Decentralized finance (DeFi) systems are users’ digital and decentralized form of traditional finance. These DeFi projects allowed users to borrow, lend, save, and exchange cryptocurrencies. However, the current popularity is causing many people to view DeFi altcoin projects as a safe investment opportunity.
10 DeFi altcoins to watch in August
The popularity of DeFi has led many analysts to turn to the field. Finally, an analyst shared 10 DeFi altcoin projects that he recommended to watch in August. We, as Kriptokoin.com, have compiled these projects for you.
SushiSwap (SUSHI)
SushiSwap (SUSHI) is a DeFi altcoin and platform powered by Ethereum. It facilitates the exchange of cryptocurrencies in decentralized ways, leveraging the automated market maker (AMM) concept. In essence, SushiSwap can be defined as a piece of software that runs on the Ethereum network. However, the operation and infrastructure of the platform is designed to create a marketplace for users’ crypto assets. As a platform, SushiSwap offers DeFi altcoin users access to services such as staking and yield farming. At the time of writing, SUSHI was trading at $1.59 with a market cap of $202 million.
AAVE (AAVE)
Aave (AAVE) is an open source system that does not include custody services. However, it allows users to borrow, lend and earn interest on them. Aave is built on top of the Ethereum network. Anyone who owns the DeFi altcoin AAVE can withdraw a loan in tokens. However, they do not have to pay any cost when taking out a loan. Finally, they get discounts on other fees charged within the platform. At the time of writing, AAVE had a market capitalization of $1.53 billion. Additionally, an AAVE was equivalent to $110.
Uniswap (UNI)
The most widely used decentralized exchange is Uniswap. The platform has processed more than a trillion dollars in total transactions over the past three years. At UNI, the maintenance and exchange of cryptocurrencies that investors buy and sell is done through a worldwide network of users. Users who do this are rewarded with the DeFi altcoin UNI. To achieve this goal, Uniswap leverages several different liquidity pools. Investing in Uniswap’s UNI token users have the opportunity to influence how the network works and profit from the increase in the value of the DEX. At the time of writing, Uniswap was trading with a market cap of close to $7 billion. The UNI price, however, was worth $9.29.
Maker (MKR)
The Maker protocol is one of the oldest platforms on the market. It is also among the most popular and profitable decentralized lending systems. Additionally, it is the home of the widely used DAI stable currency. DAI is one of the first decentralized platforms to adopt DAO governance. The primary function of Maker’s DeFi altcoin asset MKR is to peg the value of DAI to the dollar. Using two different cryptocurrencies simultaneously helps reduce volatility. Thus, it provides customers with greater protection within the project. The value of MKR is expected to skyrocket due to the enormous popularity of the project. At the time of writing, the Maker project had a market cap of close to $1.1 billion. However, MKR was trading at $1,109.
Yearn Finance (YFI)
YFI’s main goal is to provide the necessary tools to maximize all the income they can generate from their crypto assets. This includes credit and trading services to users. Accordingly, DeFi altcoin YFI helps investors diversify their long-term portfolios. For this reason, it is among the tokens to be watched for the analyst. The vast majority of experts covering the cryptocurrency market have a positive view of YFI. Analysts predict that by the beginning of the decade, the price of YFI tokens will exceed $400,000. At the time of writing, Yearn Finance was trading with a market cap of $427 million. Besides that, a YFI was worth $11,669.
Instadapp (INST)
Instadapp (INST) is a decentralized application that provides simple asset tracking and management by integrating the DeFi protocol into a single platform. DeFi altcoin is an application that connects various decentralized web protocols. Accordingly, the project has created one hundred million tokens on the Genesis network. It also plans to be deployed in the next four years. They set aside 55 percent for the community and incentive program. With a market cap of $20 million, Instadapp was changing hands at $1.12 at the time of writing.
Compound (COMP)
Compound allows users to engage in the ETH and ERC tokens they stake. It is also an industry-leading crypto termination and tracking platform. It allows you to get a loan at an extremely competitive rate with adjustable repayment terms. These credits are secured by the cryptocurrency being staked. Users also have a built-in token incentive where they can decide how the platform will evolve in the future. This incentive is achieved by holding the DeFi altcoin COMP. At the time of writing, Compound was changing hands at $65, with a market cap of $468 million.
Curve Finance (CRV)
Curve Finance has succeeded in being “the only one” in the field of decentralized stock market with certain features. Among these features, it focuses primarily on the transactions of stablecoins. Curve allows its clients to stake and trade cryptocurrency. Accordingly, the CRV token is used to perform the function of a governance environment and provide incentives. It also functions as a way of giving a framework and paying fees. The DeFi altcoin had a market valuation of $746 million at the time of writing. In addition, the CRV token was trading at $1.42.
Balancer (BAL)
Balancer (BAL) allows almost anyone to build liquidity into their trading pools. It also works as an AMM allowing users to add liquidity to pools. In doing so, users can earn trading fees that can be tailored to their specific needs. In essence, Balancer uses a variety of crypto assets, eliminating the need for a third-party financial intermediary. Accordingly, users can trade assets without the need for third parties. DeFi altcoin BAL is the native cryptocurrency of this platform. At the time of writing, BAL had a market cap of $278 million. It was also on sale for a unit price of $6.52.
Looping (LRC)
Loopring is an open source and distributed decentralized trading technology. It basically has the purpose of closing the gap between centralized and decentralized exchanges. Accordingly, it addresses an intriguing trend in the cryptocurrency world and helps accelerate the adoption of DEXs. Loopring is a multi-chain protocol that can be hosted on Ethereum, NEO and QUANT networks respectively. At the time of writing, the DeFi altcoin was trading with a market valuation of $640 million. Also, the LRC was changing hands at the unit price of $0.48.
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