Although we created an informative content about Defi in our previous article, we decided to take a closer look at this technology and Defi coins and tokens.
We share with you an article that can answer the question of what is DeFi, the Future of the Finance World. DeFi World, known as Decentralized Finance, is preparing the future for us. Now, instead of old currencies, the world of crypto money is leading the defiance projects where you can move more freely and add value.
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So what is DeFi?
DeFi is an acronym for “Decentralized Finance”, a term for various financial applications in cryptocurrency or blockchain intended to disrupt financial intermediaries. This makes them available to anyone, rather than going through intermediaries like banks or brokerage firms. Unlike a bank or brokerage account, a government-issued ID, Social Security number, or proof of address is not required to use DeFi.
Interaction with software-based agents. Built on open networks like Ethereum, the applications that make up the rapidly expanding DeFi industry allow their users to engage in a familiar range of financial activities without trusted central authorities. These activities are referred to as lending and receiving, savings, spot trading, margin trading, derivatives trading and insurance. More specifically, DeFi refers to a system written on blockchains that allows buyers, sellers, lenders, and borrowers to interact with a peer-to-peer or strictly software-based intermediary rather than a company or institution facilitating a transaction.
A new financial system ecosystem is being created.Building on platforms such as Ethereum, Solana, Avalanche, Polkadot, and others, developers are designing the infrastructure of a new financial system without intermediaries and external audits. Industry growth is typically measured by the amount of capital associated with the smart contract, which includes the various protocols. When the total value locked in DeFi, which quickly caught the attention of investors, exceeded $50 billion in April 2021, it was seen that the vast majority were in favor of this more democratic, decentralized financing approach.
Defi Coins and Tokens
As the first blockchain network to offer a programming language that can write smart contracts, Ethereum has gained a significant advantage in decentralized finance. A first in the industry, many developers interested in exploring the potential of blockchain technology beyond Bitcoin began experimenting on the network shortly after its release. As of April 2021, DeFi Prime has reported a total of 251 DeFi projects.
Then, in April 2022, the number of these projects exceeded 350. 215 of this number is based on Ethereum. This corresponds to a percentage of 86%. But the ecosystem is not limited to Ethereum. There are dozens of new generation projects behind the unstoppable development of the DeFi industry. In addition to being the largest in the world of ETH Defi, it supports many projects in its subfield. There are many currencies with the infrastructure of ETH, which is in the 2nd place among the most preferred currencies in 2022. It has managed to reach billions in value within many token defense projects such as Cardona.
Examples of dominant non-Ethereum projects supporting DeFi ecosystems today include Polkadot, Cardano, TRON, Solana, EOS, Cosmos, Avalanche. The ease with which developers can move projects from the highly dense Ethereum network to a more economically viable blockchain makes such solutions increasingly popular. For example, after succeeding on Ethereum, popular decentralized exchange SushiSwap has recently moved to the Avalanche blockchain.
Despite all these innovative projects, all eyes are now on Ethereum, the flagship of the altcoin ecosystem. With the London hard fork that took place in August, the leading altcoin could strengthen its place in the ecosystem, which will strengthen its plan to move from PoW to PoS.
Biggest DeFi DeFi Tokens by Market Cap
There can be a lot of volatility in the ranking of Biggest DeFi DeFi Tokens by Market Cap. In the world of cryptocurrencies, values have the potential to fall rapidly and rise again.
According to May 2022 data, the market value of Defi projects was 65,904,910,969. The market value has the potential to fall rapidly and rise again. Many Defi projects can instill both confidence and fear in their investors. However, the biggest reason for the recent declines and increases is the FED. The Fed’s interest rate decisions and negative cryptocurrency statements were enough to add smoke to the market.
I guess not without mentioning some of the most valuable currencies in the world of Defi. These include many projects such as AVAX, LINK, UNI.
Avalanche is a decentralized, open-source blockchain proof-of-stake with smart contract functionality. AVAX is the native cryptocurrency of the platform
Avalanche is a platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services. Avalanche coin, which has been in use since September 2020, was developed by Ava Labs.
Avalanche has a decentralized system. It is also a network that aims to provide a secure and practical structure for financial assets, cryptocurrency trading platforms and other cryptocurrency services.
$33.09 USD, 24-hour trading volume is $863,520,342 USD. We update our AVAX/USD prices in real time. Avalanche has dropped percentage in the last 24 hours. Current CoinMarketCap rank is #12, market cap is $8,904,836,554 USD. The circulating supply is 269,110,291 AVAX coins and the max level supply. supply not available.
2)Wrapped Bitcoin (WBTC)
Wrapped Bitcoin (WBTC) is an ERC-20 token that represents Bitcoin (BTC) on the Ethereum blockchain. A key advantage of WBTC is its integration into the world of Ethereum wallets, dapps, and smart contracts. Through a WBTC partner, 1 Bitcoin can be converted to 1 Wrapped Bitcoin, and vice-versa.
29,957.28 USD, 24-hour trading volume is $319,061,107 USD. We update our WBTC/USD prices in real time. Wrapped Bitcoin has dropped a percentage in the last 24 hours. Current CoinMarketCap rank is #13, market cap is $8,525,960,535 USD. The circulating supply is 284,604 WBTC coins and the max level supply. supply not available.
Dai is a stablecoin cryptocurrency on the Ethereum blockchain that aims to keep its value as close to one US dollar as possible through a system of smart contracts and decentralized participants that these contracts incentivize to perform maintenance and governance functions.
$1.00 USD, 24-hour trading volume is $568,232,336 USD. We update our DAI/USD prices in real time. Dai has dropped percent in the last 24 hours. Current CoinMarketCap rank is #16, market cap is $6,431,099,862 USD. The circulating supply is 6,429,041,267 DAI coins and the max level supply. supply not available.
Uniswap is the decentralized finance protocol used to exchange cryptocurrencies. Uniswap is also the name of the company that created the Uniswap protocol. The activity of the protocol is to facilitate automation between cryptocurrencies on the Ethereum blockchain through smart contracts.
$5.06 USD, 24-hour trading volume is $208,217.018 USD. We update our UNI/USD prices in real time. Uniswap has dropped percentage in the last 24 hours. Current CoinMarketCap rank is #24, market cap is $3,633,433,454 USD. The circulating supply is 718,722,994 UNI coins and is maxed out. 1,000,000,000 UNI coins.
Chainlink (LINK) is a decentralized oracle network that aims to connect smart contracts with real-world data. Co-founded by Steve Ellis, Chainlink was developed by Sergey Nazarov. During the ICO process held in October 2017, it raised $32 million with a total supply of 1 billion LINK tokens.
LINK, the chainlink decentralized oracle network’s own cryptocurrency, is used to pay node operators. Node providers that cannot provide accurate information due to the reputation system of the Chainlink network receive reduced tokens, while node providers with a high amount of LINK are rewarded with larger contracts. Its developers describe LINK as “an ERC20 token with ERC223 ‘transfer and call’ functionality that allows tokens to be accepted and validated in a single transaction”. Following the $32 million LINK ICO in 2017, 32 percent of LINK tokens were sent to node operators to promote the ecosystem. Another 30 percent remained with Chainlink for development (35% sold in a public token sale).
$7.45 USD, 24-hour trading volume is $476,985,293 USD. We update our LINK/USD prices in real time. Chainlink has dropped a percentage in the last 24 hours. Current CoinMarketCap rank is #25, market cap is $3,477,198,608 USD. The circulating supply is 467,009,550 LINK coins and is at its maximum. 1,000,000,000 LINK coins.
The values of the Biggest DeFi projects by Market Value shared above are changing instantly. All information is taken by coinmarketcap.com and you can see the increases and decreases.