The world of decentralized finance centers around the fusion of traditional bank services with blockchain technology. After blowing onto the scene in August 2018, the industry has already amassed a strong following and a value of over $67.65 billion. Almost 30 of the top 100 cryptocurrencies currently ranked according to market cap also feature on the list of DeFi projects. This number is likely to continue going up as more investors pour into the market. If you’re eager to enter the market, or sink your ties deeper into it, let’s take a look at the top 5 DeFi projects.
Unimex is a margin trading platform within Uniswap. This on chain project allows users to execute shorts and longs on the Uniswap network as opposed to through an offchain platform. Lenders that supply liquidity to the lending pools are given returns accumulated from fees paid by margin traders.
The UMX token is currently trading at $1.15 with a max supply of 10,000,000 and a market cap of $11.5 million.
Lido DAO Token is a liquid staking solution for Ethereum. The token allows users to stake ETH while engaging in on-chain activities, such as compound returns and lending. The LDO token allows users to manage fee parameters and distribution, earn governance votes, and have a say in whether the Lido node operators can stay or must go.
Currently just under 1% of the total supply of LDO are in circulation, just 8,850,049 LDO of the 1,000,000,000. Launched in December 2020, the token is already trading at just over $2.50 with roughly 144,600 ETH staked in the project ($255,000,000).
Integrated into the interoperable Polkadot environment, Polkastarter allows projects to raise capital through cross chain token pools and auctions. Catering to blockchain projects and individuals alike, the projects can use Polkastarer to raise capital quickly in a cost effective manner while users can participate in a secure and thriving DeFi environment.
The POLS token is trading at just under $3, with a trading volume of $73 million. 56,500,000 POLS of the 100,000,000 max supply are currently in circulation.
Launched in December 2018, Universal Market Asset (UMA) is both the oldest and most valuable token on this list. UMA is a protocol designed for the generation of Ethereum based synthetic assets (assets that represent different underlying assets and have the same value). Through the UMA platform users can design self-executing financial contracts powered by Ethereum and secured by economic incentives. The platform allows users to “digitize and automate any real-world financial derivatives, such as futures, contracts for differences (CFDs) or total return swaps.”
Number one on our list of top 5 defi projects in 2021 is CurrySwap, a multi-dapp ecosystem containing a high-yield farm, auction lobby, static staking pool and NFT tokens. The project is well designed and thoroughly thought through with user’s returns at the top of their priority.
By following their process, users are set to earn high yields through initially participating in the yield farming event (where they earn CURRY tokens) then staking these in the Auction Lobby (where they can now earn ETH dividends). NFT rewards carrying benefits are also distributed throughout this process. To earn an even higher APY, users can stake their CURRY tokens in the static staking pool as well.
Since launching in January 2021 the project has amassed a market cap of $1.57 million, and is currently trading at $0.14 – an enticing amount to easily enter the market.
Upcoming on CurrySwap’s road map is the integration of a DEX into the platform, as well as an NFT marketplace, the launch of the auction lobby, and a DAO. The future looks bright, and spicy for this DeFi project.
Dive Into DeFi
If you’re sitting on the fence, perhaps this is the push you needed. Explore these incredible top 5 DeFi projects of 2021 and find out exactly what all the fuss is about. The DeFi industry has taken the crypto world by storm, and things don’t appear to be slowing down anytime soon.