Yesterday, Youtuber MaxDapp shared the Defipulse page on Twitter, adding the EOS blockchain and what can be regarded as its DeFi applications, citing tools such as REX (Resource Exchange) and the EOSDT stablecoin.
This Is What https://t.co/SCQ80FU1OT Rankings Would Look Like If EOS Defi Projects Were Added. 💪 Share & Retweet This Post With The Team, Let's Get This Implemented! @defipulse @block_one_ @DanLarimer @eosrex @EOSDT @RyanSAdams @ChrisBlec @ricburton @defiprime @BlockchainZack pic.twitter.com/AB0SVj1x9T
— MaxDapp (@MaxDapp) March 23, 2020
The question MaxDapp wanted to answer with this post is: what would happen if, besides the Ethereum blockchain, other DeFi projects based on other protocols like EOS were taken into account?
As can be seen from the image, the EOS REX is in second place with over $170 million, preceded only by Maker with $300 million, and surpassing even the famous Compound protocol which has $78 million.
EOS and REX
But what is REX and why does it qualify as second place in this ranking?
The REX (Resource Exchange) project was launched a little less than 1 year ago with the aim to level the costs of obtaining resources such as CPU and RAM and EOS, to be staked for smart contracts. With REX it is possible to stake thousands of EOS at the cost of 1 EOS, over 4200 at this moment. On the platform, there are just under 80 million EOS locked, which at the current price exceed 180 million dollars, available for lending.
Thanks to this lending system, users can make their EOS available to the network, where they are borrowed by those who need them for a period of 30 days.
In this DeFi ranking, there is also EOSDT in tenth place with more than 10 million dollars. This is a completely decentralized stablecoin and collateralized with EOS, hence a process very similar to what it takes to generate DAI or other assets that use this sort of protocol.