, and it can be difficult to keep up with them all. More specifically, understanding project fundamentals, the services they can offer to users, announcements of partnerships and integrations can all seem abstract. Matic Network, on the other hand, a Layer-2 scaling solution utilizing Plasma side chains, has a very concrete use case. Put simply, Matic Network is a scaling solution underpinning dApps and DeFi applications, addressing some of the Ethereum Network’s scalability challenges.
Those keeping an eye on the crypto market may have come across the Graph Network, commonly referred to as “the Graph”. The Graph is a decentralized query protocol designed for blockchains. Moreover, The Graph Network aims to make it easy to build dApps on Ethereum and storage networks like InterPlanetary File System (IPFS). Specifically, this is achieved using GraphQL. The goal of The Graph Network and the native GRT token is to build a decentralized, next-generation web3 layer that cannot be monopolized.
