Top 5 DeFi Based-coins for Investors To Consider in 2021

Top 5 DeFi Based-coins for Investors To Consider in 2021
  • Deposit crypto tokens and get a fixed yearly return.
  • Cosmos has more potential than other DeFi projects.

Decentralized Finance (DeFi) sprang out of the blockchain and open finance. It eliminates intermediaries, speeds up transactions, and offers investors complete control over their funds. Most DeFi coins operate on Ethereum because its smart contract is more versatile and simpler to build on than Bitcoin. Let us take a look at the top 5 DeFi projects to invest in 2021.

Algorand (ALGO)

Algorand aims to enhance scalability, security, and transaction speed. As a Decentralized Finance coin, the usage includes stake, borrow, also used for building a DeFi application (Dapp). Its quick and low-cost processing costs make it a good option for novice DeFi players. It can’t be said for sure whether ALGO is the greatest DeFi project to invest in, but long-term, it is worth it.

According to CoinMarketCap, the ALGO price is $1.72 and the 24-hour trading volume is $274,903,612.

Cardano (ADA)

Cardano is considered and known as the next Ethereum. It is ideal for smart contracts, blockchain games, and Dapps. ADA is the platform’s native token. ADA may be staked, traded, and used for fees. Cardano is divided into two layers, which the creators claim will enable the network to authorize millions of transactions every second.

According to CoinMarketCap, the Cardano (ADA) price today is $2.12 USD with a 24-hour trading volume of $2,549,931,026 USD.

Compound (COMP)

The Compound’s functioning is straightforward. Deposit crypto tokens and get a fixed yearly return. Moreover, the deposit may be used to secure further loans. Furthermore, the Compound uses Ethereum’s blockchain to determine how many tokens you may borrow from your deposit. Thus, the interest you receive on your deposits, determined by supply and demand. The COMP token gives holders voting rights based on the number of tokens they own.

According to CoinMarketCap, the Compound (COMP) price today is $304.77 USD with a 24-hour trading volume of $117,757,979 USD.

Cosmos (ATOM)

Cosmos has more potential than other DeFi projects. From afar, it seems to be one of the finest DeFi initiatives to invest in. Furthermore, Cosmos intends to connect several blockchains on its network. Also, it aspires to be a blockchain of blockchains.

According to CoinMarketCap, the ATOM price today is $31.31 USD with a 24-hour trading volume of $349,532,053 USD.

Eos.io (EOS)

Institutions and businesses embrace Eos.io. Moreover, there is no need to worry about network congestion or expensive fees while developing decentralized apps. Furthermore, parallel processing allows it to do so. Also, a delegated proof-of-stake algorithm, used for staking EOS.

According to CoinMarketCap, the EOS price today is $4.44 USD with a 24-hour trading volume of $1,093,338,333 USD.

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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.