What is the best DEFI crypto to buy right now?
Elvin DeFi has established itself as the top sector for high value tokens. With DeFi tokens outperforming BTC in 2020, the ecosystem is quickly turning towards popular protocol tokens as a means of value capture for DeFi’s growth.
On this page, we take a look at the top DeFi tokens and examine their role within each ecosystem. We recommend using a DEX like Uniswap or Sushiswap to trade any of the tokens mentioned below.
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DeFi Tokens
This list will be updated periodically. The tokens mentioned on this list are meant to serve as education and should not be treated as investment advice.
To see which DeFi tokens have the highest market cap at any given time, we recommend this awesome tool from DeFiMarketCap.
Aave – AAVE
Total Supply: 16,000,000 AAVE
Aave is a leading lending protocol that leverages a native token AAVE to secure the protocol and participate in governance. Aave is currently undergoing its migration from LEND to AAVE at a rate of 100:1, which you can do through the Migration Portal. AAVE can be staked via the Safety Module for AAVE rewards.
Synthetix – SNX
Total Supply: 190,075,446
Synthetix is a leading derivatives protocol backed by a native token SNX. In order to mint new derivatives – called Synths – users must stake at least 750% of the Synths value in SNX. Maintaining this ratio – referred to as a cRatio – allows users to earn native inflation along with a pro-rata portion of trading fees from the Synthetix Exchange.
yEarn – YFI
Total Supply: 30,000 YFI
yEarn is an automated liquidity aggregator offering a number of different yield farming opportunities. The protocol is governed by a native token – YFI – which was launched with no premine and did not hold an Initial DEX Offering. Users can stake YFI to participate in governance and claim a pro-rata share of protocol fees.
Uniswap – UNI
Total Supply: 1,000,000,000 UNI
Uniswap is the leading decentralized exchange in DeFi. In mid-September, Uniswap airdropped 15% of its supply to past users through a program marked ‘UNIversal Basic Income‘. Today, UNI can be earned by providing liquidity to select pools and will eventually be used for governance as a larger portion of the supply is issued.
Sushiswap – SUSHI
Total Supply: 250,000,000 SUSHI
SUSHI is the governance token of the Sushiswap AMM and lending protocol. It is earned by LPs by providing liquidity to select pairs on Sushiswap, and can be staked via the Omaske bar to earn protocol fees and issuance. SUSHI is also used to vote on new Onsen launch partners, or projects that receive added SUSHI rewards for conducing an Initial DEX Offering through Sushiswap.