Twitter user @DefiIgnas, a pseudonymous DeFi analyst, has provided his list of the “Top 7” revolutionary assets that reimagined decentralized finances during the last bull market.
Most innovative DeFi tokens of 2020-2021
The expert enumerated the wackiest DeFi ideas the market had seen in recent years. For instance, Ampleforth (AMPL) developed the “elastic supply” mechanism, a self-adjusting tool for supply rebalancing motivated by the desire to buy AMPL.
Additionally, the Olympus DAO (OHM) token allowed cryptocurrency enthusiasts to a fascinating game theory experiment where they may profit from either staking, bonding, or selling their wealth.
The COMP coin was first introduced as a reward for supplying liquidity to the Compound Finance protocol, and it quickly became the emblem of early “yield farming” dashboards.
In turn, Curve Finance’s CRV increased the profitability of yield farming for those who were able to stake it at the proper time. Yearn.Finance (YFI) gained notoriety during DeFi Summer as a result of its free airdrop to build a fervent community around an early-stage protocol.
In the overall market for digital assets, FI rose to become the most costly cryptocurrency. It quickly increased from $60,000 to $90,000 in May 2021.
The story of decentralized stablecoins is evolving
Every KYC-verified Ethereum (ETH) investor can now profit from spreading risks with their peers thanks to Nexus Mutual’s NXM, which completely transformed the game in the field of crypto insurance.
Last but not least, Synthetix used the SNX cryptocurrency to make sure that the sUSD decentralized stablecoin had a healthy collateralization ratio.
Additionally, the analyst saw two stablecoins as game-changers: Dai (DAI), which pioneered the idea of an overcollateralized stablecoin, and Frax Finance (FRAX), which is the first-ever partially collateralized USD-pegged asset.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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