* DeFi cryptos are basically tokens that are specifically made for Decentralized Finance
2021 saw an unprecedented interest in Decentralized Finance, popularly known as DeFi.
This is one of the key pillars in web3; a concept that takes control of traditional finance/banking from a few corporations to anyone and everyone.
We have previously written in detail on what is DeFi and how it works.
In a nutshell, DeFi is literally inverting finance as it has existed in most of human history, by eliminating government and other institutional intermediaries.
Some of the pillars of DeFi are:
- Lending and borrowing
- Decentralized Exchanges
- Margin trading
It is the stablecoins alongside other cryptocurrencies and tokens they can be exchanged for, that drive the DeFi economy.
In this article, we look at the top 5 of these DeFi crypto coins with a market value below $100 million.
That’s a nice benchmark that proves that they have not exploded on the launchpad, and that they are yet to reach high earth orbit – their destination.
5. IDEX (IDEX)
IDEX, founded in 2012, is a sophisticated cryptocurrency trading platform for crypto enthusiasts that ensures total protection to account holders thanks to its decentralized structure.
It’s also one of the first decentralized exchange platforms to attempt to employ an automated market maker (AMM) to help customers get the best spreads, eliminate failed transactions, and offer liquidity.
Users can save money by not paying extra network fees to place and cancel orders. Furthermore, placements are handled in real-time because of the off-chain order booking methodology.
The following is Idex’s pricing structure:
- Regardless of the liquidity matched against, taker costs remain the same, 0.25 percent. The whole 0.25 percent taker cost is collected as protocol fees when accepting limit order liquidity.
- As compensation for liquidity providers, 0.20 percent of the charge is transferred to the pool. Protocol fees account for the remaining 0.05 percent.
Users pay gas fees directly to transfer their cash into the IDEX intelligent contracts. These payments are removed from the user’s balance to cover settlement gas expenses.
IDEX ecosystem’s future is brighter than ever, with the platform announcing its Hybrid Liquidity DEX in January 2022, which will offer better financial rewards for service liquidity providers.
Its native token (DEX) is an Ethereum ERC-20 token that allows you to link your Ledger device to their network and safely exchange assets between users through an automated procedure.
Binance, Uniswap V2, Gate.io, and Balancer are all places where you may buy IDEX.
4. Wanchain (WAN)
Jack Lu founded the company in 2017. It is a distributed ledger that enables cross-chain transactions and different blockchain interoperability.
Another way, WanChain will let users utilize their cryptocurrencies on non-native Blockchains without swapping them on an exchange.
The platform leverages smart contracts and a cross-chain communication mechanism (delegated proof of stake (or DPoS)) consensus system to transfer data between Wanchain and other Blockchains.
Wanchain’s native tokens are used to pay cross-chain verification nodes when transactions are made.
Users may now convert their ERC20 tokens to WANs since they migrated away from the Ethereum BlockChain onto their own.
Wanchain’s distinguishing feature is its decentralization. The platform uses multi-party computing and threshold secret-sharing technologies to handle accounts autonomously.
In other Wanchain news, the platform is launching an outreach effort to locate and onboard blockchain applications and DApps for deployment on Wanchain’s Layer 1 blockchain.
The complete discussion on Twitter can be seen here if you want to learn more about the program.
You can purchase WAN on exchanges like Binance, Huobi Global, KuCoin, etc.
3. Badger DAO (BADGER)
On November 28th, 2020, Badger DAO launched. It’s an open-source, decentralized platform that attempts to use Bitcoin as a form of collateral in decentralized finance as simple as possible.
In other words, the platform employs sophisticated algorithms to track Bitcoin’s movement in Ethereum and other innovative contract platforms.
For example, Badger’s initial product, Sett, enables customers to earn a return on their fake BTC assets. The program that controls the DIGG token is Badger’s second product, Digg.
Badger’s governance structure (DAO) permits other developers to include their rewards within the decentralized governance. The DAO has to lure sufficient liquidity, content coders, and creators into the platform to ensure its success.
BADGER is an Ethereum-based token used for protocol governance and distribution of rewards within the Badger DAO. It is also used to distribute prizes to those who manage the Sett Vaults.
Anyone who holds its governance token, BADGER, can vote on proposals set forth by community members. The more BADGER a user owns, the more voting power they have.
Since Badger DAO proves to bring a solution to crypto users, we firmly believe it’s the suitable protocol that offers the right solution to any BTC investors.
You should consider it if you need a platform for speedy transfers of Bitcoin. BADGER can be purchased on some crypto exchanges such as Binance, Huobi Global, FTX, OKEx, ZT, etc.
2. Haven Protocol (XHV)
Launched in January 2018, It is a platform whereby users can create private tokens representing stable and volatile assets, including commodities and fiat currencies.
The base currency of Haven is the XHV, which is burnt to provide users with private, untraceable, synthetic assets and commodities called xAssets.
Users can burn Haven (XHV) for Haven Dollars (xUSD), an artificial stable coin.
Like Monero, the platform also uses proof-of-fungibility, allowing various asset classes to be equated based on their monetary value rather than just the quantity of the exchanged tokens.
At the time of writing, the circulating supply of XHV is 26,128,671. You can buy Haven Protocol on KuCoin, CITEX, BKEX, CoinEx, and Bittrex
1. TrueFI (TRU)
TrueFi is a protocol for creating interest-bearing pools with a high APR for liquidity providers.TRU is the native Token ( ERC-20 token ) of the TrueFi protocol
The Token can be used: TrustToken holders ultimately have a say over who is a credible borrower in the prediction market, vote in the community, and participate in decision-making.
One can also approve or reject the lendee’s offer and allow issuing TUSD stablecoins for granting loans.
To get new TRUs, you first need to purchase tokens on the platform or exchange and stake them on TrueFi.
A reward based on the amount of stake will be distributed among token holders regularly. You can Purchase TRUs tokens on Binance, Mandala Exchange, FTX, Hotcoin Global, and BingX.
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