The so-called DeFi Coins or DeFi cryptocurrencies mostly come from the Ethereum network environment and are used in the context of decentralized financial products. The purpose of these coins is often the governance of the DeFi product.
The top 5 DeFi cryptocurrencies - 1. Terra
Terra is a blockchain protocol that uses stablecoins coupled to FIAT to establish global payment systems. The Terra Protocol wants to combine price stability and the spread of FIAT currencies with the individual decentralized structure of Bitcoin and other cryptocurrencies. At Terra, the native LUNA token is used to stabilize the price of the protocol's stablecoins
2. UniSwap
UniSwap is the largest decentralized exchange in the crypto market. It wants to facilitate and automate trading with decentralized financial tokens (DeFi). UniSwap keeps token trading open for every user and resolved all liquidity problems of older decentralized exchanges. In 2020 UniSwap introduced its own governance token called UNI. With this, users can actively shape the future of the platform.
3. Avalanche
Avalanche is also one of the largest DeFi cryptocurrencies. It is an umbrella platform for decentralized financial products, financial investments and trading in other services. Avalanche wants to be an investment exchange that enables its users to launch their own assets. These should be controlled by innovative technologies such as smart contracts. The main network was only launched in 2020. The in-house token is the AVAX.
4. Chainlink
Chainlink is a decentralized Oracle network. It wants to connect smart contracts with data from the real world. Oracles are required so that the blockchain can access data outside of its own network. The LINK token is used to pay the network's node operators. With its concept, Chainlink is one of the most successful DeFi cryptocurrencies.
The top 5 DeFi cryptocurrencies - 5. Wrapped Bitcoin
The Wrapped Bitcoin is a tokenized version of the Bitcoin that operates on Ethereum. The wrapped Bitcoin is subject to the ERC-20 standard, the basic compatibility standard of the Ethereum blockchain. This gives him access to decentralized exchanges and their extensive functions. That makes them the last of the top 5 DeFi cryptocurrencies.
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