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.