- Uniswap leads the list with a 30% market share of $13.4B.
- PancakeSwap enables users to swap BEP20 tokens for CAKE.
Let’s look at the top 3 DeFi projects by market cap of Q3 2021.
Uniswap (UNI)
Uniswap is a well-known decentralized trading mechanism for automated DeFi token trading. This year’s DeFi phenomena and the associated token trading boom have boosted its appeal. Furthermore, it promises to maintain token trading automated and available to all holders while enhancing trading efficiency compared to conventional exchanges.
Moreover, Uniswap increases efficiency by automating liquidity concerns, eliminating the challenges that plagued the early decentralized exchanges. According to CoinMarketCap, Uniswap leads the list with a 30% market share of $13.4B. As we know, many DeFi projects, including PancakeSwap, are Uniswap clones.
PancakeSwap (CAKE)
PancakeSwap is an automated market maker with a liquidity pool. Users fill these pools by depositing funds and receiving liquidity provider (LP) tokens in return. Moreover, these tokens may eventually be used to recoup their pool share and trading costs. The LP tokens are called FLIP.
Furthermore, PancakeSwap enables users to swap BEP20 tokens for CAKE, stake LP tokens for additional CAKE, and stake CAKE for other projects. According to CoinMarketCap, with a $3.5B market value, PancakeSwap is significantly behind UniSwap.
Aave (AAVE)
Aave is a crypto loan and borrowing system that is decentralized. Interest is paid on digital assets that are placed into particular liquidity pools. Moreover, borrowers may then use their cryptocurrency as security for a rapid loan. Aave debuted in November 2017 as ETHLend but rebranded to Aave in September 2018.
AAVE is a governance token that allows owners to vote on the system’s future growth. According to CoinMarketCap, with $3.4B, Aave is poised to surpass PancakeSwap.
