Over the past two weeks, it appears that there has been a significant increase in most of the major cryptocurrencies in the crypto market. Due to the crisis in banking in the United States, more people are now adopting cryptocurrency and it shows potential growth in the future.
With many innovative upcoming DeFi projects being launched every month, no wonder it’s still a challenge on choosing the right DeFi token to add to your portfolio. As the demand for DeFi solutions continues to increase, these top DeFi tokens may have a significant growth in value due to their utility and growing support from the community.
Uniswap, a DeFi cryptocurrency trade built on the Ethereum blockchain allows users to commerce cryptocurrencies while not having a centralized bridge or order guide. Thanks to its Automatic Market Marker (AMM) system that uses a mathematical algorithm to calculate asset costs based on the demand.
With Uniswap, users can present liquidity by depositing pairs of cryptocurrencies into liquidity swimming pools and then get liquidity supplier (LP) tokens in return. The value of belongings in every pool is set by continuing product components that balance 2 belongings.
Uniswap’s mechanism has made them one of the buyer’s favorites. Over the past months, the UNI coin has been trading in between the $4.9 – $4.7 selling climax and the $7.8 buying climax. This range seems to be offering two long entry opportunities for traders.
At this time of writing, UNI’s price is at $5.81 with a 24-hour trading volume of $67.75 million.
Stacks (STX) seems to be bullish as it reaches its psychological barrier of $1. Since the start of 2023, STX has gained over 500% in its value and is now considered one of the best-performing DeFi tokens in the market of 2023.
Stacks, the layer-1 solution for Bitcoin, has been receiving quite a good response in its developments with Ordinals and Inscriptions in the fore.
Looking at STX’s growth gauging on its TVL (Total Value Locked) over the past month, it shows a significant spike reaching a value of $26.34 million. But even though a rising TVL is good, things could come crashing down as expected. Currently, the STX price is $1.0104.
Joining the AI craze, the Graph has been producing important curiosity due to its association with Synthetic Artificial Intelligence. The Graph is an AI-powered DeFi platform that supplies a back-end infrastructure supporting crypto-driven AI initiatives. Through its open-source software, users are enabled to access and use relevant data more efficiently in their dApps.
The Graph also allows the collecting, storing, and processing of blockchain information with faster and more reliable response time. GRT token is also used in maintaining security within the system and allows users to use it for staking and performing roles such as indexers or delegators and gets rewarded with fees in return.
With a minor pullback in its price, GRT hits a local resistance of $0.163. At this time of writing, GRT’s price is $0.13. With sustained buying, GRT may surpass its current resistance and hit the $0.187 barrier.