Decentralized Finance, or DeFi for short, has gained considerable traction over the years. There is a huge market for its applications, and the DeFi sector will be worth trillions of dollars in near future. Its current market capitalization is $39.30 billion.
If you want to take a slice of this pie, you can invest in the DeFi tokens amid the ongoing bear cycle and crisis. And remain invested for a long time to make a considerable amount of money.
DeFi’s Meaning?
For those who don’t know, “DeFi” is an umbrella term for peer-to-peer financial services on public blockchains. Decentralized applications run on blockchains with smart contracts. They intend to leverage cryptocurrencies to revolutionise banks, exchanges, and other established financial institutions, lowering or eliminating the need for third parties.
Top DeFi Tokens:
Chainlink (LINK)
Chainlink is a decentralised oracle network that gives real-world data to blockchain smart contracts.
A smart contract requires data to execute commands, yet most of the data required to digitise and automate real-world agreements is not maintained on blockchains. Smart contracts cannot acquire external data since they have no built-in capacity to connect with the outside world.
This is where Chainlink comes into play. LINK tokens are the digital asset tokens used to pay for network services.
LINK has gained 14.33% in the last seven days and is currently trading at $7.47. According to cryptopredictions.com, it can reach a high of $10 by December next year, $12 by December 2024, $15 by December 2025, and $18 by December 2024.
Uniswap (UNI)
Uniswap is a popular decentralised cryptocurrency exchange that operates on the Ethereum blockchain. Launched in 2018, Uniswap was one of the first Ethereum-based decentralised finance (or DeFi) applications to gain attention.
It employs a relatively new trading model known as an “automated liquidity protocol.” Uniswap’s goal is to keep token trading automated and fully open to anyone who holds tokens, while enhancing trading efficiency compared to traditional exchanges.
Uniswap increases efficiency by using automated ways to solve liquidity difficulties, avoiding the problems that plagued the early decentralised exchanges.
UNI is currently trading at $5.79 and is up by 5.89% in the last 7 days. According to cryptopredictions.com, it can go up to a high of $8.5 by December 2023, $11.5 by December 2024, $14 by December 2025, and $16 by December 2026.
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Avalanche (AVAX)
Avalanche‘s goal is to create a highly scalable blockchain that does not compromise decentralisation or security.
It is a cryptocurrency and blockchain platform that competes with Ethereum. AVAX is the native token of the Avalanche blockchain, which employs smart contracts to facilitate a variety of blockchain applications, similar to Ethereum. The Avalanche blockchain enables near-instant transaction completion.
AVAX is used to distribute system incentives, engage in governance, and facilitate network transactions by paying fees.
AVAX is currently trading at $13.04, an upside of 2.36% in the last 7 days. According to cryptopredictions.com, the price of AVAX can go up to $17.45 by December 2023, $27.73 by December 2024, $33.82 by December 2025, and $38.36 by December 2026.
Also Read: Top 5 Coins To Buy in December 2022 For 10x Profit
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/blog/top-defi-tokens-to-buy-in-december-2022-that-will-make-you-rich/