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- The DeFi market increased by 55% last month, reaching a TVL of $86 billion.
- Aave remains the largest lender DeFi coin with TVL exceeding $9.5 billion.
- KangaMoon, one of the new DeFi projects, is shaking up the meme coin space with its new social-fi concept.
- JustLend is the top DeFi crypto on Tron with a TVL of over $7 billion.
DeFi protocols operate on an open source model and rely heavily on the Ethereum chain as it is the mother of the DeFi market.
Great importance is given to DeFi projects as they aim to revolutionize the traditional financial sector. This sponsored article lists DeFi projects.
DeFi Market
Ethereum introduced smart contracts in 2015, which later gave rise to the DeFi market we know today. DeFi has grown at an astonishing pace, reaching a peak of over $220 billion in 2021.
However, by October 2023, the market would fall as low as $36 billion due to the previous crypto winter. The industry has been recovering since then, rising over 55% in the last 30 days to a high of over $86 billion.
Another impressive development is the growth of DeFi projects. There are thousands of DeFi projects on the market today, each with their own unique offerings. In this article, we will examine the top four categories and the top two DeFi projects to invest in each.
Payment and Passive Income DeFi Protocols
KangaMoon (KANG)
- Protocol: KangaMoon
- Token Ticker: KANG
- Chains: Ethereum
- Total Value Locked (TVL):
What is KangaMoon?
According to the sponsored content submitter, KangaMoon is one of the new DeFi projects that emerged with a unique concept, Social-Fi. This new model makes KangaMoon a community-centric platform, as users are claimed to be rewarded based on their level of interaction and participation in the project. The project is new and its future is uncertain, and the investment carries the risk of loss.
The goal of this social-fi model is to build around KangaMoon, the largest and most active community of DeFi and meme coin enthusiasts. Rewards come in the form of KANG DeFi coin, NFTs, and other exciting digital assets. There is a risk.
KangaMoon’s uniqueness has allegedly made it one of the DeFi projects to watch in 2024. After a price increase of 125, KANG rose to $0.01125. But its future is uncertain.
Pyth (PYTH)
- Protocol: Pyth Network
- Token Ticker: PYTH
- Chains: Pyth blockchain
- Total Value Locked (TVL): $2.76 billion
What is Pyth Network?
Pyth Network is a new DeFi project focused on providing high-speed Oracle service to connect its users with high-quality, real-time market data from the largest professional traders and exchanges.
Providing exceptional financial services has made Pyth a standout player in the market. This DeFi crypto entered an uptrend in February, gaining 75% in value. With increasing demand for Pyth’s oracle, the altcoin price is expected to rise in 2024.
Best DEX Protocols
Decentralized exchanges, DEXs, are peer-to-peer marketplaces that directly connect buyers and sellers of cryptocurrencies. Unlike centralized exchanges, DEXs allow their users to manage their own private keys and are censorship resistant.
Uniswap (UNI)
- Protocol: Uniswap
- Token Ticker: UNI
- Chains Supported: Ethereum, Arbitrum, Polygon, Optimism, Base, BSC and Avalanche
- Total Value Locked (TVL): $5.92 billion
What is Uniswap?
Uniswap is the premier DEX that offers a platform that keeps crypto trading automated and open to everyone worldwide. Uniswap surpassed the traditional DEX by integrating automated market makers to increase the liquidity of the DeFi project.
dydx (DYDX)
- Protocol: dydx
- Token symbol: (DYDX
- Chains: Ethereum
- Total Value Locked (TVL): $339.3 million
What is Dydx?
dydx is one of the most established DEXs due to its continuous trading support. This powerful trading platform adds to its advanced trading options, low fees, deep liquidity, and up to 20x leverage.
The exchange uses a type of zero-knowledge harvesting – zkSTARKS, which makes it faster than its competitors. In addition to its strong fundamentals, dydx will transition to its own chain in the coming months, giving the DeFi price room for growth.
Best Lending Protocols
Lending protocols are designed to solve the problem of raising loans from traditional banking institutions. These DeFi projects create a platform that makes it easy for users to borrow and lend seamlessly while earning interest.
JustLend (JST)
- Protocol: JustLend
- Token symbol: JST
- Supported Chains: Tron
- Total Value Locked (TVL): $7.04 billion
What is JustLend?
JustLend is part of a suite of DeFi projects on the Tron network. JustLend is an algorithmic-based market protocol where users can borrow, lend, deposit assets and earn interest while doing so.
JustLend offers cutting-edge technology and high interest rates and has emerged as one of the best DeFi projects of the year. The platform’s DeFi coin, JST, has been on a steady rise, rising more than 55% in the last four months.
Aave (AAVE)
- Protocol: Aave
- Token symbol: AAVE
- Chains: Ethereum, Arbitrum, Optimism, Polygon, Avalanche, Harmony and Phantom
- Total Value Locked (TVL): $9.5 billion
What is Aave?
Aave is the largest DeFi lending protocol with a TVL of over $9.45 billion. Despite being one of the top DeFi projects, Aave is still growing at a remarkable rate, up 39% in the last 30 days.
Aave allows users to deposit their cryptocurrency assets into Aave liquidity pools. In turn, other users can borrow them, allowing the original owners to earn passive income in the process.
Best Staking Protocols
Staking is a crucial process in the DeFi space because it involves locking up your cryptocurrency assets to participate in the process of securing, verifying, and creating blocks of a blockchain network. In return, users who participate in staking are rewarded with coins from that network.
Staking protocols make it easy for users to participate in this staking process and earn rewards.
Mantle (MNT)
- Protocol: Mantle
- Token symbol: MNT
- Chains: Ethereum
- Total Value Locked (TVL): $1.75 billion
What is mantle?
Mantle is the first DeFi project of the Mantle Network. One of the new DeFi projects offers customers a non-custodial and permission-free Ethereum liquid staking mechanism. Because Mantle uses a massively scaling network, transactions are cheaper and faster.
This combination, along with Mantle’s exceptionally high 7.2% APY, has made it one of the top liquid staking options. This increase also helped the price of the MNT DeFi coin, which increased by 45% in just one month.
Rocket Pool (RPL)
- Protocol: Rocket Pool
- Token symbol: RPL
- Chains: Ethereum
- Total Value Locked (TVL): $4.03 billion
What is Rocket Pool?
Rocket Pool is a decentralized staking protocol designed to provide liquid and node staking products to the Ethereum community. Rocket Pool has become popular and makes ETH2 staking possible for every investor,
The DeFi project offers an APR of up to 6.36%, making it a very profitable platform for staking. RPL, the native DeFi coin, also grew at a significant pace, surpassing $32 in February. Given its growth rate, Rocket Pool could reach $50 by March.
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*This article is not investment advice! This is sponsored (advertising) content. Cryptocurrency investments are high-risk investments and there is a risk of investment loss. Do your detailed research before investing!
