The total value locked (TVL) in DeFi has exceeded the GDPs of countries, with more than $52 billion invested. Infrastructure layer-1 Bockchains are the body of this system and keep this value alive. Meanwhile, decentralized exchanges (DEX) are the hearts that keep the body alive by connecting every asset and protocol. Crypto expert Vinicius Barbosa shares 3 altcoins that will be at the forefront in this space for 2024. According to the expert, these tokens will keep their investors warm in the new year!
Three DEX altcoin projects shine among competitors
Essentially, a DEX allows cryptocurrency investors to buy and sell its ecosystem’s tokens in a decentralized manner. There are mono-chain and multi-chain decentralized exchanges built under the rules of each infrastructure. In particular, three decentralized exchange protocols shine among their competitors. These are: Uniswap (UNI), PancakeSwap (CAKE) and Orca (ORCA). DefiLlama’s data also justifies these altcoin picks for 2024.
Leading DEX platform: Uniswap (UNI)
Uniswap is the leading decentralized exchange. Additionally, it is one of the most robust protocols in this category. Initially, its developers built on Ethereum (ETH). However, it currently supports 12 Blockchains with a TVL of $4.06 billion. Interestingly, its total value increased by 69% in the last 24 hours. Thus, it showed a similar increase during the week. With the altcoin price of $6.18, UNI’s market cap is almost the same as TVL. This indicates a balanced valuation.
Second ranked DEX altcoin: PancakeSwap (CAKE)
PancakeSwap has the third largest TVL at $1.50 billion. It is also the heart of BNB Chain (BNB). DEX enjoyed great success during the play-to-earn game Mania in 2021 as a key launch pad for these projects. Currently, Pancake has maintained its top position by expanding its support to 8 other Blockchains. Its token, CAKE, is trading at $2.48. Additionally, less than half of its total value is locked up in capitalization. Therefore, a MCap/TVL ratio of 0.45 indicates an asymmetry and an interesting buying opportunity.
A promising DEX: Orca (ORCA)
Meanwhile, Orca earned its position on this list due to the massive success of Solana’s (SOL) DeFi ecosystem. This decentralized exchange is a DEX exclusively owned by Solana. Additionally, the altcoin project saw a 169% increase in its TVL. ORCA ranks 10th by total value locked, with $179.13 million worth of Solana-based tokens deposited into liquidity pools. However, the token has a market cap that is twice as high as its TVL. Thus, it is currently giving overbought signals. ORCA was trading at $8.10 at the time of writing. The token is up 1,870% year-to-date (YTD). Still, it’s a decentralized exchange token worth watching for 2024.
All things considered, decentralized exchanges depend heavily on the infrastructures they support. As long as there is a crescent of transaction volume and demand for DeFi, these protocols are expected to grow together.
The opinions and predictions in the article belong to the expert and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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