With DeFi taking over the crypto space at a rapid speed, there’s still very little info about its EOS sector. In this piece, the Wombat Team covers all the DeFi projects natively available in our wallet.
Keep in mind that this post should not be treated as financial advice and serves introductory and informational purposes only. Always do your own research before engaging in crypto projects.
If you’re not deeply familiar with DeFi and how it works, check out one of our earlier posts to get all caught up on the hottest earning mechanics in that sector. The more seasoned lenders and market makers can proceed to our DeFi selection right away.
Defis.Network
Main sectors: exchange, swap, yield farming.
Smart contract audited by SlowMist & PeckShield (audits are only available in Chinese)
Multisig: No
Total EOS value locked (as of the time of writing): over 13.8 million EOS
Defis.Network is the most popular DeFi project on EOS according to Dapp Radar. It offers two of the most straightforward and lucrative yield farming opportunities in DeFi that support each other naturally. You can provide liquidity to a vast variety of pools and you can create your own pools to earn from swap fees and DFS token rewards. Then, you can lock DFS in the DSS vault to accrue interest. As of the time of writing, the APY on the DFS deposits was 34.51%.
Defibox
Main sectors: stablecoin lending (via Danchor), swap, yield farming.
Smart contract audited by SlowMist & PeckShield (audits are only available in Chinese)
Multisig: Yes
Total EOS value locked (as of the time of writing): over 21 million EOS
Defibox is supported and funded by Newdex, a reputable exchange in the EOS space. Unlike Defis.Network, it comes with an extra security feature in the form of multisig accounts and very user-friendly interface. The selection of pools comparable to that of Defis.Network. That said, the liquidity mining rewards with BOX are lower and very few liquidity pools offer 24H APY’s comparable with those on DFS deposits. Defibox does, however, hold a higher 24H Swap volume: nearly 1.5 million EOS against slightly over 850k on Defis.Network as of the time of writing.
Vigor
Main sectors: peer-to-peer lending, stablecoin lending.
Smart contract: audited by Sentnl
Multisig: Yes
Total EOS value locked (as of the time of writing): over 194k EOS
Vigor is one of the oldest, if not the first player in free peer-to-peer insured lending protocols on EOS. Unlike in swaps, lenders aren’t affected by impermanent losses and other inherent DeFi risks that much. The rewards fluctuate between 3.75% - 4.17% as of the time of writing.
Equilibrium
Main sectors: stablecoin lending, staking.
Smart contract: audited by the EOS 42 BP
Multisig: No
Total EOS value locked (as of the time of writing): over 4 million EOS
Equilibrium is known for operating the first EOS-based stable coin pegged to US-Dollar — EOSDT. If you’re looking to diversify your portfolio through swapping generated LP tokens, Equilibrium is not the best choice. Still, it does promise an 11% APY on staking — currently, the most promising option on the platform — then this could be a good entry point to the DeFi space on EOS.
PIZZA
Main sectors: peer-to-peer lending, stablecoin lending.
Smart contract: no evidence of an audit was found
Multisig: Yes
Total EOS value locked (as of the time of writing): over 550k EOS
Pizza offers a duo-token stablecoin system where you get governance tokens (PIZZA) for generating stablecoins (USDE) by collateralizing EOS. Both USDE and PIZZA can be used in liquidity pools. Besides the duo-token part, it’s a pretty standard DeFi hub with a great selection of markets, including the native tokens of other DeFi projects. Depending on the APYs, it may be a good option for stacking DeFi rewards.
DMD.Finance
Main sectors: yield farming, staking coming soon.
Smart contract: audited by SlowMist
Multisig: Yes (only owner permissions)
Total EOS value locked (as of the time of writing): 99.9k EOS
DMD.Finance is a simple yield farming tool with a very restricted circle of available markets. The DMD rewards mostly come from the liquidity pools created on Defis.Network, which makes it a pretty good stacking option.
Your Fancy Carp (YFC)
Main sectors: liquidity pools, yield farming.
Smart contract: no evidence of audit was found
Multisig: No
Total EOS value locked (as of the time of writing): over 32545 EOS
Your Fancy Carp or YFC is probably one of the riskiest and yet, more lucrative DeFi projects on EOS. It works similarly to DMD.Finance and offers more liquidity pools for stacking rewards. One of the interesting aspects of it is a machine gun pool similar to yETH on YFI. The 24H APY on this, as of the time of writing, was 4.96%.
DolphinSwap
Main sector: yield farming.
Smart contract: no evidence of audit was found
Multisig: No
Total EOS value locked (as of the time of writing): non applicable
DolphinSwap is another stacking project in the DMD/HUB ecosystem. It's very similar to DND.finance with only three pools. That said, it could be a decent addition, considering its three-digits APYs. Furthermore, DolphinSwap has big plans, aiming to bring platform the benefits of programmable liquidity akin to Balancer on Ethereum.
WOOL.Finance
Main sectors: yield farming.
Smart contract: audited by Beosin
Multisig: No
Total EOS value locked (as of the time of writing): over 448k EOS
WOOL.Finance has similar functionality to DMD.Finance with clearer stats on APYs. APY on the same HUB/EOS liquidity pool is even slightly higher there, so if you’re only planning to engage in AMM, this may make a pretty profitable combo along with DMD.Finance. Just make sure to check on your rewards every now and then.
Wrapping up
All DeFi projects have common risks and should always be approached with caution. Still, as a blooming and relatively new niche in the EOS space, it offers a lot of short-term earning opportunities. If you set your mind on exploring DeFi, we recommend starting with established projects and only stacking these once you get a hang of it.
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