In-depth Analysis of the Best DeFi Coins
| # | Name | Category | Protocol | Users | Balance | Volume | Activity |
|---|---|---|---|---|---|---|---|
| 1 |
MakerDAO
|
DeFi |
ETH
|
6.24K 10.41% | $1,236,388,849.98 | $12,664.11 33.79% |
|
| 2 |
Uniswap V3
|
Exchanges |
Polygon
|
1.31K 8.20% | $0.00 | $1,805,386.23 51.01% |
|
| 6 |
Uniswap V3
|
DeFi |
ETH
|
949 0.63% | $0.00 | $21,821.20 118.61% |
|
| 24 |
yearn.finance (YFI)
|
DeFi |
ETH
|
63 36.96% | $1,991,483.48 | $0.00 0.00% |
|
| 54 |
PancakeSwap
|
DeFi |
BSC
|
18 63.64% | $0.00 | $0.00 0.00% |
|
| 96 |
Aave
|
DeFi |
ETH
|
5 100.00% | $7,328,012.47 | $0.00 0.00% |
|
| 255 |
Aave
|
DeFi |
Polygon
|
1 0.00% | $0.00 | $0.00 0.00% |
|
Showing 1 - 7 out of 7
Show rows
dApps classification based on its characteristics & purpose.
Type of Blockchain environment used to deploy & run this project.
Learn this metricAmount of unique crypto wallet addresses that are interacting with the dApp.
Total value of current assets in the dApp's smart contracts.
Amount of incoming value to dApp's smart contracts from trades taking place.
Learn this metricHistorical data changes of users in a 30-day period.
dApps classification based on its characteristics & purpose.
Type of Blockchain environment used to deploy & run this project.
Learn this metricAmount of unique crypto wallet addresses that are interacting with the dApp.
Total value of current assets in the dApp's smart contracts.
Amount of incoming value to dApp's smart contracts from trades taking place.
Learn this metricType of Blockchain environment used to deploy & run this project.
If you were to take a look at the popularity charts of DeFi, you would see that, ever since the latter half of 2018, the sector has been growing and expanding gradually. Somewhere around 2020, though, the graph makes a steep curve upwards, and DeFi seems to skyrocket ever since, with the top DeFi coins leading the charge. ;
If you're searching for the best DeFi coins, and are confused and flustered, I feel 'ya - with so many different projects popping up every single day, finding the diamonds in the rough can be a challenging task. Believe me - I've been there.
What are you even supposed to look at - the volume of a project? Total value locked? Does the protocol matter for the longevity of a DeFi platform? Or should you just forget all of these technicalities, and ask your friend for advice?
Well, no - the latter option might not be the best route to take. As far as the technicalities are concerned, though, worry not - it's not actually as complicated as you'd think. Searching for the top DeFi coins involves two major points - knowing which metrics to look at, and being able to understand what the project is all about.
Here, I'm going to tell you about both of those pieces of the puzzle, as well as provide you with a list of DeFi coins that I myself have found to be true contenders for the spot of the best DeFi crypto projects on the current market.
What Makes the Top DeFi Coins Great?
As pointed out earlier, there are multiple different DeFi projects coming up within the industry every single day. A single google search will reveal thousands of potential candidates for the spot of the best DeFi crypto coin - that list is getting bigger and bigger each time you look at it!
Naturally, whenever people search for the top DeFi coins, in most cases, they're not looking for thousands of options. Instead, they might be interested in four or five underdogs that might potentially rock the industry at some point in the future.
In your search, you will oftentimes come across different tables showcasing the best projects in accordance to some specific technical metric. While this is fine and dandy, it's usually lackluster, too - these tables rarely provide you with any additional information about the said project, and are based purely on number performances throughout a designated period of time.
Evidently, that's not a good way of looking at things. If you would pick out the top DeFi coins purely based on their performance during the last 30 days, chances are that many of these coins wouldn't necessarily be all that successful in the future, long-term.
Instead, one should always combine numbers with theoretical information. More specifically, you should pay close attention to the general market sentiments towards the project, check to see their roadmap, communication channels, activity, and so on. Combined together with dry numbers, this information will offer much more insight into the direction that the project is moving in!
From a philosophical point of view, the one question that you should always employ is this - what problem does the DeFi cryptocurrency project solve for its users? The answer to this question can be the key to you figuring out if the coin behind the platform is worth checking out.
It's almost a golden rule that the best DeFi crypto projects are those that solve some sort of specific problem that the potential users might have. The term "problem" is used rather loosely here, though - it might be a question of convenience, saving time with some sort of a task, or even mitigating different fees associated with trading crypto. ;
With that said, though, the aforementioned "dry numbers" still matter a whole lot - naturally, before they can make any sense, you do need to know what to look for, in the first place.
The Most Important Metrics for the Top DeFi Coins
The technical side of finding the top DeFi coins involves analyzing some specific metrics that each project possesses. The metrics of interest are going to be the same for each and every single project, so once you figure out what to look out for, you'll be ready to start your analysis.
There are a lot of metrics to choose from, though! Even within the BDG Crypto tracker tool, you'll be able to find everything from the protocol on which the project is based, all the way to the user count in the past 24 hours. What are the most important aspects to look at, first?
At the top of the list, you'll find volume. This is a term that refers to the total sum of all trades and transactions happening within the DeFi platform, during a set period of time. Worth mentioning, though, that liquidity is another metric that goes hand-in-hand with volume, as long as the DeFi platform in question is an exchange.
The higher the volume, the higher the liquidity will be, too - in most cases.
Whenever a project has a high volume, it means that the user base within is active. This is a core point that needs to be considered - as long as there are users transacting within the DeFi platform, it's going to stay alive and kicking.
Naturally, since you're looking for the top DeFi coins, simply "staying alive" won't really cut it - you'll need to look at the projects that have the highest volume metric throughout a set period of time. At the same time, this isn't the only point you should be concerned with.
User count is another metric one should pay close attention to, when sorting through a list of DeFi coins. Admittedly, it often goes together with volume (the more users access the project, the higher the volume goes), but this is definitely not always the case!
At any rate, user count is that one metric that showcases the public interest in the DeFi coin in question. This is especially true if you see the count increasing over time - this, however, is probably quite self-evident.
Three more important metrics that you should pay attention to are market cap, total value locked, and token circulation supply. These are, admittedly, a bit more technical than the ones we've discussed above, but they're still far from being overly complicated.
Market cap refers to the presence that the DeFi project has within the market. You can view this metric as the total amount of USD that the project is worth - this worth is calculated by adding up the value of the tokens that it has in circulation. Things are a tad bit more complex than that, but the general idea remains the same - a huge market cap means that the project is quite popular.
TVL - or "total value locked" - is used with the top DeFi coins that offer staking, yield farming, interest earning, and other similar features. TVL represents the value of all tokens that are locked on the DeFi dApp, for the sake of earning an interest.
Lastly, token circulation supply is an interesting point to consider, as well. As the term might suggest, it refers to the total number of tokens that are currently circulating the market. This stat tends to affect market cap - the more tokens circulate within the market, the higher the cap will be!
All in all, as you could probably tell, many of the aforementioned metrics are intertwined with one another. This makes searching for the top DeFi coins a bit easier!
Without further ado, though, let's move straight to my list of DeFi coins that have proved themselves to be projects worth looking into, in the long-term!
Uniswap ($UNI) - The Most Popular DEX in the World
Uniswap V3 (UNI)
- Volume - $266,329
- User Count - 32.66K
- Market Cap - $15,049,271,595
- TVL - $3,851,241,293
- Token Price - $15
Uniswap is one of the best-known decentralized cryptocurrency exchanges on the current market. It's the leading DEX for all Ethereum-based transactions, and allows users to swap and trade a wide assortment of different ERC-20 tokens.
Uniswap utilizes AMM (Automated Market Maker) functionality. This allows the DEX to not worry about providing liquidity to user trades, since they happen in the form of token swaps.
Probably one of the most essential benefits of Uniswap is the fact that the platform has earned a seemingly-unshakable reputation and trust within the market. It's the go-to option for many people who want to trade some specific crypto tokens for Ether, and vice versa.
In regards to the top DeFi coins, Uniswap's native token is called $UNI. It was launched in 2020, and was used to reward users of Uniswap who provided liquidity to the project. Currently, it's used with DAO-like functionality - holders of the $UNI token can vote on certain decisions made on the platform, propose various changes, or sell it for potential profits.
The best part? $UNI is available to be traded on Binance - one of the leading cryptocurrency exchange platforms in the industry! What this means is that you'll be able to purchase $UNI tokens in a fast and simple manner. Specifically, you'll need to trade them for $USDT, and vice versa - simply purchase some $USDT on Binance, and trade it for $UNI!
Analyzing the different metrics of Uniswap, it's evident that the platform is still just as popular as ever before. Individuals from all over the world trust the DeFi project - and, in turn, name $UNI as one of the top DeFi coins. If you're an active ERC-20 token trader, and are searching for the best DeFi crypto coin for fee mitigation or governance purposes, $UNI is definitely worth checking out.
This can be seen from specific metrics, too. Whether it be the market cap of the $UNI token, or the user count of the DEX, in general, it's clear that these metrics are very high, especially when you compare them with some other decentralized exchanges out there.
Aave ($AAVE) - A Leading DeFi Lending / Borrowing Platform
Aave (AAVE)
- User Count - 72
- Market Cap - $4,277,376,771
- TVL - $19,976,678,727
- Token Price - $266
Throughout my research of the best DeFi crypto coins and the market, in general, I've come across Aave quite a few times. It's one of the projects that do keep popping up in seemingly every single list of DeFi coins, and not without good reasons, either - it's a super-popular project!
Aave is a lending and borrowing protocol. More specifically, Aave allows you to borrow assets by using your crypto as collateral. On the flip side, you could also lend out your assets, and earn an interest on them, over time.
There have been many services like this in the past, and there are new and up-and-coming projects around today, as well, but Aave still remains the leader in the DeFi lending market.
The native token of the platform is called $AAVE, as well. It has a few different use cases, but is mostly used for governance and interest-earning purposes. While it is currently considered to be one of the top DeFi coins, this wasn't necessarily the case back in 2017, when the project was first launched.
Back then, Aave was called ETHLend, and utilized $LEND tokens in order to connect two or more parties - a lender, and a borrower. With the project growing and expanding, ETHLend launched a new parent company - Aave -, and switched to the $AAVE token.
Analyzing the most important metrics of the project, it's clear that $AAVE has had some bumps and irregularities throughout its growth. Over time, though, it has managed to become one of the best DeFi crypto tokens, and is now used more than ever before.
On top of that, $AAVE may also be traded on such popular cryptocurrency exchange platforms as Binance. That's huge! It makes the token in question very accessible to a wide range of individuals, since you don't need to be an expert on decentralized trading - all you need is a Binance account, some $USDT that you can buy with fiat money, and you'll be able to trade away!
MakerDAO ($MKR) - A Governance Token for a Stablecoin
MakerDAO (MKR)
- Volume - $256,298
- User Count - 140.46K
- Market Cap - $1,761,125,572
- TVL - $5,460,611,815
- Token Price - $1,743
MakerDAO is a decentralized autonomous organization. It's the same organization that governs the $DAI stablecoin. The $MKR token is used within the operations of MakerDAO, more specifically - its main purpose is to act as a governance token.
There are many different DAOs in the DeFi space nowadays. All of them do come with some DeFi cryptocurrency options, as well! That being said, though, some are more successful than others - MakerDAO and $MKR are the perfect example.
Holders of the $MKR token are able to participate in the decision-making processes regarding the $DAI stablecoin. You may vote on proposals, and also make some of your own. Following that, participation is incentivized with different fee reductions, and some improved interest earning rates, as well.
Why did I choose to include $MKR in this list of DeFi coins, and why is it even considered to be one of the top DeFi coins, in general?
It's pretty simple, really - it all has to do with the unique nature of the governance model of the $DAI stablecoin!
You see, not many stablecoins on the market are able to say that they have a governance token behind them - one that incentivizes the community to be active participants in the development and changes made on the protocol.
For your average crypto enthusiasts, the great news here is that you may trade $MKR tokens on Binance. They can be traded and exchanged for $USDT stablecoins - all that you need to do is create an account on the crypto exchange in question, fund it, purchase some $USDT, and trade away!
PancakeSwap ($CAKE) - A Decentralized Exchange for BEP Tokens
PancakeSwap (CAKE)
- User Count - 830
- Market Cap - $1,462,748,461
- TVL - $1,940,769,181
- Token Price - $3
If you like variety with your top DeFi coins, we think alike - I am also certain that the best DeFi cryptocurrencies should come from multiple different protocols, as well! In this regard, however, there is no option that would come to mind first other than PancakeSwap, and its native $CAKE token.
PancakeSwap is a clone platform of Uniswap. It offers users DEX functionality - you can trade different tokens on the platform, while remaining anonymous in doing so. That said, though, there's one big factor that differentiates Pancake from Uniswap - while the latter is based around Ethereum tokens, the former is used for Binance Smart Chain ones.
That's rare, and also very much appreciated! PancakeSwap has managed to establish a strong market presence and reputation in the industry - this, combined with the fact that it's one of the few DEXs that allow BEP token trading makes Pancake shine as one of the best DeFi coins out there!
Well, rather, I should say $CAKE, since this is the liquidity token of the DEX in question. $CAKE can be staked in a liquidity pool, with the opportunity to earn passive interest over time.
The token in question does fluctuate both when it comes to its price, and also different important metrics, but still experiences some signs of growth over time. This makes perfect sense - being a leader in the BEP-based token trading, Pancake's popularity is often determined by the general public opinion surrounding the Binance Smart Chain, and all of the tokens associated with it.
Same as the other assets mentioned in this "top DeFi coins" list, $CAKE can be traded on the Binance cryptocurrency exchange. All that you need to do is register on the exchange, pass the KYC verification checks, and purchase some $USDT - then, you'll be able to acquire some $CAKE, and use it in your DeFi ventures to come!
yEarn Finance ($YFI) - A Yield Aggregation Project
yearn.finance (YFI) (YFI)
- User Count - 1.74K
- Market Cap - $391,978,031
- TVL - $252,897,966
- Token Price - $10,658
yEarn is an interesting pick for a list of DeFi coins - that's for sure. The project keeps being mentioned in different user-made lists of the "top DeFi coins that they've used" or the "best projects they've followed". At the same time, though, there are hundreds - if not thousands - of alternative DeFi projects available to be featured on this list.
What makes yEarn stand out of the crowd? Well, the project has a lot of potential - that's one thing. At the same time, I believe it provides its users with a very useful feature - yield aggregation.
Using yEarn, you will have a variety of different options for your yield farming activities. The project has aggregated all of the best services and offers into a single place, all for the convenience of the user.
You can simply allocate your Ether or stablecoins to yEarn finance, and let the platform do the rest. It's a convenient way of farming yield, especially if you don't want to take the time and learn about the different farms available on the market.
The $YFI token is undoubtedly the most high-valued asset on our list of DeFi coins. At the same time, it has a very low total supply of around 36,000. While it's not the best thing for the market cap of the project, it's actually great in regards to the token retaining its value over time.
Same as with all of the other DeFi cryptocurrency options mentioned here, $YFI's metrics do tend to fluctuate - the token isn't immune to the trends that the market might be facing at any given point in time. That being said, it's still often considered to be a worthy project to look into, especially if yEarn will keep up the updates, and provide their users with amazing functionality.
If you choose to check the $YFI tokens out, you will be able to find them on Binance. $YFI can be traded for $USDT stablecoins.
Conclusions
In the realm of DeFi, there are many amazing projects to be uncovered, studied, and looked into. While we've checked out some top DeFi coins in the list above, this is barely scratching the surface!
In order to find the next great dApp or some underrated DeFi coins, you should employ some high-end tools to help you out. One of these tools is the BDG Crypto Tracker - with the help of this tool, you will be able to collect and analyze all of the essential data that you might require throughout your research.
At the same time, the best DeFi coins mentioned above are surely projects that are worth looking into! Each of them possess unique qualities that help them stand out of the crowd, and present themselves as an attractive option.
Remember - all of the tokens that we've discussed are available to be traded on Binance. Once you pass the registration and KYC checks, and fund your account, you'll be able to acquire a large variety of different DeFi coins and tokens!
dApps classification based on its characteristics & purpose.
Type of Blockchain environment used to deploy & run this project.
Learn this metricAmount of unique crypto wallet addresses that are interacting with the dApp.
Total value of current assets in the dApp's smart contracts.
Amount of incoming value to dApp's smart contracts from trades taking place.
Learn this metricHistorical data changes of users in a 30-day period.
dApps classification based on its characteristics & purpose.
Type of Blockchain environment used to deploy & run this project.
Learn this metricAmount of unique crypto wallet addresses that are interacting with the dApp.
Total value of current assets in the dApp's smart contracts.
Amount of incoming value to dApp's smart contracts from trades taking place.
Learn this metricType of Blockchain environment used to deploy & run this project.
