Since the last few years, the emergence of the DeFi industry has been nothing less than colossal. During its inception, the growth of the same was pretty slow-pacing. However, during the latter half of the previous decade, it has experienced massive growth. It currently has a worth of USD 14 Billion as well.
Thus, it is quite natural to see so many new DeFi projects being birthed in the year 2021. But which one among them is the best? Let’s find it out ourselves.
CLVA is a user-friendly DDM-based protocol, which can help you to store cryptocurrency on the Ethereum platform. It features a unique interface and, thus, can be used by almost anyone. Furthermore, the interest rate provided by this application is pretty high.
One of the most notable aspects of CLVA is definitely its interest cycles. It usually concludes within 14 days and offers the users with a hefty amount of currency. As per reports, it will also last for around 34 years.
So, if you are considering opting for something long-term, then this module would be an ideal option for you
- Chainlink
Chainlink, in essence, is a type of decentralized oracle. Thus, it usually operates as a data feed and establishes a connection between off-blockchain data and blockchain platforms. The network can offer a dependable and tamper-proof output and input system.
Thus, with it, you can get any decentralized information regarding blockchain securely. However, to obtain the data, you will need to use LINK tokens. The higher number of LINK a node contains, the more popular and reputable it will be.
- Kava
Unlike the two other projects, Kava is a next-gen decentralized lending module. It is quite flexible and can swap between cross-chain cryptocurrency. Hence, with it, you can exchange cryptocurrencies, which are available on different blockchains.
The swapping application of the application is known as Switch. It is highly responsive and agile. Thus, you can make the exchange with it almost in a matter of seconds. Aside from swapping, you can also use Kava for lending cryptocurrency within a minimal amount of time.
- Yearn Finance
Ass the name implies, Yearn Finance performs intricate tasks like automated market-making and aggregated liquidity between different DeFi platforms. It provides users with an advanced earning mechanism, making it easier for them to operate everything meticulously.
Yearn Finance also offers easy access to a diverse range of investment stratagems to everyone. If you hold $YFI in it, then you can earn a fixed percentage of money produced by the other users. The overall earning will depend on the generated sum of currency.
Conclusion
In essence, the rate and notion of DeFi adoption are still far from being mature. Many people are still living in the past and using traditional methods for their purpose. However, with the emergence of these new and diversified projects, the future of the same seems pretty bright. Hopefully, they will obtain the exact amount of spotlight and popularity they do deserve shortly.
