DeFi is an acronym for decentralized finance that provides financial services and technology without the need for any intermediaries. It brings complete privacy and ownership to users. Brokers such as brokerage houses, banks, and exchanges are held in this system using smart contracts on the Blockchain. Today, let’s list the best DeFi altcoin projects worth adding to your portfolio in August 2022, the choice of analyst Will Izuchukwu.
Top 5 DeFi altcoin projects listed on Binance
iExec RLC (RLC)
iExec is decentralized computing provider powered by Blockchain. Blockchain is used to build a market network where anyone can monetize their computing power and applications. iExec’s products that stand out with their technology:
- Web3 Marketplace, Oracle Factory (No coding experience required)
- Confidential Computing (Protects data, privacy and property)
- iExec SDK (iExec executes ‘off chain’ calculations via decentralized cloud)
The RLC token is currently listed on major exchanges such as Binance, Bitget, Biconomy Exchange, KuCoin, and Bitrue.
dYdX (DYDX)
dYdX is a second tier decentralized cryptocurrency exchange (DEX). DYDX’s platform enables investors, liquidity providers and partners to help shape the future of the protocol as a community. Also, they automatically start earning interest when funds are deposited into their account, as their assets are added to the worldwide loan pool for each coin.
The platform protects lenders by ensuring that borrowers always have sufficient collateral in their accounts. Customers can borrow from dYdX and instantly buy any asset the market has to offer, using the funds they already have as collateral for the loan. DYDX is currently traded on crypto exchanges such as Binance, Deepcoin, OKX, Bybit, and CoinW.
Injective (INJ)
Injective provides primitives that work together to build mainstream DApps. Users can build any financial market on Injective’s fast, cross-chain and decentralized protocol. Transactions are completed instantly, without waiting and additional gas costs. Injective users can transact with various networks like Ethereum, Cosmos and BSC without any issues. Additionally, Injective can facilitate exchanges between Cosmos-based projects such as Terra.
According to its website, it offers a ready-to-use, interoperable order book for building mainstream DApps. Injective is run entirely by the community. It is also secured by Tendermint-based PoS consensus for secure transactions with instant certainty. INJ is currently traded on major exchanges such as Binance, Bybit, CoinW, BingX and BTCEX.
Lido DAO (LDO)
Lido is a liquidity staking solution for Ethereum. LDO allows users to stake their ETH with minimum deposit. According to the website, some use cases for LDO as a native utility token include:
- Granting management rights in Lido DAO.
- Managing fee parameters and distribution.
- Manages the addition and removal of lido node operators.
- Lido-supported networks include Ethereum, Polygon, Solana, Polkadot, and Kusama, according to data on the website. Lido also allows users to use their staking assets to generate returns on returns, according to information from the site.
LDO is currently traded on many exchanges such as Binance, Deepcoin, Bybit, BingX and CoinTiger.
Kyber Network Crystal v2 (KNC)
Kyber Network is a liquidity protocols hub that provides secure and instant transactions on any DApp. Decentralized exchanges (DEXs), DeFi DApps and other users should have simple access to liquidity pools that offer the best prices thanks to Kyber Network.
Every transaction in Kyber is on-chain. It makes it easy to verify them with any Ethereum block explorer. The DeFi project aims to fix the lack of liquidity without the developers worrying about anything. Kyber is basically developer friendly. It also allows any application to be integrated instantly. According to its website, Kyber Network is managed by the community through KyberDAO, a DAO. KNC is currently traded on exchanges such as Binance, Coinbase Pro, Huobi Global, and Kraken. For more altcoin reviews, you can check out Kriptokoin.com’s coin discovery bulletin.
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