Thu, Aug 13, 2020 8:50 PM

DeFi Boom In 2020. DeFi Projects To Watch Out For

CJ with a magnifier

In 2020 much more users begin to consider DeFi tokens as an interesting investment tool. You can get a basic understanding of DeFi from our previous review. And in this review, we will analyze what interesting summer 2020 offered in terms of decentralized finance.

One of the convenient tools for analyzing key DeFi parameters is the DeFi Market Cap service. It's like CoinMarketCap, but for DeFi projects. With it, you can see all DeFi tokens, sorted in descending order of market cap. For each of the projects, you can see the Overall supply and Circulating Supply, what protocol it is built on, price dynamics, and links to similar tokens. Another handy tool for analyzing DeFi tokens is DeFi Pulse. Let's take a look at 5 interesting DeFi tokens popular this summer.

Interesting DeFi projects that have promising perspectives

1. Compound

The Compound was launched in 2017. It's one of the most known DeFi projects. It's a system of open access smart contracts built on Ethereum. The Compound is a decentralized lending protocol that allows tokenizing accumulated interest.

Comp

Now COMP maintains a strong position in the TOP 5 among DeFi services.

Total Supply: 10,000,000 COMP, in active use — 32%. Price at the time of writing:$178.55.

2. Synthetix Network Token

Synthetix it's decentralized Ethereum-based protocol. It allows for creating synthetic assets (Synth) using Synthetix Network (SNX) tokens. This approach allows transactions with fiat currencies (for example, Synth sUSD), other cryptocurrencies, real goods, and metals (XAU, XAG) through this DeFi-platform. There are almost 40 ticker symbols for available Synth tokens.

This project was organized in 2016 in Australia.

The market dynamics over the past 3 months is quite interesting: the price is almost constantly growing.

Synthesix

Total Supply: 196,828,196 SNX, in active use — 58%. Price at the time of writing: $5.07.

3. Maker

The MakerDAO platform was launched in 2015. The company introduced its stablecoin only two years later. It has two tokens: DAO and MKR.

DeFi Maker Coin (abbreviated as MKR) traditionally was leading on the DeFi market, until Compound displaced it in June 2020.

Over the past 3 months, there have been ups and downs, but since July the trend is moderately positive.

MKRUSD

Total Supply: 1,005,577 MKR, in active use — 89.7%. Price at the time of writing: $618.22.

4. Kyber Network Crystal

Another token on the ERC20 platform. Kyber Network is used as an intermediary in the transfer of tokens from person to person. Moreover, a transaction may include different tokens, and easy exchange takes place during the transfer process.

KYBER

As you can see, with a quite low price, this token has shown explosive growth over the past three months — the first jump was in June and the second — even stronger — in July.

Total Supply: 210,463,951 KNC, in active use — 92.8%. Price at the time of writing: $1.73.

5.0x

It is a peer-to-peer Ethereum-based system for assets and tokens exchange. ZRX tokens can be used both as a reward and as a voting tool. The project was created in 2016 and built, like most confident DeFi tokens, on the Ethereum platform.

Total Supply: 1,000,000,000 ZRX, in active use — 71%. Price at the time of writing: $0.43.

Nevertheless, bypassing a series of ups and downs, it has grown a little over 3 months.

OX

This summer, DeFi gained phenomenal popularity. Will it last long? As always, there are a lot of opinions. But for now, the future of DeFi looks very confident.

Disclaimer: DeFi is a high-risk tool. This article is for informational purposes only and is not a guide to action