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DApps also have a public, decentralised blockchain that is used by the application to keep a cryptographic record of data, including historical transactions. [3] Although traditional DApps are typically open-source, DApps that are fully closed-source and partially closed-source have emerged as the cryptocurrency industry evolves.
“Yield farming is how you put your crypto to work in order to earn passive income.” To provide their services, many dApps need liquid cryptocurrency available on the app.
Some DApps source external (off-chain) data, such as the price of an asset, through blockchain oracles. [21] Additionally, Aave Protocol popularized "flash loans", which are uncollateralized loans of an arbitrary amount that are taken out and paid back within a single blockchain transaction. [22]
Many of these DApps can connect and work together to create complex financial services. [79] Examples of DeFi platforms include MakerDAO. [80] Uniswap, a decentralized exchange for tokens on Ethereum grew from US$20 million in liquidity to US$2.9 billion in 2020. [81] As of October 2020, over US$11 billion was invested in various DeFi protocols ...
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A smart contract is a computer program or a transaction protocol that is intended to automatically execute, control or document events and actions according to the terms of a contract or an agreement.
Cardano implemented decentralized finance (DeFi) services on September 12, 2021, including an upgrade to enable smart contracts and the ability to build decentralized applications (DApps). [48] Also included is Plutus, a smart contract language written in Haskell , and Marlowe, a domain-specific language designed by Simon Thompson for non ...
Stacks, formerly Blockstack, is a layer-2 blockchain that extends the use of Bitcoin to include smart contracts, decentralized finance ("DeFi"), non-fungible tokens (NFTs), and decentralized apps ("DApps"), while still maintaining Bitcoin finality [1].