Here’s a look at the most liquid and actively traded DeFi blockchain tokens on the KuCoin Crypto Exchange platform.
Terra (LUNA)
The native token of the Terra blockchain, LUNA, is used to manage the price stability of the stable coin, TerraUSD (UST). The price of LUNA has been soaring on account of rising adoption of the UST stablecoin among users worldwide. According to Coinmarketcap data, LUNA is the ninth largest crypto by market cap while the UST is the fourth most popularly used stablecoin within the crypto market.
In terms of DeFi performance too, the Terra blockchain has the distinction of being the second largest ecosystem for decentralized finance applications, next only to Ethereum. According to data on DeFi Llama, Terra supports 20 DeFi protocols with a TVL of over $18 billion. The TVL has risen by more than 21% in the past week.
LUNA enjoys high trading volume and liquidity on KuCoin, and is one of the top performing cryptocurrencies overall on the platform. KuCoin offers LUNA/USDT as a trading pair for users on its platform.
Fantom (FTM)
Fantom is the fifth largest blockchain ecosystem supporting DeFi applications in the crypto sector as on date. It hosts 177 projects in the decentralized finance space, enjoying a TVL of $8 billion. Fantom’s TVL has registered a growth of more than 5% in the past 24 hours.
FTM, the native token of the Fantom network, is the 34th largest cryptocurrency by market cap on Coinmarketcap. The FTM token has caught the eye of several investors in recent months on account of the rapid pace of expansion of Fantom’s DeFi ecosystem.
KuCoin’s users can trade FTM/USDT on the platform.
Avalanche (AVAX)
Avalanche is the 11th most popular blockchain based on its market capitalisation. Avalanche’s ecosystem registered quite the spike in adoption among dApps towards the second half of 2021 after the introduction of the Avalanche Rush liquidity mining program, which attracted developers to build dApps on the network.
Since then, the DeFi TVL of Avalanche has crossed $10 billion, making it the fourth largest ecosystem in the sector. At the time of writing, the blockchain supports 174 DeFi projects and has seen its TVL rise by more than 25% in the past month.
On the KuCoin platform, users can trade AVAX – the native token of Avalanche, against the USDT, AVAX/USDT.
Polygon (MATIC)
Polygon has been making news every few days on account of rising adoption of its network by dApps across all sectors of the market, including DeFi. The leading scaling solution for the Ethereum network has soared in popularity in recent weeks ever since Uniswap – the largest DeFi protocol, integrated into its ecosystem to escape Ethereum’s high gas fees and network congestion issues.
Polygon supports 201 DeFi protocols on its network, with a total value locked sitting under $4 billion. It is the eighth largest blockchain by DeFi TVL while its native token MATIC is the 16th largest cryptocurrency by market cap.
On KuCoin, users can trade the MATIC/USDT pair.
Solana (SOL)
Solana, the ultra-fast blockchain network, has faced some challenges related to network congestion in recent weeks. However, notwithstanding these issues, it still remains one of the most popular alternatives to Ethereum for dApps, especially in DeFi. The network congestion issues are also an indicator of the rising adoption of the Solana blockchain, both by developers and projects as well as users.
As per DeFi Llama, Solana supports 57 dApps in the decentralized finance space, which enjoy a TVL of just over $7 billion. It is the sixth most popular DeFi blockchain in the market at present.
Solana’s native token SOL currently ranks eighth among cryptocurrencies in terms of market capitalization. It has strengthened by over 9% in the past 24 hours.
Users can trade SOL/USDT trading pair on KuCoin exchange.
NEAR Protocol (NEAR)
One of the newest entrants into the top DeFi ecosystems, NEAR Protocol, has risen in TVL and rankings ever since the integration of Terra’s UST with its network. Currently, the NEAR Protocol ranks 20th in terms of DeFi TVL, supporting 20 dApps in this market on its blockchain. It enjoys a TVL of almost $530 million, a growth of more than 16% in the past month.
In terms of market cap, the NEAR token sits on the 28th position of the list among cryptocurrencies. It has strengthened by more than 14% in the past 24 hours.
NEAR/USDT is available for trading on the KuCoin exchange.
Binance Coin (BNB)
Binance Coin is the native token in use within the Binance Smart Chain, one of the most popular alternatives to Ethereum among decentralized finance applications. The BSC ranks third in terms of DeFi TVL but supports the second highest number of dApps in this space, next only to Ethereum. According to data on DeFi Llama, the Binance Smart Chain has a TVL of nearly $12 billion from 319 applications.
The BNB token is the fourth largest cryptocurrency by market cap and has registered a gain of over 7% since the previous session.
Users can trade BNB/USDT on the KuCoin exchange.
Cardano (ADA)
Cardano may have gone through some hard times in recent months after rallied on expectations of becoming a strong contender against Ethereum. However, it shows a lot of promise in the DeFi market as dApps start launching on its ecosystem over the past few weeks.
In terms of DeFi TVL, although Cardano ranks 34 in the list with just five applications, it still remains one of the most liquid cryptocurrencies, enjoying high levels of attention from crypto traders on KuCoin.
Cardano’s native token ADA holds on to its position among the top 10 cryptos by market cap, coming in at rank seven, even though its price has fallen well below its ATH. In the past 24 hours, the ADA token has strengthened by over 11%.
KuCoin offers ADA for trading against the USDT as ADA/USDT to its users.
Final Word
It goes without saying that the DeFi market and its unique value proposition are bringing a massive amount of users closer to its technology, all while still being at its infancy in terms of development.
With countless individuals and institutions supporting the technology, as well as an astonishing amount of brilliant minds entering the development space, DeFi is certainly poised to expand and innovate – with the aforementioned blockchain projects at its foundation as well as spearhead.
