Cryptocurrencies known as DeFi coins or tokens are used for decentralized solutions known as DApps. This post features the 10 most promising DeFi projects in 2023, from analyst Zaveria’s list.
DeFi coins to watch this year
Dai (DAI)
Maker Protocol and MakerDAO are responsible for the issuance and development of DAI, an Ethereum-based fixed-price cryptocurrency. A small number of other cryptocurrencies, which are placed in smart contract vaults each time a new DAI is issued, act as collateral for the price that is only tangentially related to the value of the US dollar.
Avalanche (AVAX)
Layer-1 Blockchain Avalanche serves as the foundation for decentralized applications and private Blockchain networks. It has been competing directly with Ethereum for smart contract popularity for some time now. This is mostly due to the way Avalanche is built. X-Chain, C-Chain and P-Chain subnetworks make up the network as a whole. Avalanche can process up to 6,500 transactions per second without sacrificing scalability thanks to its complex network.
Uniswap (UNI)
With the use of smart contract technology and decentralized financial system Uniswap, you can buy, sell and exchange tokens on Ethereum. Uniswap is decentralized, so users have full control over their money, unlike centralized exchanges that require users to hand over their private keys.
Wrapped Bitcoin (WBTC)
WBTC, a sold version of Bitcoin on the Ethereum network, is used in the majority of DeFi transactions. It fully integrates Bitcoin into Ethereum’s ecosystem of crypto services, making it ERC-20 compliant.
Chainlink (LINK)
Chainlink is a decentralized Blockchain oracle platform that allows smart contracts on any Blockchain to leverage off-chain resources such as verified randomness, hack-proof pricing data, external APIs, and much more.
Lido DAO (LDO)
Lido is a liquid staking solution for Ethereum. Users can join the network for other activities such as lending while also staking their ETH without having to make a minimum deposit or maintain the infrastructure. As reported by Kriptokoin.com, Lido has decided to delay the deadline for staked ETH tokens that need to be unlocked with the Shanghai hard fork to be implemented on April 12.
AAVE (AAVE)
Aave is a community-supported Blockchain protocol that runs on Ethereum and allows users to lend and borrow different types of cryptocurrencies.
Terra Classic (LUNC)
Terra is a blockchain stablecoin protocol that uses an oracle system, smart contracts, and a native token to power the global payment system. LUNC wants to reduce market concentration by allowing any Blockchain to communicate with stablecoin.
Tezos (XTZ)
Similar to Ethereum, Tezos is a Blockchain network built on smart contracts. The primary distinction is found in Tezos’ more advanced infrastructure, which enables future advancements and avoids the challenges faced by Ethereum.
Theta Network (THETA)
Theta Network is primarily designed for live streaming, P2P resource sharing and bandwidth sharing. With its own native token, it can perform management functions even when other foreign network node operators are involved. It offers a better user experience that will improve over time in the broadcast industry.
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