DeFi, a decentralised finance market, is becoming increasingly prominent. According to data from DeFiLlama, the
market
is currently estimated to be worth over $86 billion.1 Michaël van de Poppe has even predicted that
2024
will bring a breakthrough for the
DeFi
market.
With higher growth anticipated, investors start researching the top DeFi projects with a bright future.
This article focuses on the hot DeFi area, showcasing vital DeFi tokens that investor should think of adding to their portfolio in 2024.
The pioneer DeFi project: Ethereum
The DeFi ecosystem owes its existence to the launch of the Ethereum network in 2015. Ethereum introduced smart contracts, which enabled developers to build decentralised, programmable, secure, and self-executing financial services.
In this sense, Ethereum is not a DeFi project itself but a layer to develop the other DeFi projects. On the contrary, notwithstanding Ethereum being the first DeFi asset, it still takes the dominating share of 60% in the market.2
While Ethereum has set the pace, there are new DeFi projects that are leading the innovation. These are some of the promising projects investors should watch in 2024.
KangaMoon: Revolutionizing Earning
Passive earning is one of the features that made the DeFi space very popular. KangaMoon (KANG) is one of the new DeFi projects taking it to the next level with a new social-fi concept.
Social-fi is a new concept that rewards users based on their social engagement and network activity. Using social-fi, KangaMoon is on a journey to build the most active meme community by providing members with a variety of earning opportunities.
KangaMoon users can earn tokens and in-game stuff by participating in battles and tournaments. Non-participants can participate by betting on matches to win important prizes. This novel concept has made KangaMoon one of the fastest-growing top DeFi coins.
The growth rate of KangaMoon is further highlighted by the project surging by more than 50% over the past week. While KANG is now valued at $0.0075 per coin, crypto experts have set a 2024 price target of $0.50, making KangaMoon a must-have DeFi token.
Ribbon Finance: The window to structured crypto products
Over the past months, Ribbon Finance (RBN) has steadily climbed up the decentralised cryptocurrency list with its unique network. Ribbon Finance has become one of the leading platforms for finding structured crypto products and financial strategies.
This DeFi project offers derivatives, lending, and an on-chain options exchange to help users increase their portfolio's risk-return profile. As the project has grown, so has the DeFi coin price, increasing by an impressive 130% in 2024. This gain is expected to continue throughout the year.
Decentralised Exchanges (DEX)
dydx: Empowering perpetual trading
dydx has emerged as one of the leading DEXex 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.
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. Many crypto experts have predicted gains of 2-5x for the DYDX DeFi coin in 2024.
Osmosis: A next-gen DEX
Osmosis is a DeFi project that taps Cosmos' innovative Inter-Blockchain Communication (IBC) to build a decentralised exchange for the future. Osmosis also offers automated market maker (AMM) features to improve liquidity on its DEX.
Thanks to IBC, the exciting features of Osmosis can be bridged onto other chains, extending OSMO's potential. As the native DeFi token of one of the biggest DEX platforms, the price of OSMO has been predicted to experience a parabolic rise in 2024.
Borrowing and lending protocols
Maker: Breaking barriers in lending
Maker (MKR) is one of the oldest DeFi projects, conceived the year smart contracts were introduced. In addition to being one of the most advanced lending and borrowing protocols, Maker provides a new-generation blockchain-based banking system.
Maker also solves crypto's volatility issues by stabilising its value against the US dollar. Because of its unique disposition, Maker has become one of the top DeFi coins. With the protocol's adoption only growing, MKR is poised to see gains in 2024.
Compound: The leading algorithmic lender
Compound Finance (COMP) offers services similar to Maker but makes it more accessible to everyone in the DeFi market. In addition, Compound offers asset support, no credit checks, and adjustable interest rates, making it even more unique.
On the Compound protocol, users can contribute assets to the liquidity pool of the protocol to borrow against their given collateral or earn interest. Compound has experienced one of the biggest TVL jumps, setting COMP up for major gains in the
Payment solutions
Sei: A leader for optimize trading
Sei (SEI) is one of the new DeFi projects that has gained popularity for its unique offerings. Sei is application-specific, unlike most DeFi projects that offer several features. The concept of the project will be a very fast and low-cost project.
Sei's first and major goal is to maximize trading activities for its users. Such specialisation has brought success to the DeFi product, as its TVL has risen to over $17.5 million at the moment. The Sei DeFi coin price has really been inspiring, with a 10x growth in a year.
Pyth Network: The future of blockchain oracles
Pyth Network (PYTH), being a speed-focused oracle system, is designed to connect traders and exchanges to its users, providing them with top-notch real-time market data. Gradually but proportionally, Pyth is on its way to being among the leading oracle services in the market.
Pyth has been astonishing in the financial services sector. The price of this DeFi coin is on an uptick, hitting the high for February at around 75%. Even though the demand for Pyth's oracle will be patterned to grow in 2024, the price of the altcoin is expected to increase likewise.
You can learn more about the KangaMoon (KANG) presale by visiting its official website or by joining the Telegram community.
Discover the exciting opportunities of the KangaMoon (KANG) presale today!
Sources:
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