DeFi Spotlight: Top 5 Projects for 2023

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DeFi, short for “decentralized finance,” is a movement that aims to create a more open, transparent, inclusive, and efficient financial system using blockchain technology.

DeFi is the blockchain industry’s biggest trend, and many believe that it will surpass traditional finance. And the numbers back it up—in January 2020, the total value locked (TVL) in DeFi protocols was under $1 billion. However, by November 2021, that number had surged to $248 billion, an incredible 350x rise in just 22 months.

Even though the crypto market had hit a rough patch by 2022, with the entire market in a crypto winter, the TVL of DeFi platforms still remained significantly higher than at any point in 2020. As centralized platforms collapse, the allure of DeFi remains strong. In Q1 2023, TVL surpassed $50 billion, indicating sustained interest in decentralized crypto platforms.

At DeFi’s core is the “trust factor,” and we use specific criteria to gauge it. We’re looking for platforms that have stood the test of time, boast large user bases, and offer lots of value.

Top DeFi Projects Based on “Trust factor”

Maker

Maker is one of the oldest and most popular DeFi projects. It is a decentralized lending platform that allows users to generate Dai, a stablecoin pegged to the US dollar.

Users can open a Maker Collateral Vault by locking up collateral assets such as ETH or other ERC-20 tokens and receiving Dai as a debt against their locked-up tokens. Users can then use Dai for various purposes, such as paying bills, trading, investing, etc.

Maker also has its own governance token, MKR, which is used for voting on key parameters of the system, such as stability fees, collateral types, rates, etc. MKR holders also benefit from receiving fees generated by the platform.

According to CoinMarketCap, Maker has a market cap of over $2 billion as of January 18th, 2023. It operates on the Ethereum blockchain and has over 150k followers on Twitter.

Curve Finance

Curve Finance is a decentralized exchange (DEX) that specializes in low-slippage swaps between stablecoins and other low-volatility assets.

Users can trade between different stablecoins or wrapped tokens (such as wBTC or wETH) with minimal fees and slippage. Users can also provide liquidity to Curve pools and earn trading fees and CRV tokens.

CRV is Curve’s governance token that allows users to vote on proposals related to the platform’s development. CRV holders also receive a share of the inflationary rewards distributed by the protocol.

According to DeFi Pulse, Curve Finance has over $4 billion locked in its smart contracts as of January 18th, 2023. It operates on the Ethereum blockchain and has over 130k followers on Twitter.

Uniswap

Uniswap is another popular DEX that allows users to swap any ERC-20 token without intermediaries or order books.

Users can trade any token pair directly from their wallets with low fees and high liquidity. Users can also provide liquidity to Uniswap pools and earn trading fees and UNI tokens.

UNI is Uniswap’s governance token, which allows users to participate in decision-making processes related to the platform’s future. UNI holders also receive a portion of the protocol fees generated by Uniswap v3.

According to CoinMarketCap, Uniswap has a market cap of over $9 billion as of January 18th, 2023. It operates on the Ethereum blockchain and has over 1 million followers on Twitter.

Lido

Lido is a decentralized staking solution that allows users to stake their ETH on Ethereum 2.0 without locking up their funds or running their validators.

Users can deposit their ETH into Lido smart contracts and receive stETH in return. stETH represents staked ETH plus rewards accrued on Ethereum 2.0. Users can then use stETH for various purposes, such as lending, borrowing, trading, etc.

Lido also has its own governance token, LDO, which is used for voting on proposals related to Lido’s development. LDO holders also benefit from receiving fees collected by Lido from staking rewards.

According to DeFi Pulse, Lido has over $8 billion locked in its smart contracts as of January 18th, 2023. It operates on the Ethereum blockchain and has over 80k followers on Twitter.

Compound

Compound is a decentralized lending platform that allows users to borrow and lend crypto assets without intermediaries or credit checks.

Users can supply crypto assets (such as ETH or USDC) into Compound pools (or markets) and earn interest. Users can also borrow crypto assets from Compound pools by providing collateral at certain ratios.

Compound also has its own governance token, COMP, which is used for voting on proposals related to Compound’s development. COMP holders also receive a share of the protocol fees generated by Compound.

According to DeFi Pulse, Compound has over $6 billion locked in its smart contracts as of January 18th, 2023. It operates on the Ethereum blockchain and has over 200k followers on Twitter.