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Market Watch: 10 DeFi Tokens To Watch In 2020

Decentralized Finance
Decentralized Finance (DeFi)

Decentralized Finance (DeFi) coins are undoubtedly the best performing set of cryptos in the year 2020. Although there’s an existing deliberation on which Defi token actually takes the forefront in terms of the best performance, such credit wholly lies among the tokens that would be discussed in this article. 

The enlisted tokens have not been organized in any specific order, but they sure have a few unique mutual qualities including impressive prices, enormous monthly return, as well as terrific future prospects.

1. Chainlink (LINK)

The remarkable growth of this controversial coin cannot be ignored, as it has been steadily going like a bat out of hell since last year. The Chainlink network is designed to provide safe inputs and outputs crucial for sophisticated smart contracts that can be applied to real-world data and events.

Chainlink’s decentralized oracle network provides equal security as smart contracts themselves. There is no end to its amazing features, in fact, its decentralized economic system can even leverage oracles on the Ethereum blockchain. 

Much of the team’s success exists as an effect of ratifying several strong partnerships. The native token is LINK, which at the time of writing, is trading at $15.80 USD with a market capitalization of over 5 billion US Dollars.

Chainlink Historical Data (CoinMarketCap)
Chainlink Historical Data (CoinMarketCap)

2. Aave (LEND)

Lending: Aave is a non-custodial and open-source money market protocol through which users can earn interest on deposits and equally borrow assets. In this case, their native token, LEND is required. 

As of January 2020, its price was sitting at about $0.009, however, at the time of writing, it has managed to grow to $0.69 USD, having a market capitalization of $903,398,749. 

Aave historical data (CoinMarketCap)
Aave historical data (CoinMarketCap)


3. Maker (MKR) – Stablecoin and Decentralized Reserve Bank

This coin has been openly proclaimed the second-largest project within the Defi space. Maker is an Ethereum-based crypto project accountable for the DAI token. 

DAI stimulates financial freedom as it has virtually no instability and is integrated into over 400 apps and services (i.e. wallets, Defi platforms, games, etc.) For these reasons, many analysts are convinced that the MKR project is one to watch out for and that it may generate imminent returns within the next few days to weeks. 

This coin is among a distinguished few that sits at a high price per piece. Having a market capitalization of over  $686 million USD, MKR currently changes hands at about $682 USD.

Aave historical data (CoinMarketCap)
Maker (DAI) historical data (CoinMarketCap)

4. Synthetix Network Token (SNX) – Derivatives Synthetic Assets

Synthetix is a derivative liquidity protocol that facilitates the issuance and trading of synthetic assets. The Synthetix protocol makes use of two tokens. The first and more prominent is SNX which also serves as the major element used as collateral for supporting the Synthetix assets. 

SNX has had an upward trend since June 2020, and the trend hasn’t stopped ever since. 

According to coinmarketcap, SNX has a total market cap of around $600 million USD with its current value sitting at $6.82 USD. 

Synthetix Network Token (CoinMarketCap)
Synthetix Network Token historical data (CoinMarketCap)

5. Ampleforth (AMPL)

AMPL is a digital currency with fluctuating supply on a daily basis based on market conditions. The AMPL protocol changes in response to prevailing demand. This means that if it manages to increase in price, so will the amount of tokens in one’s wallet (the same applies when the price is down). 

AMPL can help to either diversify one’s portfolio or serve as reserve collateral in decentralized banks. It is considered “non-dilutive” because the differences are done in reciprocal proportions to guarantee that one’s ownership remains fixed. 

As at the time of writing, its values is $166, with a market capitalization of $360 million USD. 

Ampleforth historical data (CoinMarketCap)
Ampleforth historical data (CoinMarketCap)

6. (COMP)

Borrow and Lend: COMP is an ERC-20 token created off of the Compound protocol. According to the official website, about 2,880 COMPS are distributed to users – all comparable to the borrowing demand within the ETH, DAI, and USDC markets, among others. 

Many predict that its price will continue to increase as investors see its power and prospects.

After its launch in June 2020, investors were able to obtain each COMP for $65USD, and by mid-August, COMP had exceeded a value of $160.20 USD. historical data (CoinMarketCap) historical data (CoinMarketCap)

7. Kyber Network (KNC)

Kyber is a blockchain-based liquidity platform that can easily be combined with any application without an intermediary function. Kyber Network’s native token, KNC saw aggravated development in 2020. 

Although the price cannot be compared to that of January 2018, 2020 is definitive of the probability of the coin making an upward market move. The value of KNC currently sits at $1.69 with a market cap of about $334 million USD.

Kyber Network historical data (CoinMarketCap)
Kyber Network historical data (CoinMarketCap)

8. Augur (REP) – Prediction Markets

Augur is a limitless blockchain-based, peer-to-peer, decentralized betting platform powered by the Ethereum blockchain. Its native token, Reputation (REP) is used amid market dispute phases of Augur. All winnings generated are kept by the users. On the other hand, when one makes a wrong forecast, no fees will be earned, and this may result in the loss of REP tokens. 

This project is hot in the market, as forecasts can be made on almost anything. The price of REP developed to about $21.63 USD from the $9 of January 2020. REP currently has a market capitalization of around $237 million USD.

Augur historical data (CoinMarketCap)
Augur historical data (CoinMarketCap)

9. Dai (DAI) Stable Coin

DAI is a stablecoin supported against the USD. Therefore, the coin presents very slim earning prospects. However, there’s the need to cite it, particularly given its contribution towards decentralized finance and its very little market instability. 

Amongst the various stablecoins backed by USD, DAI proves unique due to its scalability and flexibility. Its price currently sits at $1.02, with a market cap of around $490 million USD.

Dai Stablecoin historical data (CoinMarketCap)
Dai Stablecoin historical data (CoinMarketCap)

10. Yearn Finance (YFI)

Yearn Finance is a decentralized financial ecosystem, where one can transfer funds, invest, and stake the YFI tokens. 

Introduced to the cryptosphere a little over a month ago at roughly $1,115 USD, today, it trading over $20,000 USD, with a market cap of about $900 million USD. historical data (CoinMarketCap) historical data (CoinMarketCap)

The enlisted tokens on today’s market watch are majorly focused on upcoming Defi coins based on their market performances as well as anticipated prospects.


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