Following the success of blockchain technology, DeFi has successfully acquired tremendous fame in the world of crypto trading. DeFi- also known as decentralized finance is a newly launched project that has proved much more profitable and effective than traditional bitcoin systems like https://bitqz.org/.
Being a highly practical crypto sector, DeFi has the potential to benefit its users with maximum perks and authority to rule over multiple aspects of the crypto world. Some of the common areas where this decentralized finance system outputs include Dapps, smart contracts, asset management tools, DeFi infrastructure, DeFi tools, etc.
Recently, DeFi projects have celebrated a skyrocketing price, credibility, and accessibility. Despite being a relatively new invention, DeFi tokens have price values present between $400 to $600 million with a remarkable reputation of operating worldwide.
The purpose of creating DeFi was simple and straightforward from the start. It aims to eliminate or reduce the disturbances that users face during optimizing blockchain technology. Not only in terms of speed and efficiency but DeFi projects are also a major help in doing yield farming that results in generating maximum profits to users in form of tokens and other rewards.
If the aforementioned hasn’t persuaded you to try one of the DeFi projects then we don’t know what else can. However, have a thorough read on these top 5 DeFi projects and how they can help you start your DeFi journey.
- Chain link
Except for Ethereum, there’s barely any other cryptocurrency in the crypto space that easily and directly connects a trader to smart contracts. But, this DeFi project- Chainlink will soon be introducing its decentralized data with a market cap of $12 billion currently. It offers special kinds of oracles that control over 300 smart contracts and Dapps (decentralized applications). Founded in 2019, chain link enables the trader to benefit from all the perks that this helpful eco-system of DeFi offers you.
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- Synthetix
It won’t be wrong to call 2020 the golden year for this DeFi project- Synthetix. With a whopping market cap of about $2.5 billion and a max supply of 219, 252,220, Synthetic is progressively growing every day. It is basically a decentralized asset insurance protocol that is available in the form of tokens. This network allows its users to analyze the volatility or liquidity of any real-world asset on any decentralized exchange. It already has a huge supply yet is predicted to touch a high inflation rate in the future.
- PAANCAKESWAP
If you’ve ever used UNISWAP then it’s easy to understand PANCAKESWAP. It basically uses the Binance smart chain platform to carry out all its functions. Being an automated market maker decentralized, PANCAKESWAP extensively deals in high-liquidity tokens. It also has a two-built yield farming tool that is the main reason for its huge $450 market capitalization.
- Litentry
Litentry works on a smaller level than other DeFi projects on the list with a market cap of $150 million. It is a cross-chain identity aggregated platform that aims to help you manage you DID’s and other incredible features safely. Currently, Litentry only deals with Polka Dot safely on the Polkadot network but will soon be expanding its territory to other Dapps and other auto training platforms.
- FANTOM
Pretty much like Chainlink, FANTOM also enables its users to access smart contracts on a safe plus effective acrylic graph-based system. FANTOM works quite independently in the network by only using nodes that help in making the platform more fast, effective, and scalable. Its unique consensus mechanism makes FANTOM the best DeFi project for smart contracts. Not only is it safe with features like two-second transaction finalization and proof-of-stake algorithm but also has the highest market capitalization of $1.5 billion.
Conclusion:
All the mentioned DeFi projects have unbelievable potential to have sky-rocketing price and popularity in the year 2021. Once launched, they’ll revolutionize the whole crypto space and might compete or replace the blockchain system in the future.