DeFi tokens are the hottest thing in the world right now as their growth rates are higher than the leading digital currencies.
Let Us Analyze Some Big Players in This Space and the Stronghold They Have Over the Market
Chainlink - It is a decentralized oracle network on the Ethereum blockchain network that shares tamper-proof data with smart contracts. It is also compatible with the Hyperledger blockchain. Chainlink is used by several DeFi projects like Aave, Synthetix, and Yearn.Finance. The current price is $23.14 with the market cap nearing $24 billion. It is a fully permissionless system with a strong technical backend infrastructure and uses both on-chain and off-chain components.
Aave - The popular DeFi lending protocol works in a non-custodial manner where debtors can borrow assets easily in the form of flash loans and lenders earn regular interest income. Both cryptocurrencies and stablecoins are listed on its platform. Lenders can mint ERC-20 tokens at a 1:1 ratio. The Aave token is used for participating in the governance of the platform, to get attractive incentives, and for mitigation purposes. It can also be staked by the holders. The current price of Aave is $292.35 with a market cap of $3.6 billion.
The other notable competitors in the DeFi industry attracting a huge inflow of funds include the likes of Uniswap, Compound, and DAI making it an exciting battle.
DeFi token development is done in a customized manner by Blockchain App Factory. The solutions include ERC20, ERC721, and governance tokens that can be used for lending, borrowing, and investments by the users with ease.