Decentralized finance (DeFi) is filling the gap between the novelty world of cryptocurrencies and the traditional financial system we are aware of. The DeFi project provides users with some financial services such as loans, lending, and insurance, which are normal with traditional financial institutions. In the crypto market, not all crypto projects include these financial services in their portfolio, that’s why DeFi projects are considered an important part of every diversified investment plan. Let’s see the Top 10 DeFi Projects By Social Engagements
FTX Token – Centralized crypto exchange launched by Sam Bankman-Fried in 2019
FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products, and leveraged tokens. Strive to develop a platform robust enough for professional trading firms and intuitive enough for first-time users.
Solana – High-performance blockchain supporting builders around the world
Solana is a highly active open-source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.
The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the blockchain’s underlying proof-of-stake (PoS) consensus.
Cardano – Decentralized public blockchain and cryptocurrency project
Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change.
The project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a more secure, transparent, and fair society.
Tezos – A blockchain designed to evolve
Tezos is a blockchain network based on smart contracts, in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced — meaning it can evolve and improve over time without there ever being a danger of a hard fork. This is something that both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that Tezos developers have put forward.
Uniswap – Swap, earn and build on the leading decentralized crypto trading protocol.
Uniswap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance (DeFi) tokens. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens, while improving the efficiency of trading versus that on traditional exchanges.
Uniswap creates more efficiency by solving liquidity issues with automated solutions, avoiding the problems which plagued the first decentralized exchanges.
Chainlink – Securely connect smart contracts with off-chain data and services
Founded in 2017, Chainlink is a blockchain abstraction layer that enables universally connected smart contracts. Through a decentralized oracle network, Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.
The Chainlink Network is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralized participation is guaranteed for all node operators and users looking to contribute to the network.
Hedera Hashgraph – The most used enterprise-grade public network
Hedera is the most used, sustainable, enterprise-grade public network for the decentralized economy that allows individuals and businesses to create powerful decentralized applications (DApps).
It is designed to be a fairer, more efficient system that eliminates some of the limitations that older blockchain-based platforms face — such as slow performance and instability.
RichQuack – Hyper-deflationary, self-generating automatic liquidity platform
Rich Quack is another hyper-deflationary Binance Smart Chain (BSC) meme token that aims to pay out rewards to holders by “frictionless yield generation”. Holders do not need to stake or wait for fees to be delivered. Fees are awarded by the smart contract and are immediately reflected in the holder’s balance.
Rich Quack aims to provide its holders with a chance to make money, by investing, building, holding and winning.
XRP – Decentralized, public blockchain led by a global developer community.
Launched in 2021, the XRP Ledger (XRPL) is an open-source, permissionless and decentralized technology. Benefits of the XRP Ledger include its low-cost ($0.0002 to transact), speed (settling transactions in 3-5 seconds), scalability (1,500 transactions per second) and inherently green attributes (carbon-neutral and energy-efficient). The XRP Ledger also features the first decentralized exchange (DEX) and custom tokenization capabilities built into the protocol. Since 2012, the XRP Ledger has been operating reliably, having closed 70 million ledgers.
Avalanche – High-throughput smart contract blockchain platform.
Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. It is one of Ethereum’s rivals, aiming to unseat Ethereum as the most popular blockchain for smart contracts
This is made possible by Avalanche’s unique architecture. The Avalanche network consists of three individual blockchains: the X-Chain, C-Chain, and P-Chain. Each chain has a distinct purpose, which is radically different from the approach Bitcoin and Ethereum use, namely having all nodes validate all transactions. Avalanche blockchains even use different consensus mechanisms based on their use cases.
DeFi projects usually denominate dapps and infrastructures such as asset management tools, decentralized exchanges (DEX), DeFi infrastructure & Dev Tooling, and many others. Although they are risky to invest in and use, the more time passes, the more they optimize and come out with better tokenomics and more secure infrastructures.
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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