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Over the week, I was trying to onboard some new personalities I felt had deep pockets than I myself. The conversation was fast turning into an interview session so quickly and this wasn't what I envisaged.
Yeah, they were right to make inquiries bout where their hard-earned money was going to be working or rather dormant worse lost. I thought I had all the answers but these were well aware of the crypto space than I could have ever imagined and so I realized that the only way to beat them at this game was to go back and dig deep.
So I rescheduled another meeting with an excuse of a long day and the need to retire for the day... Hell, who was I kidding.
The next thing I did when I got home was dive nose deep into the internet surfing and searching every question that was thrown at me as well as digging deeper, You never can tell what questions they'd hit me with next.
I just had to be all six packs ready.
The question "Where to invest in 2020?" brought so many options but the majority as related to Cryptocurrencies and blockchain had a string of 5 coins repeatedly mentioned over and over again.
It is no news anymore that the Decentralized Finance (DeFi) sector has been the talk of much speculation and prediction in 2020. Just this summer alone, some coins,(DeFi(s) to be specific)_ have managed to surpass the main cryptocurrency, Bitcoin, in value. However, (Goodness me), Bitcoin is still leading the industry in terms of market capitalization.
The rate at which DeFi coins grow (and is still growing), with the speculations from the crypto community whispering and buzzing about the inherent potentials DeFi(s) project, is quite something to watch out for. It would be a thing of wonder if there is found anyone who isn't hodling any of these DeFi noisemakers, I'd really like to feel their balls for It must be rock hard on pride and loyalty.
For me, the recurrent coins that just kept popping up as a solution to certain problems are listed below;
• Compound (COMP)
The Compound protocol, a lending platform that enables users to interact without a third party interference and in a decentralized way. Everyone wants to earn passive income and Compound solves this with a fast and secured way to earn extra passive income, unlike other traditional financial service providers.
Did you know that there are thousands of unused cryptocurrencies which are currently locked in exchanges and wallets? Well, the Compound team has introduced a way to make Money work, a solution that could recover the potentials of unused crypto. Now you can lend funds to borrowers and earn extra crypto
So instead of buying and hodling, you can actually put your assets to good use at a time you might have no use of it immediately.
In case you need to find out more check out Compound Finance
• Aave ($LEND)
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If you've been a crypto enthusiast for a while now as far back as probably 2016, you would remember ETHLend which was among the very first crypto lending platforms (I didn't know them, I just got off my crypto journey). Well, this platform has now metamorphosed into a new brand name and somewhat better advantages when the ETHLend team thought it wise to expand its lending and alter the company's direction.
Early 2020, the Aave protocol was announced and unlike the peer to peer lending solution that ETHLend was known for, the new protocol provided pool based lending improvement. Like its predecessor, the Aave protocol is built on the Ethereum blockchain, without collateral offers users flash loans at an affordable rate. Read More...
Aave DeFi is amongst the leading DeFi coins on the charts now and with good reasons too. I mean who wouldn't want to exert business with borrowed money requiring zero collateral?
• Chainlink ($LINK)
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I really didn't need to hit the browsers to type in this DeFi in search of it, its team of marketers has been doing a good job publicizing this coin, especially on Twitter. Everyone in the crypto sphere is aware of this crypto as a name (like myself) but today I decided to take a further study about what makes this project thick.
Like the previously mentioned tow cryptocurrencies, Chainlink is also Ethereum based. Smart contracts with different networks to use the blockchain technology power is made possible using the Chainlink by way of Oracles. It has $LINK as its native token which sustains proper operations for the entire network. Read more about this platform here...
• Universal Market Access ($UMA)
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UMA, a protocol for synthetic assets, a DeFi contracts platform for short. This DeFi adopted the concept of the everyday financial derivatives and then applied ruthlessly blockchain technology to them. Enabling anyone to be able to build their own financial products, UMA provides them with Universal accessibility through their platform. $UMA token hodlers presently govern the ecosystem and currently vote on price requests from financial contracts.
The present and further development of the Decentralized Finance (DeFi) sector requires and needs the support of strong promising projects and UMA is an important pillar that doles out this support massively maintaining and pushing the world of DeFi(s) forward. Read more...
• YEARN FINANCE ($YFI)
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The newest rockstar of the crypto space this crypto appeared in the market late July 2020 and became quite the phenomenon. Still in beta Yearn Finance is a decentralized Finance platform that provides a wide range of functions ranging from;
- Automated marketing making
- Aggregated Liquidity
- Leveraged trading.
It somehow seems the very vast potential of this DeFi is yet to be realized as anyone can earn its native token $YFI by providing liquidity to the platform. Correct me if I'm wrong but it quite seems the $YFI rate is twice as much as BTC's, such a promising DeFi project. Read more...
• HIVE ($hive)
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Since after it was hard forked out of the steemit blockchain, this platform has seen so many improvements when compared to its fork. Hive is a decentralized Finance network that rewards content creators for using the protocol. So anyone can hold its native token $hive, all you got to do is be a content creator. However, the potential of this crypto is in its engine, many dapps have been built and are still being built on the HIVE engine, and each of these dapps having its own indigenous tokens. For instance, the Leo tokens which are hive built have been recording a lot of success recently. Coincidentally, there are 3 other cryptos with the name Hive be careful not to get the wrong blockchain.
A few of the potentials that should keep Hive in our watchlist is its zero transaction fee at a time when Ethereum's gas fee was over the roof also, its 3 seconds confirmation window gives it an edge in the ever-competitive DeFi market. Read more...
2020 has been a good run for all Decentralized Finance projects and the year is yet to come to an end, there's so much more we should expect.
DISCLAIMER: This article isn't and should not be considered as financial advice, it was only purported to serve as informative material. It is advisable to do a lot of personal research before engaging any financial activity with cryptocurrencies as it has high volatility and regulatory uncertainty.
My hand no dey oooo