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The DeFi sector of crypto is worth moreover $170 billion, with over $10 billion worth of assets moved in the last 24 hours. With so many DeFi initiatives in crypto, it may be difficult to tell which ones are genuine.
In this post, we’ve compiled a list of the top 5 DeFi cryptocurrencies we believe you have to keep an eye on in the year 2022. The following list is sorted by market capitalization, from lowest to highest.
Disclosure: This is not financial advice; if you decide to make a purchase based on this post, we will not be held liable for any losses you may incur.
PancakeSwap (CAKE) – $3.9 Billion Market Cap
PancakeSwap, the most popular decentralized exchange on the Binance Smart Chain, is one of my personal favorites. Consider it a direct rival to Uniswap, which is a decentralized Ethereum network exchange.
Because CAKE is on the Binance Smart Chain, PancakeSwap has a significant edge over Uniswap in terms of costs.
PancakeSwap, like a DeFi platform, also allows users to earn prizes through Yield Farming. You can help PancakeSwap by providing liquidity in exchange for tokens, which can then be exchanged to any cryptocurrency of your choice.
PancakeSwap, being the top decentralized exchange on BSC, has a promising long-term future. As cryptocurrency becomes more widespread, exchanges like as PancakeSwap will only witness growth in users and transaction volume, resulting in a rise in total worth.
Fantom (FTM) – $5.4 Billion Market Cap
Fantom is the first DeFi stack developed on a smart contract platform based on the Directed Acyclic Graph (DAG). On the platform, users may purchase, sell, lend, and borrow synthetic assets.
Users may use Fantom’s fully functional software to make money with their existing cryptocurrencies. Staking your current Fantom, lending and borrowing assets, using your tokens as security, and much more are all options for earning.
Fantom is a completely decentralized DeFi platform that demonstrates the technology’s advantages. Users do not have to give up control of their money at any stage, enabling a new type of decentralized trade. Fantom is a very new player in the DeFi space.
It was a forerunner in DeFi, releasing the first totally decentralized stack. Fantom, the 6th largest DeFi project by market valuation, is a good bet for the year 2022.
Uniswap (UNI) – $13.6 Billion Market Cap
Uniswap, the leading Ethereum Network exchange, is another particular fave. Uniswap is the most popular DeFi exchange on the market and the king of decentralized exchanges.
Users can also profit from Uniswap by providing liquidity. Yield Farming is a simple method that allows merchants to earn incentives using their existing tokens.
Both Uniswap and PancakeSwap have a lot of similarities. The key distinction is that Uniswap has a wider selection of tokens. The majority of coins are listed on Uniswap since they are ERC-20 and not BEP-20. This is the primary cause behind Uniswap’s increased value.
When it comes to trading volume, Uniswap has $255 million, whereas PancakeSwap has $431 million. The larger trade volume on PancakeSwap makes sense because the Binance Smart Chain has substantially lower costs.
Overall, Uniswap has a bright future, particularly as more people learn to utilize MetaMask and decentralized exchanges.
TERRA (LUNA) – $17.9 Billion Market Cap
TERRA is one of the monarchs of DeFi, with the second greatest market cap of any DeFi project. TERRA is a stablecoin-based blockchain protocol that creates a vibrant ecosystem, delivering DeFi technology to the public.
TERRA operates by producing a series of stablecoins that are linked to the price of fiat currencies. The LUNA token, which is TERRA’s staking and governance token, absorbs the price volatility.
This system lets users speculate on the LUNA price while also reaping the benefits of staking and Yield Farming incentives.
TERRA is a wonderful long-term investment for 2022 since it is the second most popular DeFi project in space.
Avalanche (AVAX) – $21.1 Billion Market Cap
Avalanche, the industry’s quickest smart contracts platform, is the king of all DeFi systems. AVAX also has the most validators securing its protocol of any proof-of-stake network.
Holders of Avalanche tokens are urged to stake their tokens to help safeguard the network while also earning incentives. Avalanche is a DeFi ecosystem that includes hundreds of exchanges, wallets, markets, and other services.
Avalanche is a terrific long-term bet for 2022 as the top DeFi project on the market. You can’t go wrong with Avalanche if you’re trying to wager on DeFi for the coming year.
As the DeFi space matures, more and more users are joining the ecosystem. We’ve seen a drastic increase in userbase and overall adoption of decentralized finance applications over the past year. That trend should continue throughout 2022, which means a higher valuation for the projects in the space.
This is not trading or investment advice. Always do your own research before buying any cryptocurrency.
As the DeFi ecosystem evolves, more and more people are joining it. Over the last year, we’ve witnessed significant growth in the number of users and general acceptance of decentralized finance applications. This trend is expected to continue until 2022, implying a greater price for projects in the sector.
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This is not investment or trading advice. Before investing or committing your money to any cryptocurrency project, carefully research that coin or crypto. this can save you a whole of financial pain in the present or the near future.
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Source: fifty7tech.com
