When cryptocurrencies were initially founded, it was done on the premise of decentralisation. Developers wish to create a digital asset that will allow users to make payments worldwide without needing a third party.
At first, the concept of decentralisation seemed like a far-fetched dream. But today, it’s making its way into different aspects of human living. For example, we now have certain coin market projects designed to support decentralised finance.
DeFi projects are popular, and many people tout them as profit mines. But which of the numerous alternatives is the best? This piece will reveal the top DeFi crypto projects with the potential to change the crypto space.
Ethereum (ETH)
It would be unfair to talk about top DeFi projects without mentioning Ethereum. Why? Ethereum is considered to be the Pioneer of the DeFi sector. Yes, Ethereum was the first cryptocurrency designed with the capacity to support decentralised applications. With the release of the Ethereum blockchain, it became possible for developers to create applications that would solely rely on blockchain activities.
After the successful release of Ethereum, it didn’t take long before several developers started to use the blockchain for their purposes. Many of the earliest DeFi projects, such as Uniswap, were developed on Ethereum. The development and hype surrounding Ethereum caused it to rise to become the largest altcoin in the cryptocurrency market. However, it didn’t take long before Ethereum faced its challenges.
Ethereum was designed with a proof-of-work mechanism. And this mechanism meant that Ethereum quickly became congested. As the network grew, it became harder to use it for transactions. The problem with Ethereum has been responsible for creating several generation 2 DeFi projects. Recently, the development team at Ethereum kicked off a campaign to improve the offerings of Ethereum. They started with the Ethereum merge. As more similar developments follow, it’s safe to say that Ethereum isn’t finished with the coin market.
Solana (ADA)
Solana is similar to Ethereum in many ways. This project is one generation – 2 cryptocurrencies designed to replace Ethereum. Solana can do virtually the same thing as Ethereum. However, it can process transactions without as much computational power and difficulty. The developers of Solana have created a cryptocurrency that can process up to 65,000 transactions per second. This means there’s room for more decentralised applications, and people no longer have to rely solely on Ethereum.
Since its inception, Solana has enjoyed a fairly impressive price trajectory. While it still has a long way to go, it’s safe to say that Solana will eventually end up usurping Ethereum as the biggest DeFi coin in the crypto space. It’s only a matter of time before Solana gets where it wants to be. Unlike Ethereum, which uses a proof-of-work mechanism, Solana adopts a proof-of-stake system. The PoS mechanism requires more computational energy than a PoW system. This means transactions will be processed almost instantly and at a cheaper cost that’s favourable for developers and traders. SOL is the token that’s spent on this decentralised protocol.
Big Eyes Coin (BIG)
Big Eyes shouldn’t be on this list because it doesn’t qualify as a DeFi coin. However, this meme coin maintains close ties with the DeFi community and plans to be a cryptocurrency like never before. According to information in its white paper, Big Eyes plans to transfer wealth from the DeFi world to meme lovers.
Meme lovers and other crypto traders are welcome to become a member of this crypto token. All the BIG tokens are being bought up quickly. Big Eyes may be the next big thing in the meme sector, and many enthusiasts are looking forward to it.
The Big Eyes presale has moved into its fourth stage; there are less than 10 billion BIG tokens up for sale. It’s likely to keep growing fast, so get in on the early bird savings while coins last.
Big Eyes Coin (BIG)
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
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