Over the last two years, the DeFi projects has exploded. TVL for Defi was above $210 billion at the time of writing. Every month, new Defi ventures debut with new promises. Some companies provide services to ordinary investors such as lending, exchanging, and staking.
While the majority of Defi initiatives begin with only one benefit or use in mind, others have several real-world applications. Investors must be aware of the Defi initiatives with the greatest number of use cases. This article will look at four Defi ventures that have the highest potential for investors. Continue reading.
Chainlink is the most widely used Defi project. The Defi technology, which is built on Ethereum, allows real-world off-chain data to be transferred to Blockchain contracts. Chainlink, to put it another way, is an Oracle network built on the Ethereum blockchain.
This tool serves dozens of tasks to many different Defi platforms as an Oracle network. Among them include:
Other applications for Chainlink oracles include income sharing, portfolio management, Node as a Service, account security, and many others. Chainlink is the best Defi project in terms of actual applicability.
The Synthetix protocol is another Defi network with a wide range of applications. The network was created to assist in the creation and hosting of synthetic commodities and assets known as Synths. Instruments that replicate other assets are known as synths.
The Synthetix protocol has a number of applications that can readily benefit investors. Among the use cases are:
Another Defi protocol with large yields and benefits for Defi project users is convex finance. Convex Finance is a global, programmable, decentralized network that provides financial services. So, what are the applications of the Convex network? Here are a few examples of applications:
Thorchain, a Cosmos-based platform, is another DeFi project with a variety of applications. This network, by definition, provides cross-chain swapping services for crypto assets such as BTC and ETH.
This Defi network, on the other hand, has a wide range of applications for investors. Among them are the following:
This guide has looked at Defi projects with a variety of use cases. Chainlink, Synthetix, Convex Finance, and Thorchain are Defi initiatives that provide investors with a variety of useful applications.
The majority of other prominent Defi projects, such as Uniswap and others, only provide one or two services, such as Dexes and staking. However, systems that support different use cases give investors more opportunity to profit.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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