The DeFi ecosystem has steadily grown in prominence over the past year thanks in large part to the strong foundations established by decentralized exchanges (DEX) that allow easy access to the latest tokens and projects.
While there have been iterations in the past of DEX user interfaces, such as IDEX or Etherdelta, it wasn’t until the launch of Uniswap that trading on the DeFi network really took off and made it easier to launch decentralized finance tokens.
These are six of the best performing tokens in the decentralized surety industry.
UNI / USDT
Uniswap has gone from the humble beginnings of a simple user interface that allowed a token swap between two ERC-20 tokens, to a rapidly evolving DeFi major piece that now handles an average daily trade volume of $ 1 billion and USD 3.95 billion in liquidity locked in the protocol.
Originally, the Uniswap platform operated without a native token and the commissions collected went to a liquidity reserve, but the project carried out a surprise airdrop to platform users and liquidity providers after the launch of the rival platform SushiSwap (SUSHI) which offered the same interface as Uniswap at the time, but also included the SUSHI governance token.
Following its launch and subsequent listing on several major exchanges, UNI quickly spiked above $ 7.00 before correcting as low as $ 1.93 on November 4.
Since then, UNI price has continued to climb to a new high of $ 32.50 on February 20.
The enthusiasm for the release of version 3 of Uniswap and the ability of token holders to lock their UNI and collect a portion of the commissions continues to help drive the demand and price of the token to higher levels.
SUSHI / USDT
SushiSwap has a somewhat controversial origin story, From its inception as a Uniswap clone until the head of developer threw its tokens on the market and then donated all funds for the development of the project, it has become a top-tier DEX in terms of community share and price of its token. .
Governance and staking were initial features that SUSHI holders benefited from, as well as increased incentives for early liquidity providers to some called Uniswap a “vampire attack”.
After being listed on exchanges, SUSHI price rose from USD 1.16 on August 29 to USD 8.84 on September 1, but the token dump from head of development “Chef Nomi” on the open market caused SUSHI to fall to USD 0.475 on November 4.
Since that opportunity, SUSHI price has increased by more than 4,080% to a high of USD 19.77 on February 20 and Sushi has become the 6th ranked DeFi platform in terms of total value locked (TVL) with USD 3.56 billion which currently provide liquidity for the protocol.
CAKE / USD
PancakeSwap (CAKE) has seen a significant increase in price during the first two months of 2021 after the project emerged as a competitive DEX and the first billion dollar project on the Binance Smart Chain (BSC).
The high fees on the Ethereum (ETH) network have opened the door for the BSC to drain liquidity and users from its main Ethereum-based competitors, and CAKE has lobbied to facilitate that process.
The protocol offers a growing list of staking pools, yield farming opportunities, a collectibles section, and a built-in lottery, addressing many of the hottest trends in the world of cryptocurrencies in addition to being a DeFi platform.
Before the end of January 2021, CAKE was generally trading below $ 0.70 with its all-time low of $ 0.194 on November 3, 2020. The token’s price action began to rally near the last week of January, around the same time that r / Wallstreetbets traders were wreaking havoc on traditional markets.
From its low of $ 0.194, the price of CAKE has soared 11,000% to an all-time high of $ 20.33 on February 19. when the Binance Smart Chain emerged as the main competitor to the Ethereum network thanks to the significant resources of the Binance ecosystem.
SRM / USDT
Serum (SRM) is a decentralized derivatives exchange that operates on the Solana blockchain network. The DEX is the result of collaboration between the team of Solarium and the operators of the exchange of crypto derivatives, FTX.
Solana was chosen to host the DEX due to its potential to react 710,000 transactions per second (tps) with a current capacity tested at 50,000 tps. With the Ethereum network currently offering 15 tps and high commissions due to network congestion, Solana and the DEX Serum could soon see increased use by traders looking for a cheaper commission environment.
SRM offers token holders the ability to lock their tokens for profit and use them to reduce trading fees on the exchange by up to 50%. The exchange offers cross-chain support that enables the trustless exchange of assets on different blockchains through a network made up of more than 100 validators.
After a post-launch price breakout during the DeFi summer in 2020, SRM price hit a low of $ 0.78 on Nov 4 before finding support and climbing. Since then, it has risen by more than 944% to a new high of $ 8.13 on February 25. as options outside of Ethereum start to gain relevance.
LINA / USDT
Linear Finance (LINA) is the newbie to the DeFi scene that recently launched on the Binance Smart Chain after originally being launched as an ERC-20 token.
Along with the ability to lock tokens to mint Linear’s synthetic asset tokens, known as “Liquids”, the protocol allows users to access traditional assets such as currencies and commodities through the use of dynamic price feeds and their commercialization in the decentralized finance environment.
Linear’s cross-chain approach allows users to benefit from lower commissions and the built-in oracle solution helps combat the oracle manipulation problem currently experienced in protocols built on Ethereum.
LINA’s future plans also include launching governance capabilities and allowing community members to vote on the future direction of the project. This will include deciding the cost of transaction fees and how much to allocate to the insurance fund.
After its launch in September 2020, LINA’s price fell to a low of $ 0.0047 on November 19 before skyrocketing 3,300% to a high of $ 0.112 on February 12 following its migration to the Binance Smart Chain and various partnerships and exchange listing announcements.
Waves Exchange and a growing suite of DeFi apps
Waves (WAVES) is a multipurpose blockchain that is capable of supporting a variety of dapps and smart contracts, including decentralized exchanges.
One of the fundamental pieces of the Waves ecosystem is Waves Exchange, which was initially launched as Waves DEX in 2017 and offered fast, secure and low-cost betting and trading for major cryptocurrency-based assets, as well as tokens minted in the Waves protocol.
While Waves Exchange currently posts a 24-hour average trade volume of $ 10 million, Recent WAVES price gains along with an expanding set of DeFi apps like Swop.fi could lead to an influx of activity for the Waves ecosystem as commissions on the Ethereum network appear to remain high until Eth2’s full launch .