Advent of blockchain technology has disrupted various domains- especially financial systems, giving birth to Decentralised Finance or DeFi, where users control their funds and use services without relying on trusted third party or government oversight. In this article, we will dive into top DeFi projects that you need to checkout in 2023.
Before that, what is DeFi? Decentralized Finance is a new financial system that is built on top of a distributed ledger of the blockchain technology, to provide open and trustless financial services to individuals.
Blockchain networks are not directly in-contact with the real-world, which becomes a major issue in expanding their applications and use cases. And if they somehow retrieve data from centralized providers, it might not be trustworthy and can expose blockchain networks to vulnerabilities.
Chainlink addresses this void by providing smart contracts with relevant off-chain data through its network of oracles. It gathers data from trustworthy sources in a decentralized manner and transfers it to on-chain smart contracts while ensuring integrity and security of data. This feature of Chainlink has made it one of the top DeFi projects, and some of its partners include SWIFT bank, Google, and crypto protocols- Polkadot, PancakeSwap and more.
- Celo, offramp, Golteum and various other projects have joined Chainlink to improve their decentralized services with oracle data fees.
Explore how Data Feeds unlock a new era of DeFi on Celo ⬇️https://t.co/PTCeWUCtlb
— Chainlink (@chainlink) June 28, 2023
|Market Cap||$3 billion|
|Circulating Supply||539.09 million|
|Max Supply||1 billion|
|Vol (24H)||$219 million|
LINK Price Prediction
- LINK price had followed a rally of higher highs – higher lows price action since the beginning of this year in a wide range.
- It had a breakdown from this pattern in April and touched a YTD low of $4.98, forming a death crossover of 200MA and 50MA in June.
- However, bulls have managed to revert the price, recovering over 25% of the worth since then. If the LINK price rises above $6.79 and positive market sentiment continues, it might again reach new highs.
Uniswap is amongst the world’s top 5 DeFi protocols with a total value locked (TVL) over $3.95 billion. It is a decentralized trading protocol that allows anyone to swap their crypto assets without making an account or intermediaries controlling their funds. Uniswap does not have order books like centralized crypto exchanges, it has something called a liquidity pool where users(known as liquidity providers) supply their assets and earn by receiving a share of protocol fees.
Uniswap gained traction in crypto communities and became widely known due to its Automated Market Maker(AMM) protocol, in which a smart contract automatically sets prices on the basis of demand and supply in the liquidity pool, and executes trades placed by users.
Latestly, Uniswap has announced its version 4 upgrade that introduces various features such as- singleton architecture, customizable AMM models, fee tiers, and much more.
So Here’s @Uniswap v4: The AMM that Can Do It All
Also, I summarized the comparison b/w Uniswap v2, v3 & v4 for easy understanding.
Features of Uniswap v4:
1. Customizable pools through hooks: Allows developers to create custom pools with arbitrary code hooks, which can be… pic.twitter.com/k9zrPi3TNn
— Arhat (@0xArhat) June 13, 2023
|Market Cap||$3 billion|
|Circulating Supply||577.50 million|
|Max Supply||1 billion|
|Vol (24H)||$105 million|
UNI Price Prediction
- UNI price had been in a falling wedge pattern since February and dropped to a lower support level at $4.
- However, bulls have managed to push the price. It has recently broken this pattern and is currently trading $5.61 as of writing this article.
- If UNI price rises above upper resistance level at $5.79, it might make newer highs in the upcoming time.
Read More: Top Ethereum Projects by TVL
LDO is an ERC-20 based native governance token of Lido DAO, who runs Lido Finance- a decentralized liquidity staking solution for Proof of Stake blockchains. It allows users to stake their crypto assets like ETH, at any amount they wish (in fractions too) and receive tokenized ETH- stETH at 1:1 ratio for staked amount.
With this, Lido resolves the liquidity issue of Ethereum 2.0, which required users to stake 32 ETH on the beacon chain to earn block rewards and could not be reverted back to original ETH tokens once staked. LDO token serves various purposes within the Lido ecosystem such as to reward DAO participants, liquidity providers, transaction fees and more.
- Lido has launched a version 2 upgrade with various improvements in security, auditing, withdrawal and user interface.
Following a successful on-chain vote, Lido V2 is officially here.https://t.co/36EmuagToD
— Lido (@LidoFinance) May 15, 2023
|Market Cap||$2 billion|
|Circulating Supply||879.54 million|
|Max Supply||1 billion|
|Vol (24H)||$28 million|
|Founder||Konstantin Lomashuk, Vasiliy Shapovalov and Jordan Fish|
LDO Price Prediction
- LDO price has been overall bullish in 2023, with a rise of more than 240% within 2 months at the beginning of year.
- LDO price has been running in a range with upper level at $2.39 and lower level at $1.63 for the past few months. It has recently made a death cross on the 1-day trading chart.
- However, LDO price current market sentiment looks bullish and if it rises above resistance at $2.34, it might soon make a comeback.
Additional read: Top Liquid Staking Crypto You Should Know
Aave is yet another well known DeFi protocol, where users can access financial services of lending and borrowing in a truly decentralized manner, removing any third parties involved. It was launched by Stani Kulechov back in 2017, and currently has a TVL of $5.59 billion as per data from Defillama.
Aave lets users earn yield rewards for lending their assets in the platform’s liquidity pool and for borrowing they have to submit a collateral and pay fixed interest on the borrowed amount. The platform also offers a unique product called “flash loans”, that allows users to borrow crypto assets for short duration, without collateral. These flash loans have gained immense popularity among crypto traders as they can borrow funds, pocket profitable trades, and return the borrowed amounts within the same transaction.
- Aave community will be running a thorough security and risk check to assess and identify risks in its collaboration to ensure Scroll zkEVM compatibility with platform architecture and smart contracts.
Our recent proposal to deploy @AaveAave v3 on to Scroll mainnet has passed the initial temperature check.
This is an important step in the community governance process that brings us one step closer to onboarding Aave onto the Scroll ecosystem. pic.twitter.com/vcxH2Jqkl6
— Scroll 📜 (@Scroll_ZKP) June 27, 2023
|Market Cap||$912 million|
|Circulating Supply||14.43 million|
|Max Supply||16 million|
|Vol (24H)||$157 million|
AAVE Price Prediction
- AAVE price surged around 78% in the beginning two months of the year but it soon plunged to the level of $66 in mid of March.
- AAVE price has even formed a death crossover intersection of the 200-day moving average(MA) and 50MA in the 1-day trading chart.
- However, AAVE price has recovered more than 50% since its low in June and if the same market sentiment continues, AAVE price can possibly cross $80 in upcoming weeks.
Fantom is an open source decentralized blockchain focused on overcoming the blockchain trilemma of security, scalability and decentralization to empower developers to build highly scalable DeFi applications. The main feature of Fantom that sets it apart from others is the Lachesis mechanism, that combines DGA (Directed Acyclic Graph) based smart contracts and aBFT consensus algorithm.
Lachesis works asynchronously, offers high finality and high transaction confirmation speeds of 1-2 seconds while maintaining the decentralization of the network. Furthermore, Fantom’s smart contracts are EVM– compatible and support Solidity programming language, thus developers can seamlessly interact with Ethereum and create DeFi applications leveraging high throughput and low transaction fees of Fantom.
- Fantom has partnered with Axurswap to offer a secure and easy to use decentralized trading platform for beginners with cheapest fees.
Begin trading on the safest and cheapest crypto trading platform!
— AzurSwap (@AzurSwap) June 21, 2023
|Market Cap||$868 million|
|Circulating Supply||2.79 billion|
|Max Supply||3.17 billion|
|Vol (24H)||$95 million|
|Founder||Dr. Ahn Byung Ik|
FTM Price Prediction
- FTM price today is trading at $0.3101, with a 24-hour trading volume of $95 million. The AAVE price has gained around 6.01% during the last 24 hours with its market cap of standing at $868 million as on June 30, 2023.
- FTM price has been falling since mid April after rejection from resistance at $0.53
- It is currently trading near the 50-day moving average and if FTM price retains above this it might rise up to $0.36
DeFi has ushered in an era of trustlessness and transparency, eliminating the need for intermediaries and putting the power back into the hands of users. These DeFi projects offer a strong utility providing users various financial services, while fostering a sense of security and accountability. As an investor you should always do your thorough research and analyze risks before investing in cryptos.
How to invest in Top DeFi Projects 2023
Investing in Top DeFi projects is made easy, secure and safe with CoinDCX app. All you need to do is download the CoinDCX app from playstore and follow below steps to start your journey in crypto investing:
- Once you have downloaded the app, Enter your details to register
- Complete KYC and verify mobile & email
- After Verification, add funds to your wallet
- Buy any LINK, UNI, LDO, AAVE, or FTM tokens.