Altcoins: 5 decentralized finance projects to watch

BeInCrypto presents five Decentralized Finance (DeFi) tokens to watch during the current bull market.

We find the DOT, the AAVE, the YFI, the SUSHI and the ALPHA.

DeFi is taking the financial world by storm with new innovative services.

As Bitcoin’s dominance declines and the altcoin market picks up speed, here are five decentralized finance ( DeFi ) cryptos to watch out for during the looming altcoin season.

DeFi: 1. Polkadot (DOT)

The Polkadot network is a web platform designed for the interoperability of blockchains. Its mission is to “enable a completely decentralized web”, giving control to web users.

It also aims to make it easy for developers to build decentralized web applications ( dApps ) and connect them to businesses or other organizations.

Several projects use the Polkadot network as a base, including the ChainSafe consulting firm, specializing in distributed accounting books, and the Reef Finance project, recently launched by DeFi.

Its token sale took place in July of last year. The DOT network token launched at just $ 0.29 a coin. Since then, the price has climbed to $ 17.22, an increase of more than 59 times.

This price places the market cap of DOT at $ 16.4 billion, making it the fourth largest cryptocurrency behind Bitcoin, Ethereum, and Tether (USDT).

2. Aave (AAVE)

Aave , formerly known as LEND, is a “decentralized non-private liquidity market protocol ” that allows its users to lend or borrow crypto-assets without having to resort to a third party.

The concept works by allowing individuals to stake (also known as staking) multiple crypto assets in exchange for interest paid on the Aave-based assets. The assets at stake are part of a pool that borrowers can fund using other crypto-assets as collateral.

The AAVE protocol token is currently worth $ 188.31 and its market cap is $ 2.32 billion. It is currently ranked number two in the DeFi rankings in terms of total blocked value (TVL), with more than $ 3.23 billion in staking .

3. (YFI) is a decentralized finance portal that brings together several investment opportunities into one easy-to-use platform. This allows its users to stay on top of the cryptocurrencies that offer the best returns.

The platform also collaborates with some of the best DeFi apps in the cryptocurrency space, including Cream Finance and Cover Protocol . The platform’s token, YFI , was the star of last year’s “DeFi summer”, going from its launch price of $ 3,000 to its current price of $ 31,016.96 .

This may still be just the start. Founder and Lead Developer Andre Cronje was named ‚DeFi Person of the Year‘ in 2020 by analytics portal DeFi Prime. There is still a lot to come with, including the second version of its flagship vault service.