Here we explain the differences between CeFi versus DeFi
DeFi began with Ethereum which launched in 2015. Unlike Bitcoin, Ethereum had a Turing-complete programming language called Solidity and the ERC20 standard.
Ethereum led to the DAI “stablecoin” which used the Maker protocol – you use Ethereum to get DAI.
Ethereum also led to ‘initial coin offerings" or ICOs in 2017 where cryptocurrencies were used to finance tech startups. Notable ICOs were on-chain liquidity protocols:
The ICOs had their typical rise and fall pattern.
After the fall of ICOs, stablecoins and NFTs were popularized next, also with their own rise and falls.
The pandemic locked in a lot of people at home, causing them to try cryptocurrencies. As a result, they rose a lot, only to fall in 2021 and 2022.
CeFi means Centralized Finance. A central exchange handles all crypto trade orders.
DeFi means Decentralized Finance. There is no central exchange. People instead use an app to do all crypto trade orders.
You usually go through CeFi to go to DeFi.
| CeFi | DeFi |
|---|---|
| Coinbase – a cryptocurrency exchange | Totle – an aggregator of decentralized liquidity with automatic price optimization |
| Fairlay – a Bitcoin Prediction Market and Exchange | Augur – a decentralized predictions market |
| BlockFi – a cryptocurrency and fiat borrowing and lending platform | Nexus Mutual – A decentralized insurance tool |
| Celsius – a cryptocurrency borrowing, payments and lending platform | Kyber – A decentralized exchange |
| Ledn – an insured Bitcoin to DAI borrowing and lending platform | Maker DAO – a decentralized stablecoin minting and lending tool |
| Libra – a global financial infrastructure and cryptocurrency layer | bZx – a decentralized lending and margin trading platform |
Juan Dalisay Jr.
Reporter
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