TLDR:
DeFi protocols operate an open-source model and are predominantly based on the Ethereum chain, as it is the mother of the DeFi market.
There has been a great emphasis on DeFi projects because they seek to revolutionize the traditional financial industry. This article has been put together for investors looking for the best DeFi coins to invest in for March 2024.
Ethereum introduced smart contracts in 2015, which subsequently gave rise to the DeFi market as we know it today. DeFi has expanded at an astounding rate, reaching a peak of over $220 billion in 2021.
But in October 2023, the market would plummet as low as $36 billion due to the previous crypto winter. The industry has been recovering since then, rising by over 55% over the past 30 days to reach a height of over $86 billion.
Another fascinating development is the growth of DeFi projects. Today, there are thousands of DeFi projects in the market, each with its unique offering. For this article, we will explore the four top categories and two of the best DeFi projects to invest in each.
KangaMoon is one of the new DeFi projects that has come up with a unique concept, Social-Fi. This new model makes KangaMoon a community-centric platform, as users are rewarded based on their level of interaction and engagement on the project.
The aim of this social-fi model is to build around KangaMoon, the biggest and most active community of DeFi and meme coin enthusiasts. Rewards come in the form of the KANG DeFi coin, NFTs, and other exciting digital assets.
The uniqueness of KangaMoon has made it one of the top DeFi projects to watch in 2024. Following a 125% price surge, KANG has soared to $0.01125. Crypto experts have forecasted even bigger gains, as KANG is expected to peak at $0.5 in 2024.
Pyth Network is a new DeFi project focused on offering high-speed Oracle service to connect high-fidelity, real-time market data from the largest professional traders and exchanges to its users.
Providing remarkable financial services has made Pyth a standout performer in the market. This DeFi crypto has been on an uptrend, gaining 75% in February. With the demand for Pyth’s oracle growing, the price of the altcoin is expected to increase in 2024.
Decentralized exchanges, DEXs, are peer-to-peer marketplaces that connect cryptocurrency buyers and sellers directly. In contrast to centralized exchanges DEXs allow its users to manage their private keys and are censorship resistant.
Uniswap is the most prominent DEX, offering a platform that keeps crypto trading automated and open to everybody across the world. Uniswap topped the conventional DEX by integrating automated market makers to improve the liquidity of the DeFi project.
dydx is one of the most established DEXes because of its support for perpetual trading. This powerful trading platform adds to its advanced trading options, low fees, deep liquidity, and up to 20× leverage.
The exchange uses a form of zero-knowledge rollup — zkSTARKS, making it faster than competitors. In addition to its strong fundamentals, dydx will be migrating to its own chain in the coming months, giving the DeFi price room for growth.
Lending protocols were designed to solve the problem of collecting loans from traditional banking institutions. These DeFi projects create a platform that is easy for users to borrow and lend without hassle while earning interest.
JustLend is part of a suite of DeFi projects on the Tron network. JustLend is an algorithmic-based market protocol where users can borrow, lend, deposit assets, and earn interest while doing so.
JustLend offers cutting-edge technology and high interest rates and has emerged as one of the best DeFi projects of the year. The DeFi coin of the platform, JST, has been rising steadily, increasing by more than 55% over the last four months.
Aave is the biggest DeFi lending protocol with a TVL of over $9.45 billion. Despite being one of the top DeFi projects, Aave is still growing at a remarkable rate, increasing by 39% over the last 30 days.
Aave allows users to deposit their cryptocurrency assets into Aave liquidity pools. In turn, other users can borrow them, allowing the original owners to earn passive income in the process.
Staking is a very important process in the DeFi space as it involves locking up your cryptocurrency holdings to participate in the securing, validation, and block creation process of a blockchain network. In return, users who participate in staking are rewarded with coins from that network.
Staking protocols make it easier for users to participate in this staking process and earn rewards.
Mantle is the first DeFi project of the Mantle Network. One of the new DeFi projects offers customers an Ethereum liquid staking mechanism that is non-custodial and permissionless. Transactions are cheaper and faster since Mantle largely uses a scaling network.
This combination, together with Mantle’s exceptionally high 7.2% APY, has made it one of the most important liquid staking options. This rise has also helped the MNT DeFi coin price, which has increased by 45% in just one month.
Rocket Pool is a decentralized staking protocol designed to provide the Ethereum community with liquid & node staking products. Rocket Pool became popular, making ETH2 staking possible for every investor,
The DeFi project offers an APR of up to 6.36%, making it a very profitable platform for staking. RPL, its native DeFi coin, has also been growing at a significant pace, crossing the $32 mark in February. Given its growth pace, Rocket Pool could hit $50 by March.
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