Here are five DeFi tokens to watch out for during the upcoming bull market
These include DOT, AAVE, YFI, SUSHI and ALPHA
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Bitcoin is gradually losing market share. It is being replaced by new projects and altcoins. Below are five DeFi Coins that can be won during the upcoming Alt Season
1. Polkadot (DOT)
Polkadot is a web interoperable blockchain platform. The mission of this DeFi project is to make the internet completely decentralized..
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In addition, the platform allows developers to create decentralized web applications (dApps) and integrate them into their business or other projects..
Several projects, including distributed ledger consultant ChainSafe and Reef Finance, are built on the Polkadot blockchain.
Token sales began in July last year. Initially, the project’s coin – DOT – was sold at a price of $ 0.29. Since then, it has risen in price to $ 18.19, that is, almost 60 times.
As a result, DOT’s market capitalization reached $ 16.4 billion, and the project took the fourth place in the ranking of the largest cryptocurrency projects, behind only Bitcoin, Ethereum and Tether USD..
Market capitalization of Polkadot. Source: Coinmarketcap
2. Aave (AAVE)
Aave, formerly known as LEND, is a “decentralized non-custodial liquidity market protocol”. On the Aave platform, users can borrow and lend each other cryptocurrency loans without a third party..
People who want to receive passive income deposit their coins on the platform and receive a small percentage of Aave tokens for this. They become part of a liquidity pool from which borrowers can borrow cryptocurrencies against collateral.
Read also an exclusive interview with Aave CEO Stani Kulechov
As of this writing, as the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More AAVE is worth $ 188.31 and the project has a market capitalization of $ 2.32 billion. This is the second largest DeFi project with a total amount of funds blocked (TVL) of more than $ 3.4 billion..
Aave protocol. Source DeFi Pulse
yearn.finance is a DeFi portal that brings together several staking opportunities. Users can engage in profitable farming (pharming) and receive passive income.
The platform has also partnered with some of the popular DeFi projects including Cream Finance and Cover Protocol. YFI, the platform’s token, was the growth leader during the DeFi boom last summer. The coin has risen from a starting price of $ 3,000 to $ 31,110 at the time of writing..
YFI course. Source Coinmarketcap
And this is just the beginning. According to the DeFi portal, Decentralized Finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More Prime founder and lead developer André Cronier was named DeFi Industry Person of the Year 2020. Yearn .finance is preparing to launch the second version of its flagship storage service. The project continues to develop.
4. SushiSwap (SUSHI)
SushiSwap is a decentralized platform where cryptocurrency holders earn interest in exchange for liquidity. The platform then uses the resulting exchange liquidity between different cryptocurrencies.
SushiSwap is a variation of the Automated Market Maker (AMM) and a fork of the original AMM, Uniswap. The lead developer of the project is hiding behind the pseudonym Chef Nomi.
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The project continues to develop the edible Japanese theme. The latest project in development – Bentobox – will add a lending platform to the list of available products.
The SUSHI project token is selling for $ 6.72 at the time of writing. In a little less than a month, it almost tripled in price, and the volume of blocked funds exceeded $ 1.9 billion.
SushiSwap protocol. Source DeFi Pulse
5. Alpha Finance Lab (ALPHA)
Alpha Finance Lab combines several DeFi products, from lending to AMM. The goal of the project is to maximize profits and reduce risks for users. The platform also aims to facilitate interaction with DeFi projects by integrating a user-friendly interface..
Alpha Finance Lab’s latest product, Alpha Homora, will allow leverage for staking various tokens such as SUSHI. Homora will launch in the next few days. Over the past month, the ALPHA token has risen in price by more than 300%.
Funds in the amount of $ 452.7 are blocked on the platform; ALPHA’s current rate is $ 0.81.
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