2021 has already witnessed the unprecedented rise of DeFi. It’s currently worth $140 billion in market capitalization. DeFi has thrived because it provides a way around traditional banking services that eliminates paperwork and red tape while promising higher returns.
It’s no wonder that investors are now looking for the most promising DeFi projects to venture into.
In the meantime, if you want to invest or get into DeFi anytime soon, here’s everything you need to know about the top 10 DeFi projects this month.
The Top 10 DeFi Projects This Month
QUBE is a DeFi project created to enhance crypto enthusiasts’ success. It’s a multifunctional platform that offers various DeFi services like staking pool and swap protocol. It equally serves as the marketplace for NFT.
The QUBE project operates as a single platform and is a universal Crypto and DeFi space made to network, trade, invest, and improve skills while operating with crypto assets.
The QUBE token isn’t aimed to be restricted to the ERC-20 standard; it wants to deploy on diverse blockchain protocols like Avalanche, Binance Smart Chain, and Polygon (Matic).
Scallop is a solution and protocol for banking services and crypto. It permits users to hold their crypto and fiat assets safely under one platform safely.
The project provides users with insured and regulated ‘DeFi powered’ GBP and IBAN banking accounts and a banking-grade and digital hardware wallet for their digital assets.
Scallop has ten products such as accounts, an NFT marketplace, and exchange. It’s going against traditional banking with some digital firepower and aims to change the way the world does their banking.
Horizon Finance is another top DeFi project to watch out for this month. It solves the lending and borrowing problem by introducing the decentralized market rate protocol.
This allows traders or users to set their interest rate expectations while swapping between fixed and floating interest rates.
The platform allows users to deposit assets with a floating or fixed interest rate and receive rewards based on their chosen interest rate. Under Horizon Finance, users or traders can generate yield on assets without leaving their funds in custody.
Alameda Research supports the project, and has raised about $1.3 million.
EQiFi is another top DeFi project to watch out for this month. It has huge potential, and it’s powered by a licensed bank called EQIBank that differentiates it from others.
EQiFi has advanced infrastructure to help lend, borrow, and invest in Ethereum plus other ERC-20 tokens by maximizing blockchain technology.
EQIBank powers the project; thus, it’s possible to access multi-currency bank accounts and credit cards when needed.
BarnBridge is designed to tokenize risks on Ethereum. It allows project users to develop derivatives to hedge risks from any market fluctuation. And reduce conservative investors’ volatility or enhance day traders’ volatility.
Its native BOND token is utilized for reward and management. About 10 million BOND tokens were given at launch. Currently, there is 3.7 million BOND in circulation, and 68% of the tokens are kept for the community.
As of July 2021, the project has two products; SMART Exposure and SMART Yield. It aims to create more products before the end of 2021.
Band Protocol, a cross-chain platform, is designed for blockchain oracles. It’s an infrastructure service that collects data sources on the internet in real-time and transfers it to smart contracts.
The data sources have about 200 Cryptos, over 20 fiat currencies, and silver and gold commodities. It has active integrations with several protocols, exchanges, and validators. Also, any user can add its data source.
Network validators utilize the BAND protocol token to engage in governance. And it’s issued as a reward. In the meantime, 100 million tokens have been issued as of July 2021 and 35 million tokens are free in circulation.
DODO is a top DeFi project this month. It’s an on-chain liquidity provider. It offers stability through a PMM (Proactive Market Maker). It’s initially developed on Ether as the ERC-20 smart contract.
Later, the project was expanded to BSC. DODO has capital-efficient liquidity pools that lessen slippage for traders, helps single-token provision, and reduces impermanent loss.
More so, it removes any hindrance blocking the liquidity pools creation for the issuance of fresh digital assets. And it allows liquidity depths, assets ratio, fee rates, and other measures that will be configured and customized freely in real-times.
BondAppetit, an Ether-based DeFi, is a platform for business loans that are secured by bonds. The project aims to provide businesses globally with access to the crypto market liquidity.
It comes with two tokens: the USDap and the BAG. The USDap is the project’s native stablecoin and the major product and is fully backed by bonds.
The BAG is its governance token. The BAG total emission will amount to 100 million in two years. Presently, there is 10 million BAG in market circulation.
The holders can stake tokens in a unique contract and get passive income from the bonds supported by USDap.
Synthesis Bank, the first tokenized investment bank, is another top DeFi project this month. Its main selling point is its capability to democratize financial services.
The project is a bank built on the Ether smart contract. It permits users to invest in various assets in a simple single channel with no intermediary and interference. Users or investors can invest in any digital asset and other alternative financial products with Synthesis bank.
The project wants to create a streamlined offering that will enable institutional and retail grade investors to engage in Crypto assets and solid-backed tokens through the easy channel.
Beyond Finance is a DeFi project designed to create and trade synthetic assets. Its derivatives are based on commodities, currencies, ETFs, stocks, etc.
The Beyond Finance token is called the BYN token, and it has an emission ceiling of about 100 million. Less than 10% of BYN tokens are in circulation as of July 2021.
It’s a promising and top DeFi project, and it aims to launch mainnet and testnet in the third quarter of 2021.
DeFi has shown that it’s a legitimate part of the blockchain that’s here for the long term.
Be on the lookout for these projects as they are fast becoming pillars in the crypto space.