Top 5 DeFi Crypto Currencies in 2022

In an increasingly digitized financial world, Decentralized Finance (DeFi) focuses on offering the convenience of peer-to-peer transactions to investors.

DeFi platforms use smart contracts, which are digital contracts that exist on the blockchain, to create a space for lending, borrowing, trading, saving and earning interest that is free of the normal bureaucracy and minutiae.

The world of DeFi is growing by the day, but there are a few projects we are looking forward to in 2022.

1. Gnox (GNOX)

Gnox’s main goal is to bridge the gap between the crypto and fiat worlds while showing the benefits and ease of use of its protocol to everyday users.

The project is a decentralized ecosystem made up of DeFi products, protocols, and use cases that work with more than one chain. It is the first DeFi earning protocol to offer both individual and institutional investors “Yield Farming as a Service.”

Gnox is a reflection project that uses treasury to invest in DeFi yield-earning protocols for its holders. By using its treasury to provide liquidity in well-known and safe pools, holders can be sure that the fair market value of their tokens has a natural tendency to go up.

1. Aave (AAVE)

Aave, formerly known as ETHLend and launched in 2017, is one of the first DeFi platforms on the market. It is a decentralized platform for liquidity that lets people borrow assets and get paid for deposits. It connects lenders and borrowers in a decentralized system, allowing for an equitable lending system. Staking the AAVE currency on the Aave DeFi platform can also earn users points and discounts.

1. Algorand (ALGO)

Algorand was started in 2019 with the goal of making blockchain transactions more secure and scalable. It is a decentralized Byzantine agreement mechanism based on Pure Proof-of-Stake that runs on the blockchain. In order to build a borderless economy, it creates a service that has real value.

Algorand wants to close the gap for institutions that want to get into new markets by giving organizations and corporations all over the world fast and safe payment solutions based on its unique consensus algorithm.

1. Ankr (ANKR)

The Ankr protocol is bringing the benefits of the sharing economy to the crypto space, and it has experienced outstanding performance in the past year.

This project is doing the same thing with cloud resources and computing power. Built on blockchain architecture, it has a consensus mechanism and an incentive structure to make sure they enable retail and enterprise customers.

Their Proof of Useful Work (POUW) system ensures the potential of distributed cloud computing by rewarding individuals who protect the network and promote block propagation with Ankr tokens.

1. 1inch (1INCH)

1inch is a DEX aggregator, which means it searches a number of decentralized exchanges for the best pricing and reroutes its customers’ trades between them to ensure they get the best prices.

Sergej Kunz and Anton Bukov founded 1inch in 2019 during the ETHNewYork hackathon. Since then, 1inch has received approximately $15 million in funding from firms including Binance Labs, Galaxy Digital, and Pantera Capital. As of June 2021, the 1inch exchange was trading at around $250 million per day.

The future of DeFi

DeFi innovations are paving the way for financial equality by extending access to vital and previously inaccessible financial tools. DeFi bridges the gap, making the barriers to economic development for the privileged few a thing of the past. The future of DeFi has arrived, and it is for everyone.

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