Decentralized finance (#defi) is the movement that leverages open source software and decentralized networks to transform traditional financial products into trustless and transparent protocols that operate without unnecessary intermediaries. One could envision decentralized finance impacting the financial world the same way that open source software has changed software products.
- [BitShares](https://bitshares.org/technology/decentralized-asset-exchange) ([source code](https://github.com/bitshares), [white paper](https://www.bitshares.foundation/download/articles/BitSharesBlockchain.pdf)) - Decentralized exchange protocol based on the Graphene blockchain
- [0x](https://0x.org/) ([source code](https://github.com/0xProject), [white paper](https://0x.org/pdfs/0x_white_paper.pdf)) - Protocol for decentralized exchange of Ethereum assets using relayers, now on version 2
- [Bancor Protocol](https://about.bancor.network/protocol/) ([source code](https://github.com/bancorprotocol/contracts), [white paper](https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf)) - Protocol for converting one token to another using "smart tokens"
- [Hydro](https://hydroprotocol.io/) ([fork announcement](https://medium.com/hydro-protocol/why-we-are-forking-0x-97dc48ee0426), [source code](https://github.com/HydroProtocol), original white paper removed from website but is archived [here](https://whitepaper.io/document/170/hydro-protocol-whitepaper)) - A fork of 0x from DDEX with new order schema, a new matching engine, a different liquidity sharing model, and no ZRX token.
- [Kyber](https://kyber.network) ([source code](https://github.com/kybernetwork), original white paper removed from website but is archived [here](https://whitepaper.io/document/43/kyber-network-whitepaper)) - On-chain protocol for decentralized token swaps and for easy application integration
- [Republic](https://republicprotocol.com) ([source code](https://github.com/republicprotocol), [white paper](https://releases.republicprotocol.com/whitepaper/1.0.0/whitepaper_1.0.0.pdf)) - Decentralized dark pool protocol for atomic swaps of digital assets
- [Stellar](https://www.stellar.org/developers/guides/concepts/exchange.html) ([source code](https://github.com/stellar), [white paper](https://www.stellar.org/papers/stellar-consensus-protocol.pdf)) - Decentralized protocol for financial applications, including support for decentralized exchange
- [CENTRE USDC](https://www.centre.io/usdc) ([source code](https://github.com/centrehq), [white paper](https://www.centre.io/pdfs/centre-whitepaper.pdf)) - ERC-20 stablecoin originally issued by [Circle](https://www.circle.com/en/usdc) and now embraced by [Coinbase](https://blog.coinbase.com/coinbase-and-circle-announce-the-launch-of-usdc-a-digital-dollar-2cd6548d237)
- [Celo](https://celo.org) (white paper available via Digify by submitting email on [website](https://celo.org)) - Over-collateralized stablecoin targeting the unbanked using its own distributed ledger
- [Dai Stablecoin from Maker](https://makerdao.com/dai) ([source code](https://github.com/makerdao), [white paper](https://makerdao.com/whitepaper/)) - Stablecoin based on smart contracts for creating collateralized debt positions
- ~~[Basis](https://www.basis.io) ([white paper](https://www.basis.io/basis_whitepaper_en.pdf)) - Algorithmic stablecoin that "can be robustly pegged to arbitrary assets or baskets of goods"~~ - shut down due to inability to release tokens without securities classification in the US
- [Carbon](https://fiat.carbon.money) ([white paper](https://www.carbon.money/whitepaper.pdf)) - Stablecoin that will be composed of a basket of whitelisted tokens that is "functionally fiat-backed with the potential to whitelist an algorithmic stablecoin"
- [Terra](https://terra.money) ([white paper](https://terra.money/static/Terra_White_paper.pdf)) - Protocol that ensures price-stability by algorithmically expanding and contracting supply
- [Dharma](https://dharma.io) ([source code](https://github.com/dharmaprotocol), [white paper](https://whitepaper.dharma.io)) - Protocol for building lending products using tokenized debt
- [Lendroid](https://www.lendroid.com) ([source code](https://github.com/lendroidproject), [white paper](https://uploads-ssl.webflow.com/5b3d0e23faf03c5dc943df64/5b3d0e23faf03c96e243df86_whitepaper-margin-trading-2-18.pdf)) - Protocol for decentralized lending, margin trading, and short selling
- [Marble](https://marble.org) ([source code](https://github.com/marbleprotocol)) - "Flash lending" protocol for borrowing "Ether and ERC20 tokens to take advantage of arbitrage opportunities on Ethereum"
<aname="derivative-protocols"/>
## Derivative Protocols / Prediction Markets
- Ethereum
- [Augur](https://www.augur.net) ([source code](https://github.com/AugurProject/augur), [white paper](https://www.augur.net/whitepaper.pdf)) - Prediction market protocol to enable anyone to "create and speculate on derivatives at a low cost for the first time"
- [bZx](https://b0x.network) ([source code](https://github.com/bZxNetwork), [white paper](https://b0x.network/pdfs/b0x_white_paper.pdf)) - 0x-integrated protocol for decentralized, peer-to-peer margin funding and trading
- [Market](https://marketprotocol.io) ([source code](https://github.com/MARKETProtocol), [white paper](https://marketprotocol.io/assets/MARKET_Protocol-Whitepaper.pdf)) - Protocol for structuring peer-to-peer agreements that settle in the future based on the price of a reference asset
- [UMA](https://umaproject.org) ([white paper](https://umaproject.org/UMA-whitepaper.pdf)) - Protocol that allows any two counterparties to design and create their own financial contracts that are secured with economic incentives alone, making them self-enforcing and "universally accessible"
- [Veil](https://veil.co) ([launch post](https://medium.com/veil-blog/introducing-veil-649036f9d492)) - Peer-to-peer prediction market and derivatives platform built on top of Augur, 0x, and Ethereum.
- [Basket Protocol](https://www.coinalpha.com/projects) ([source code](https://github.com/CoinAlpha/basket-protocol)) - Protocol for creating tokens that contain a portfolio of other tokens
- [Fund Protocol](https://www.coinalpha.com/projects) ([source code](https://github.com/CoinAlpha/fund-protocol)) - Protocol for fund administration on the Ethereum blockchain
- [Melonport](https://melonport.com) ([source code](https://github.com/melonproject), [green paper](https://github.com/melonproject/paper/blob/master/melonprotocol.pdf)) - Protocol for digital asset management
- [Wyre](https://www.sendwyre.com) ([source code](https://github.com/sendwyre), [Medium post](https://blog.sendwyre.com/announcing-the-wyre-sdk-on-ramps-off-ramps-in-under-10-lines-of-code-f2b127eccb5d)) - Compliance SDK that mints ERC-721 tokens to the addresses of verified users
- [Bloqboard](http://bloqboard.com) - Lending platform for collateralized loans originated, settled, serviced, and managed on Ethereum and powered by Compound and Dharma
- [Fetch](http://hellofetch.co) - Application that is both a decentralized exchange aggregator for price discovery and trading and a dashboard for discovering and managing decentralized loans and borrowings
- [Multis](https://multis.co) ([white paper](https://multis.co/white-paper.html)) - Interface for multisig contracts positioned as "cryptobank for companies"
- [Settle](https://settle.finance) - Web interface that combines chat with different crypto tools (including portfolio tracking and integration with DeFi protocols) and an "app store" for developers
- [Centrifuge](http://www.centrifuge.io) ([white paper](https://www.centrifuge.io/assets/Centrifuge%20OS%20White%20Paper.pdf)) - Platform for financial supply chain, including exchange of invoices, purchase orders, etc.
