Best DeFi Tokens To Invest For 2024
Many technological advances have taken place in recent years. One of them has revolutionized the financial paradigm of the world. Yes, you guessed it right, Decentralized Finance (DeFi). It is basically non-custodial financial protocols, platforms, and services. According to Statistica, there will be 9.33 million users in the DeFi market by 2027.
DeFi has changed our vision and approach towards finance. With its advent, we are more in control and have a higher standard of security. DeFi enables users to carry out financial transactions in a more peer-to-peer fashion through individual trading services and personal wallets. It can be used by anybody, wherever they are in the world, and it does away with the need for a centralized finance model. It improves inclusivity and the accessibility of financial services. In this article, we are covering the coins that are backed by defi projects and are performing well in the market.
Top Defi Coins With Marketcap
| Name | Price | 24HR Change | Market Cap | Total Volume | Circulating Supply | |
|---|---|---|---|---|---|---|
 1. Chainlink | $14.7800 | 0.1045% | $8,249,210,070 | $460,348,836 | 556,849,971 | Visit |
 2. Avalanche | $20.7500 | -1.01% | $7,601,534,065 | $299,480,862 | 365,067,170 | Visit |
 3. Dai | $0.9984040000 | -0.0928% | $5,347,176,780 | $251,890,760 | 5,358,950,806 | Visit |
 4. Uniswap | $5.9100 | -3.33% | $4,462,455,960 | $205,598,913 | 753,766,667 | Visit |
 5. Internet Computer | $4.5700 | -2.00% | $2,063,696,899 | $49,549,249 | 449,632,581 | Visit |
 6. Lido DAO | $2.4500 | -1.80% | $2,183,967,748 | $52,805,792 | 890,041,246 | Visit |
 7. THORChain | $5.2600 | -1.99% | $1,582,639,283 | $259,403,748 | 300,700,561 | Visit |
 8. Aave | $98.6600 | -1.26% | $1,451,248,199 | $123,421,564 | 14,642,046 | Visit |
 9. Injective | $16.4900 | -1.53% | $1,392,583,979 | $92,807,177 | 84,255,556 | Visit |
 10. The Graph | $0.1459860000 | -3.33% | $1,360,281,471 | $65,187,293 | 9,314,137,127 | Visit |
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Best DeFi Tokens Reviewed For You
Chainlink obtains the necessary output by using a number of nodes to feed data to the blockchain and smart contract. Its DeFi applications can use Chainlink’s oracle services to confirm the collateralization of assets, ascertain asset prices, or even retrieve interest rates from various sources.
Chainlink’s liquidity is 7.38%, while its 24-hour volume is $575,010,517. The market cap of Avalanche is $7,851,158,895. The price is $14.10.
Avalanche is a blockchain platform that uses a novel Proof of Stake (PoS) mechanism to try and solve the three problems with blockchain technology: scalability, security, and decentralization. The Avalanche platform’s native token, AVAX, powers transactions throughout its ecosystem. By paying fees, AVAX is used to support network transactions, take part in governance, and distribute system rewards.
Avalanche’s liquidity is 13.83%, while its 24-hour volume is $1,022,080,441. The market cap of Avalanche is $7,491,783,962. The price is $21.07.
DAI is a cryptocurrency that is backed by collateral and works to keep other cryptocurrencies locked in contracts in order to maintain a steady 1:1 value with the US dollar. The Maker Protocol is an open-source, decentralized application that runs on top of the Ethereum blockchain and produces DAI. Therefore, collateralized debt denominated in ether (ETH), Ethereum’s cryptocurrency, is used to support DAI instead of being backed by US dollars held by a company.
The live price of DAI is $0.9997 with a market cap of $5,345,592,882. The 24- hour volume is $5,345,592,882 with a liquidity of 3.83%.
Uniswap is a decentralized protocol that enables users to trade Ethereum tokens. The protocol is powered by the Ethereum blockchain and allows anyone to create a market for any ERC20 token. Uniswap is often described as the leading DEX on the Ethereum blockchain. A DEX is a decentralized exchange that does not rely on a third party to hold the user’s funds.
Uniswap’s liquidity is 5.66%, while its 24-hour volume is $156,683,530. The market cap of Uniswap is $156,683,530. The price is $4.97.
Internet Computer (ICP) allows users to create apps, websites, and other web-based services. The cryptocurrency was created by the Dfinity Foundation, and it’s backed by well-regarded venture capital firms Andreesen Horowitz and Polychain Capital.
The live price of ICP is $4.16, with a market cap of $5,345,592,882. The 24- hour volume is $5,345,592,882 with a liquidity of 3.83%.
Lido DAO is a cutting-edge decentralized autonomous organization. It provides a liquid staking solution on the Ethereum 2.0 blockchain and other Proof of Stake (PoS) platforms. Lido DAO locks up assets initially, but then lets users liquefy them and use them for other protocols. When users deposit their cryptocurrency tokens into the network, this yield-generating process allows them to receive a tokenized version of their staked tokens on a 1:1 basis. These tokens can then be used to take part in other DeFi on-chain activities to earn more yields.
With a market valuation of $5,345,592,882, the current price of DAI is $0.9997. With a liquidity of 3.83%, the 24-hour volume is $5,345,592,882.
The decentralized exchange (DEX) offered by THORChain is based on the Cosmos software development kit (SDK), offering a solution. The backend technology required to exchange cryptocurrencies between previously incompatible blockchains is provided by its AMM-based protocol. The THORChain network is powered by the RUNE token. The pairing token for every asset in the platform’s liquidity pools is RUNE.
The live price of RUNE is $6.16, with a market cap of $2,080,959,811. The 24- hour volume is $409,649,145, with a liquidity of 3.83%.
Aave was created as a response to the rising demand for decentralized money markets and represents one of the biggest markets of that type. AAVE is the native token of the protocol and is based on the Ethereum network. Aave users can use AAVE tokens to participate in protocol governance and earn staking rewards.
The live price of AAVE is $85.98 with a market cap of $1,258,511,738. The 24- hour volume is $151,619,213 with a liquidity of 12.79%.
The Injective Protocol is an application running at Layer 2 on the Cosmos blockchain. By using cross-chain bridges, the protocol enables traders to access cryptocurrencies from Polkadot and Ethereum platforms. It manages liquidity without the use of an automated market maker (AMM) formula. Rather, Injective employs the order book model, which has been extensively employed by centralized stock and cryptocurrency exchanges for many years. Through this approach, Injective hopes to achieve parity between the transparency of decentralized exchanges and the efficiency of traditional finance.
Maker’s liquidity is 7.84%, while its 24-hour volume is $95,475,577. The market cap of Maker is $1,306,740,750. The price is $1336.
Blockchain data is indexed and decentralized using a protocol called The Graph (GRT). Its purpose is to make Ethereum network querying possible. Additionally, developers can create different APIs, or subgraphs, for distinct queries using the Graph network. The protocol addresses various subgraph-solved problems, including chain reorganization, query security, and finality of property.
The 24-hour volume is $58,643,149. The maket cap of GRT is $1,151,042,003. The price is $0.1236.
Conclusion
In the ever-evolving landscape of finance, decentralized finance (Defi) has emerged as a revolutionary force. This article delves into the realm of Defi, shedding light on the top Defi tokens that are reshaping the financial industry. The coins are arranged based on popularity and have shown tremendous performance in the past. Based on the research, Chainlink and Avalanche are the top runners.
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