The term "DeFi", Decentralized Finance - A team of Binance has made an announcement on its listing about a DeFi network token "KAVA". After this announcement, many of the investors have started to search for the KAVA and DeFi to gain information regarding this. Within a year, this term has started to trend across all the financial networks as well as blockchain.
Even before, peoples who are top in this industry have decided that DeFi is going to rule the entire financial networks. It would be the next technology that might bring an upgraded version of the FinTech network. By the expert's advice, most of the DeFi related projects have brought more success along with the DeFi Tokens. In this article, we will be going to discuss the top & trending DeFi tokens of 2020, and how it performs better than other digital assets like bitcoin, etc.
What is the DeFi Token?
Decentralized Finance (DeFi) - It is upgraded financial networks that have created a huge impact and transformation across the entires FinTech network into decentralized & transparent. With the help of blockchain technologies like Decentralized Applications (DApps), smart contracts, and tokens, this can be achieved. DeFi tokens are the ethereum tokens and also it may be a digital asset, crypto, or whatever. DeFi tokens act as a medium for traders, it takes a vital role and also experiences the financial services in newly create DeFi apps.
Trends of DeFi Tokens in 2020:
Many DeFi related projects, products, and services are already in the queue. But the sectors gained a lot of attention towards the DeFi protocol are "Borrowing and Lending Platforms". Defi is like smart money legos integrated along with the smart contracts. Moreover, incorporating the components of DeFi such as Smart Contracts, DApps, and Tokens, we will provide you the best and reliable new DeFi applications each time. And also the DeFi network is added to the new kind of platform with its tokens. So, here we are going to talk about the top trends of tokens in 2020 as per the data trackers.
1. Synthetix - SNX Token:
It is the derivative protocol which is created by its token called SNX. Currently, Binance has listed this token for trading. Th users have to stake a minimum of 750% of mint derivatives in the value of SNX.
� Website: Synthetix.io
� Market Value: 7,277,440
� Total Supply: 190,075,446 SNX
2. Kyber Network - KNC Token:
The native token of Kyber.Network is KNC. Its a decentralized exchange platform, KNC will be incinerated by the collected fees from the exchange.
� Website: kyber.network
� Market Value: 7,511,105
� Total Supply: 210,623,056 KNC
3. Aave - LEND Token:
Aave is also another leading protocol which is created by its own DeFi token called LEND. Whereas the LEND token will receive the value from the borrowing and flash loan fees.
� Website: aave.com
� Market Value: 4,493,926
� Total Supply: 1,299,999,942 LEND
4. UMA - UMA Token
UMA is also another derivative protocol which is created by its own native token called UMA. This kind of protocol is used to create permissionless synthetic assets.
� Website: umaproject.org
� Market Value: 2,547,696
� Total Supply: 100,224,817 UMA
5. 0x Protocol - ZRX:
0X Protocol - ZRX is a liquidity protocol that is used to provide the best liquidity services for various decentralized (DEX) exchanges.
� Website: 0x.org
� Market Value: 2,789,023
� Total Supply: 1,000,000,000 ZRX
Summing Up:
DeFi tokens are making a new way for the financial networks that could bring decentralization by being away from centralized networks. This tokens may help the decentralized finance system to grow more with the optimistic DeFi blockchain projects. Are you planning to build decentralized applications for your financial services? Reach out to the topmost DeFi development company offers complete decentralized finance (DeFi) services & solutions which empower your business with more transparency, security, & trust.
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