Decentralized Finance’s (DeFi) total locked value (TVL) fell from $180 billion to nearly $54 billion in 2022. That’s why DeFi performed pretty badly. In this challenging environment, DeFi tokens such as Uniswap, Maker, Spell Token and SushiSwap recorded significant value. However, according to Crypto expert Crispus Nyaga, there is long-term hope for some projects. The expert shares the best blue-chip DeFi altcoin projects with investment potential.
Uniswap (UNI), the first DeFi altcoin project
Uniswap is the world’s largest decentralized exchange (DEX) that processes billions of dollars daily. A platform that allows people to buy and sell cryptocurrencies in a decentralized way. Like other exchanges, Uniswap had a rough year as crypto prices plummeted. As a result, the daily volume of all cryptocurrencies he trades has grown to over $300 million. At its peak, the network processed billions of dollars worth of cryptocurrencies every day.
Uniswap’s total locked value (TVL) fell from $9 billion to approximately $5.2 billion. Also, this year UNI has lost more than 85% this year. Still, the DeFi altcoin price is likely to recover in the coming months.
The second project on the list is Maker DAO (MAKER)
Maker is another blue-chip DeFi altcoin project in the blockchain industry. Meanwhile, it’s the world’s largest DeFi platform with a TVL of over $7.4 billion. Maker had a TVL of almost $20 billion when it peaked. Also, it has a different status from other DeFi protocols. Because Maker resides on a single Blockchain: the Ethereum Blockchain.
It should be noted that Maker owns a stablecoin known as Dai. Dai is an algorithmic stablecoin valued at more than $6.7 billion. The stablecoin is used to pay and as an investment where users deposit and earn returns on exchanges. Maker’s market share in the industry is quite strong. It is also a good blue chip token due to the stability of the ecosystem.
Latest DeFi altcoin project Aave (AAVE)
First, it should be noted that Aave is a leading platform in the DeFi industry. Aave aims to replace a bank by making savings and borrowing possible. Users deposit their tokens and earn a return on it.
It also provides an unattended place for people to borrow capital and pay with interest. Currently, Aave is involved in 7 networks such as Ethereum, Avalanche, Polygon and Optimism. Currently, Aave has a total of over $8.3 billion in locked funds. Aave has strong market share. In addition, user growth continues to increase. So it’s a good blue-chip DeFi altcoin project with potential to invest in. For more detailed information about the project cryptocoin.comSee this article.
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