Top 3 DeFi tokens to watch amid the turmoil
The Decentralized Finance (DeFi) industry has not done well recently. According to DeFi Llama, the total value locked in the industry has moved from above $250 billion in November last year to about $200 billion. At the same time, DeFi tokens have seen their prices crash by over 70% from their all-time high. Here are some of the top DeFi tokens to buy.
Anchor Protocol | ANC
Anchor Protocol is one of the fastest-growing DeFi protocols in the world. It is a platform built using Terra’s blockchain and has over $10 billion in total value locked (TVL). Anchor allows people to deposit their funds and then earn as much as 20%.
It works like other popular DeFi protocols that enable people to deposit funds and then borrow. At the time of writing, the network had total deposits of $9 billion and total collateral of over $4.9 billion.
The Anchor Protocol is trading at $4.24, which is about 235% above the lowest level this year. It has a total market value of over $1 billion.
Lido | LDO
Lido is another good DeFi platform built on Terra’s platform that has become popular among developers and investors. It has also expanded to Solana and Ethereum and accumulated over $12 billion in staked assets. At the time of writing, there were more than 13k stakers.
Lido works in a relatively simple way. Investors deposit their tokens in the network and then start earning interest. For example, they have staked over $5.5 billion worth of Ether and are earning an APR of 4.4%. Similarly, they have staked about $7.2 billion of Terra and are earning a yield of 7.2%. According to DeFi Llama, Lido has a total value locked of over $12.5 billion.
The LIDO price has been in a strong bearish trend in the past few weeks. It has fallen by over 45% from its all-time high.
Osmosis | OSMO
Osmosis is one of the biggest platforms built using the Cosmos ecosystem. It is a DeFi project that allows people to buy and sell cryptocurrencies in a decentralized format. It also offers an automated market maker (AMM), where people can deposit their tokens and earn returns.
The biggest pools in Osmosis are ATIM/OSMO which has a liquidity of $581 million and ION/OSMO which has liquidity of over$13 a million. The OSMO price is trading at 9.82 USDT, which is about 100% above the lowest level this year.