Decentralized Finance, or DeFi, is a blockchain-based technology that aims to get rid of banks and other financial organizations as middlemen in all financial transactions. It’s a relatively new subfield of blockchain technology. With a total market cap of $50 billion, DeFi is home to over 4,000 alternative coins.
This article’s goal is to give readers an in-depth analysis of three of the top DeFi coins: Big Eyes Coin (BIG), Decentraland (MANA), and Uniswap (UNI).
Decentraland (MANA)
Decentraland is an Ethereum-based virtual reality (VR) game. In-game cash is denoted by the MANA token. Users can trade goods and services, interact with and learn from other users, create and monetize content, and more. It’s a huge step up from social media platforms like Facebook and Twitter, as well as older video games because it gives its users control over their own digital possessions.
Within Decentraland, users are able to interact with one another and take part in social VR activities. Blockchain technology underpins all transactions on the network, from buying land to sending money. Decentraland’s goal is to set up an open-source ecosystem where users can build whatever they like.
There were a total of 2.19 billion MANA tokens created, although only roughly 1.82 billion are in circulation at the moment. The MANA coin has a market cap of approximately $4.09 billion, making it the 31st largest cryptocurrency by market size. During Decentraland’s initial coin sale in 2017, $24 million was raised by selling 2.8 billion MANA coins.
Uniswap (UNI)
The Uniswap coin is now among the most promising in terms of investment potential. Uniswap dominates in the DeFi sector. It is a decentralized exchange (DEX) platform built on Ethereum that facilitates trades between users of different digital currencies. When a cryptocurrency is undergoing changes that are expected to make it more useful and speed up its adoption, this is a good time to buy. Optimism, a product that has been under development at Uniswap for two years, has recently been released. Some of the benefits are that it can be expanded; transactions are almost instant, and you can use any coin to pay for gas fees.
Uniswap is an automated exchange that creates markets for its users. Many coin pairs are available for trade on the decentralized exchange. All transactions are done with smart contracts, and prices are set by complex mathematical formulas. The function of the exchange depends on the liquidity pools. Each liquidity pool contains sufficient funds for two different cryptocurrencies. Trading activity by users draws upon liquidity providers. What makes Uniswap stand out from other decentralized exchanges is its “Constant Product Market Maker Model” for establishing pricing. Any ERC20 token can be added to Uniswap by depositing an amount of ETH equal to the value of the token being traded. The UNI token is the platform’s primary cryptocurrency.
Big Eyes Coin (BIG)
Big Eyes Coin (BIG) is a new token designed to move money into the DeFi ecosystem and protect an important part of the fintech ecosystem. This crypto’s logo is a cartoonishly oversized-eyed cat that was cleverly drawn.
It is a meme token that wants to build its identity through the influencer economy. With a strong design and marketing team and the personality of this token, it has a good chance of being used by influencers and celebrities all over the world. Big Eyes Coin (BIG) also wants to do good things for charity, so it plans to give 5% of the tokens to organizations that work to protect oceans and aquatic ecosystems.
Also, 5% of the tokens are set aside for marketing, which will lead to Big Eyes Coin (BIG), a meme coin that will grow around the world. The team behind Big Eyes wants to contribute more by making a blockchain ecosystem that self-propagates for hyper growth. They plan to do this by using NFTs to give access to extra materials and events that make the blockchain hype ship worth getting on.
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