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  • Jun 18, 2021

Top5 Best DeFi Coins

DeFi (Decentralized finance) refers to decentralized finance based on blockchain technology and aims to replace the roles of existing financial institutions with cryptocurrency through blockchain to enable all financial transactions such as payments, remittances, deposits, loans, and investments. It refers to receiving a certain amount of loans with cryptocurrency as collateral or providing other collateral and borrowing cryptocurrency. At this point, all financial services do not require intermediaries because they are automatically done through smart contracts.

Due to these advantages of DeFi, many DeFi projects can be easily found, and the total amount of DeFi-related coins can be found on the DeFi tab of the CoinMarketCap website. Today, I would like to briefly introduce the most representative DeFi coins.

 

 

 

 

UNI(Uniswap Coin)

UNI Coin is a token created by Uniswap, a decentralized exchange (DEX). Unlike conventional exchanges, transactions are carried out in a P2P manner without intermediaries. Uniswap is an Ethereum-based protocol designed to facilitate automatic exchange transactions between Ethereum and ERC-20 tokens. UNI coins can also be exchanged with ERC-20 tokens on the Ethereum ecosystem.

 

 

CHAINLINK

CHAINLINK is a decentralized Oracle network that consists of data buyers and providers. It aims to link smart contracts with real-world data (data buyers and providers) and is an ERC-20 token based on the Ethereum blockchain, such as UNI. It is a utility digital asset used as a means of payment to use data network services.

 

 

DAI

DAI is a stable coin with Ethereum as collateral, valued at $1. If Ethereum is deposited as collateral, it will be eligible to issue a new DAI coin. DAI can be used on DApp(Decentralized Application) service platforms. It has a variety of use cases, such as UNICEF, receiving DAI as donations. It is mainly used for remittance and payment rather than for investment and can be used for Yield Farming or other DeFi functions.

 

 

Maker Token

Maker is an Ethereum-based blockchain platform, and Maker token is a cryptocurrency used for a cryptocurrency mortgage method of ‘stable coin-Dai (DAI)’, to pay loan fees. It can be used to make decisions about significant changes in the system or to exercise the right to vote. Although it is sensitive to price fluctuations because it is not a stable coin, it can contribute to the price stabilization of DAI.

 

 

CAKE

Pancake swap exchanges BEP-20 tokens to Binance Smart Chain (BSC)-based decentralized exchanges. When a user supplies liquidity to a pool using the automated market maker 9AMM model, the user receives CAKE coins as a reward. Also, if you stake CAKE, you can get SYRUP as a reward. It is available in platform governance voting, fee collection, and Golden Syrup Lottery functions.

 

 

  • Original Content

https://medium.com/d-labofficial/top5-best-defi-coins-ffe33ce4a3e

 

 


 

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