DeFi tokens are the financial applications that run on a Blockchain network. These tokens provide a decentralized financial platform that doesn’t involve any third party as a middleman in order to complete the transaction. DeFi tokens serve in various use cases such as investment, exchange, trading, payment and many more.
Popular DeFi Coins in 2021
Below mentioned are the top 10 DeFi Coins that have played a major role in the rise of the decentralized marketplace in 2021,
Uniswap UNI
Chainlink LINK
Wrapped Bitcoin WBTC
Dai DAI
Avalanche AVAX
Uniswap (UNI):
Uniswap is the superior DeFi token that is currently dominating the decentralized marketplace. Uniswap was primarily built on the Ethereum Blockchain to swap ERC20 tokens easily. It uses an automated market market (AMM) to ensure that the ERC20 tokens traded in its site has enough liquidity. This token allows its users to have complete control over their private keys and also enables them to integrate it with other external wallets. The main advantage of using UNI is that it allows you to trade for less fees.
Market Stats of UNI:
Circulating Supply - 587,370,840
Market Cap - $12,444,260,050
Trading Volume - $520,819,592
Price - $21.17
Chainlink (LINK):
Chainlink (LINK) is the decentralized network in the DeFi market that has shown a remarkable growth in the industry since its launch that happened in 2019. LINK acts as a link between the data that are being exchanged between several Dapps. It is mainly used to feed real-time data to the smart contracts that run on the Blockchain.
Market Stats of LINK:
Circulating Supply - 443,009,554
Market Cap - $9,727,111,754
Trading Volume - $1,765,423,392
Price - $21.78
Wrapped Bitcoin (WBTC):
WBTC is an ERC20 token that represents the bitcoin in an Ethereum Blockchain. This WBTC was mainly created to get the bitcoin users to use the Dapps that functions on an Ethereum network. It follows a 1:1 ratio hence every wrapped bitcoin will always posses the same value of its original bitcoin. Every time a bitcoin is deposited at a merchant organization like Ren and Kyber, a wrapped bitcoin is created and once the bitcoin is claimed back by the user, then its wrapped bitcoin will be burnt. One of the main reason to choose WBTC is its speed. The transaction made using WBTC is way more faster that BTC as it runs in the Ethereum Blockchain.
Market Stats of WBTC:
Circulating Supply - 192,574
Market Cap - $8,046,752,442
Trading Volume - $320,705,912
Price - $41,537.75
DAI:
DAI is a Stablecoin which functions on Ethereum Blockchain and it was developed by MakerDAO through the Maker platform. It is the first DeFi token that is backed up by other crypto assets as collateral. Since DAI is fully decentralized, it can be integrated with various Dapps and DeFi projects, thus has the ability to provide liquidity to various protocols. Unlike other stablecoins, DAI maintains a steady price that is always close 1USD.
Market Stats of DAI:
Circulating Supply - 5,618,153,723
Market Cap - $5,626,225,531
Trading Volume - $431,834,311
Price - $1.00
Avalanche AVAX:
Avalanche is a Blockchain platform that allows its users to launch Dapps and trade smart assets. The primary goal of this platform is to enable people to create and trade their own digital assets. This platform’s native token AVAX is used to pay the transaction fees for the network.
Market Stats of AVAX:
Circulating Supply - 173,390,151
Market Cap - $2,239,581,913
Trading Volume - $70.313.916
Price - $12.80
Know More about DeFi Token Development >> https://www.securitytokenizer.io/top-10-defi-coins-2021
