August’s-Top Five DeFi Tokens

August's-Top Five DeFi Tokens

These DeFi tokens are scheduled for the month of August. Such progress might also affect its Price.

Algorand (ALGO)

  • Current Price: $0.84
  • Market Cap: $2.651 Billion
  • Market Cap Rank: #38

Algorand is a decentralized network aimed at accelerating the interchange of traditional and decentralized financial industries. Thus, this is achieved through enabling the creation of different financial goods and procedures.

Algorand published an initial proof-of-stake protocol. Moreover, its technology is geared at providing faster transaction speeds and reduced transaction costs. This technique was first used on the MainNet of Algorand. ALGO has a fixed amount of 10 billion native tokens. It will be transmitted in total by 2030.

Balancer is an automated portfolio management company and a leading automated manufacturer in the globe (AMM). Sometime in August, Algorand will be able to get it. As a result, exchanges may quickly build trade pairs with all Algorand assets.

Since April 17 ALGO has traded inside a wedge that is approaching its completion. The pattern of the wedge is bullish. Furthermore, MACD has also shown an enormous discrepancy. As a result, the most likely effect is a breakdown.

Source: TradingView

  • Current Price: $19.11
  • Market Cap: $8.039 Billion
  • Market Cap Rank: #14

Chainlink enables different blockchains to communicate safely. This is achieved by using its decentralized oracle network, providing credible inputs and outputs for intelligent contracts.

The open-source community is composed of intelligent contract developers, node companies, researchers, and others. Thus, network participants can run their nodes on the network and provide smart contract developers with their data and APIs.

From August 5 to August 7, the smart contract summit will be celebrated. It is generally considered the year’s biggest intelligent contract event. The keynote speaker will be Ari Juels, lead scientist of Chainlink Labs.

LINK has broken out of a dropping line of resistance from July 22 to May 27. Moreover, It is currently trying to break down the $20 level of resistance. Technical indications are reasonable throughout the daily timeframe.

Source: TradingView (KAVA)

  • Current Price: $5.34
  • Market Cap: $375 Million
  • Market Cap Rank: #114 is a DeFi funding platform. Users can deposit bitcoins to obtain a return. In addition, it provides transversal assets, which in comparison with other lending platforms, is a distinctive benefit. In addition, their users may operate their staking nodes to receive more direct payouts.

On August 12, the Kava Swap is online. Eventually, several governance solutions are then created. Afterward, the Mainnet features are activated one by one to optimize deployment security.

After breaking out from a descending resistance line, KAVA has climbed over the $4.95 horizontal resistance area. The next resistance level is 6.70 dollars. The daily timeframe technical indications, such as LINK, are reasonable.

Source: TradingView

Aave (AAVE)

  • Current Price: $307.48
  • Market Cap: $3.971 Billion
  • Market Cap Rank: #28

Aave is a decentralized protocol focusing on liquidity. It enables members to be either borrowers or depositors. The former can borrow assets with different characteristics, while the latter can benefit by becoming liquidity suppliers. AAVE is the native token of the protocol. In addition to reduced costs, it gives its owners a say in the changes to the protocol. Furthermore, at the Smart Contract Summit of August 5-7, Stani Kulechov, CEO and founder of Aave, will be a leading speaker.

After building a triple base within the $1.05 horizontal support zone, AAVE broke out from a falling resistance line. Finally, the level of resistance is now close to $1.34.

Source: TradingView

TrueFi (TRU)

  • Current Price: $0.141
  • Market Cap: $19.877 Million
  • Market Cap Rank: #638

Like Aave, TrueFi is a decentralized protocol focused on constructing liquidity pools with attractive annual returns. TRU is the native token of the protocol. Its holders can submit credit ratings to suppliers of liquidity.

The strategy for 2021, with the last launch in August, is divided into four sections. The following items are included:

  • Support will be added for ERC20 tokens of any type.
  • Loan and credit tokens can be settled using loan pools.
  • The loan and credit line fundraising will also be permitted for other processes.

On July 20, TRU reached a $0.1134 all-time low. Despite numerous positives, the crypto-currency still needs to start rising.

Source: TradingView

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.