What kind of asynchronous DeFi projects can I create on the IC?

The Internet Computer blockchain expands the world of possibilities of decentralized finance in a multi-chain world. DeFi on the Internet Computer integrates with dapps and offers a seamless user experience with low fees.

The functions of different canister smart contracts run on a single call stack. This makes them very insecure, due to re-entrancy, which has been one of the biggest sources of hacks on blockchain to date. Another problem is that transactions must run in sequence, which creates a firm upper bound on transaction throughput. On the Internet Computer blockchain, smart contract calls run in parallel, because smart contracts are "software actors." This removes a key security vulnerability and provides for the unbounded, efficient scaling of blockchain computation.

You could create a 100% on-chain and scalable auction house for NFTs, or a decentralized exchange for tokens. Or a software library that helps others with the new way of coding DeFi. Or code that interacts with other blockchains.

More inspiration and starting points:

  • On-chain or hybrid multi-signature wallets controlling assets not only on the IC, but on other platforms using the Bitcoin integration

  • Decentralized exchanges based on order books or automated markets makers (AMMs)

  • Port your favorite DeFi project from a synchronous platform and explore the differences

    Have a look at https://dappradar.com/defi to see a list of the most used DeFi apps in the web3 ecosystem

  • Prediction markets to harness collective intelligence

Links to get you started: