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Market Watch: 10 DeFi Tokens To Watch In 2020

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Decentralized Finance
Decentralized Finance (DeFi)

Decentralized Finance (DeFi) coins are undoubtedly the best performing set of cryptos in the year 2020. Although there’s an existing deliberation on which Defi token actually takes the forefront in terms of the best performance, such credit wholly lies among the tokens that would be discussed in this article. 

The enlisted tokens have not been organized in any specific order, but they sure have a few unique mutual qualities including impressive prices, enormous monthly return, as well as terrific future prospects.

1. Chainlink (LINK)

The remarkable growth of this controversial coin cannot be ignored, as it has been steadily going like a bat out of hell since last year. The Chainlink network is designed to provide safe inputs and outputs crucial for sophisticated smart contracts that can be applied to real-world data and events.

Chainlink’s decentralized oracle network provides equal security as smart contracts themselves. There is no end to its amazing features, in fact, its decentralized economic system can even leverage oracles on the Ethereum blockchain. 

Much of the team’s success exists as an effect of ratifying several strong partnerships. The native token is LINK, which at the time of writing, is trading at $15.80 USD with a market capitalization of over 5 billion US Dollars.

Chainlink Historical Data (CoinMarketCap)
Chainlink Historical Data (CoinMarketCap)

2. Aave (LEND)

Lending: Aave is a non-custodial and open-source money market protocol through which users can earn interest on deposits and equally borrow assets. In this case, their native token, LEND is required. 

As of January 2020, its price was sitting at about $0.009, however, at the time of writing, it has managed to grow to $0.69 USD, having a market capitalization of $903,398,749. 

Aave historical data (CoinMarketCap)
Aave historical data (CoinMarketCap)

 

3. Maker (MKR) – Stablecoin and Decentralized Reserve Bank

This coin has been openly proclaimed the second-largest project within the Defi space. Maker is an Ethereum-based crypto project accountable for the DAI token. 

DAI stimulates financial freedom as it has virtually no instability and is integrated into over 400 apps and services (i.e. wallets, Defi platforms, games, etc.) For these reasons, many analysts are convinced that the MKR project is one to watch out for and that it may generate imminent returns within the next few days to weeks. 

This coin is among a distinguished few that sits at a high price per piece. Having a market capitalization of over  $686 million USD, MKR currently changes hands at about $682 USD.

Aave historical data (CoinMarketCap)
Maker (DAI) historical data (CoinMarketCap)

4. Synthetix Network Token (SNX) – Derivatives Synthetic Assets

Synthetix is a derivative liquidity protocol that facilitates the issuance and trading of synthetic assets. The Synthetix protocol makes use of two tokens. The first and more prominent is SNX which also serves as the major element used as collateral for supporting the Synthetix assets. 

SNX has had an upward trend since June 2020, and the trend hasn’t stopped ever since. 

According to coinmarketcap, SNX has a total market cap of around $600 million USD with its current value sitting at $6.82 USD. 

Synthetix Network Token (CoinMarketCap)
Synthetix Network Token historical data (CoinMarketCap)

5. Ampleforth (AMPL)

AMPL is a digital currency with fluctuating supply on a daily basis based on market conditions. The AMPL protocol changes in response to prevailing demand. This means that if it manages to increase in price, so will the amount of tokens in one’s wallet (the same applies when the price is down). 

AMPL can help to either diversify one’s portfolio or serve as reserve collateral in decentralized banks. It is considered “non-dilutive” because the differences are done in reciprocal proportions to guarantee that one’s ownership remains fixed. 

As at the time of writing, its values is $166, with a market capitalization of $360 million USD. 

Ampleforth historical data (CoinMarketCap)
Ampleforth historical data (CoinMarketCap)

6. Compound.finance (COMP)

Borrow and Lend: COMP is an ERC-20 token created off of the Compound protocol. According to the official website, about 2,880 COMPS are distributed to users – all comparable to the borrowing demand within the ETH, DAI, and USDC markets, among others. 

Many predict that its price will continue to increase as investors see its power and prospects.

After its launch in June 2020, investors were able to obtain each COMP for $65USD, and by mid-August, COMP had exceeded a value of $160.20 USD.

Compound.finance historical data (CoinMarketCap)
Compound.finance historical data (CoinMarketCap)

7. Kyber Network (KNC)

Kyber is a blockchain-based liquidity platform that can easily be combined with any application without an intermediary function. Kyber Network’s native token, KNC saw aggravated development in 2020. 

Although the price cannot be compared to that of January 2018, 2020 is definitive of the probability of the coin making an upward market move. The value of KNC currently sits at $1.69 with a market cap of about $334 million USD.

Kyber Network historical data (CoinMarketCap)
Kyber Network historical data (CoinMarketCap)

8. Augur (REP) – Prediction Markets

Augur is a limitless blockchain-based, peer-to-peer, decentralized betting platform powered by the Ethereum blockchain. Its native token, Reputation (REP) is used amid market dispute phases of Augur. All winnings generated are kept by the users. On the other hand, when one makes a wrong forecast, no fees will be earned, and this may result in the loss of REP tokens. 

This project is hot in the market, as forecasts can be made on almost anything. The price of REP developed to about $21.63 USD from the $9 of January 2020. REP currently has a market capitalization of around $237 million USD.

Augur historical data (CoinMarketCap)
Augur historical data (CoinMarketCap)

9. Dai (DAI) Stable Coin

DAI is a stablecoin supported against the USD. Therefore, the coin presents very slim earning prospects. However, there’s the need to cite it, particularly given its contribution towards decentralized finance and its very little market instability. 

Amongst the various stablecoins backed by USD, DAI proves unique due to its scalability and flexibility. Its price currently sits at $1.02, with a market cap of around $490 million USD.

Dai Stablecoin historical data (CoinMarketCap)
Dai Stablecoin historical data (CoinMarketCap)

10. Yearn Finance (YFI)

Yearn Finance is a decentralized financial ecosystem, where one can transfer funds, invest, and stake the YFI tokens. 

Introduced to the cryptosphere a little over a month ago at roughly $1,115 USD, today, it trading over $20,000 USD, with a market cap of about $900 million USD. 

Yearn.finance historical data (CoinMarketCap)
Yearn.finance historical data (CoinMarketCap)

The enlisted tokens on today’s market watch are majorly focused on upcoming Defi coins based on their market performances as well as anticipated prospects.

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Crypto Assets

Crypto prices drop as global market fear increases

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Top cryptocurrency prices have fallen amidst a drop in stocks and fears over China’s Evergrande debt crisis. In the last 24hour, Bitcoin dropped from $47,772 to $42,630 shedding about 8.58%. this is the lowest in price since another bull run began on Sept 5 after the April crash.

El- Salvador’s President, Nayib Bukele sees the fall as an opportunity to invest more. Recall that the country adopted Bitcoin as a legal tender on September 7. Despite the adoption, the price of Bitcoin has fallen by almost 14% since then.

Other coins have experienced dramatic crashes within the last 24hours. Solana, a coin that has experienced 355% growth within the last 3 months fell from $162 to $130 shedding about 11.39% within the last 24hours. Solana’s fall may be categorized by the 17-hour outage which the founder, Anatoly Yakovenko said was caused by bots “flooding the networks”

Ethereum fell by 9.37% while Dogecoin and Axie Infinity fell by 11.22% and 14.14% respectively within the last 24hrs hours. While crypto experiences dark Monday, El-Salvador keeps investing more money in Bitcoin.

A look at the global market

The global market is experiencing fear due to the Evergrande debt crisis. A report published by the University of Michigan shows that consumer’s sentiment is beginning to decline. This trend alone may impact the crypto market as well.

On the other hand, the global market downturn must have been spurred by the Evergrande debt crisis. The company grew to be one of China’s biggest companies by borrowing more than $300bn. Last year, Beijing made rules to control the debt owed by big real estate developers. This led Evergrande to offer its properties at major discounts to raise more money to keep the business afloat. Right now, the company is struggling to meet the interest on payment of debts.

Why would it matter if Evergrande fails?

The collapse of the multi-million dollars company would affect the global market; including the crypto market. Many people bought properties from Evergrande and they expect to make gains. If Evergrande falls, crypto investors will be forced to withdraw more money to keep their business running without the means to invest more. When one business fails, the other gets affected indirectly. This also applies to other firms that do businesses with Evergrande.

The potential impact on China’s financial system is another effect of Evergrande’s fall. In his statement to BBC, Mattie Berkink, the Economist Intelligence Unit (EIU), said that “the financial fallout would be far-reaching. Evergrande reportedly owes money to around 171 domestic banks 121 other financial firms” if the company fails, other lenders or businesses may be forced to lend less. Thereby leading to a credit crunch- a situation where companies struggle to borrow money.

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Crypto Assets

6 Cryptocurrencies to leverage for Building Personal Wealth Long Term

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“Investing in Crypto should be viewed as another path towards financial independence that can help people beat inflation over time.”

—Alex Mashinsky (CEO, Celsuis)

The Crypto market is blooming. Nearly 1 in every 3 individuals in Africa, particularly Nigeria, currently trade cryptocurrencies for one purpose or the other. For more than a decade now, blockchain technology has pervaded the financial markets and persistently received traction from various quarters. Its adoption rate in Africa is a force to be reckoned with. The reports are glaring enough. This has then cultivated the growing appeal of the people in trying to employ crypto as a viable tool to build wealth, albeit long term.

Recently, thousands of cryptocurrencies were known to exist in the market and the numbers keep expanding. It is, therefore, imperative that these digital coins are closely observed to identify the favourable ones for a long-term game. We, at Decentralize Africa, know this. You don’t need to make any emotional rush. This is why we’ve put together highlights of sustainable cryptos that can help you build a fortune over time if you play your cards right.

  • Ethereum (ETH)

Coming first on the pack is Ethereum. The reason for this is not far-fetched. Earlier this year, ethereum was said to have amassed a market capitalization running into billions of dollars. As if that is not enough, Ethereum pointed out its plans to remake its consensus algorithm. This will in no small measure help the crypto network perform several seamless operations and that too with reduced energy. 

The major change that was done to Ethereum’s network, i.e, a modification to Proof-of-stake, will enable players in the system to pitch ethers in a more protected and also rewarding account. This is quite comparable to the bitcoin system. So, yes, Etherum is something that should be in the plans. 

  • Stellar (XLM)

Of course, Stellar has to find a place here, innit? For one, the cryptocurrency holds promising potential for those interested in the long shot. It is more or less a fertile space in the string of blockchain networks. Most of us are privy to how tedious, cross-border transactions tend to appear. This is where Stellar comes in. The versatile platform is capable of completing payments in a matter of seconds at a meagre fee; which is payable using the Stellar coins. Stellar’s efficiency is no doubt commendable. Although like most coins, it has had its share of a downward trend in prices, there is no doubt that Stellar is yet to reach its peak. As such, analysts have observed that there’s room for expansive growth as the year’s roll by. 

  • Bitcoin (BTC)

This sequence is deliberate though. We all know the mighty bitcoin will be here, don’t we? Bitcoin has amassed a wild price range, an ever-growing market capitalization and its prospects for investment opportunities speak loud enough. Although there is an influx of cryptocurrencies today, Bitcoin embodies a large percentage of the market value. 

Investing in bitcoin is never a bad business. It has its lows of course, but it jumps pretty back in most cases. Its wide acceptability is a testament to this fact. Several companies are integrating bitcoin in their payment structure, and business-men, banks are not left in the loop as well.

  • Solana (SOL)

Interestingly, Solana is one of the few digital coins to maintain a steady rise in value. It came up the pack in 2017 and has since improved its value system over time. It offers enticing packages, by being used to complete rapid transactions and every other thing that makes it a good catch. Solana might seem a bit obscure at the moment, but it is certainly one of the best to look out for.

  • Chainlink (LINK)

More accessibility means more acceptance, right? Chain-link is that cryptocurrency that’s relatively available to most people. It’s inexpensive and a good store of value as well. This is one of the reasons that attracts many investors to it. If you are looking to invest in a cryptocurrency in this context, this is one of the coins that can help build your financial portfolio in the long run. 

  • Cardano (ADA)

It is observed that the Cardano network holds a somewhat appealing impression for myriads of reasons. It consumes far less energy which then translates to a faster transaction rate. Also, it proves to be secure and it is one blockchain network that is quite keen on developing its systems.

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Bitcoin in Africa

ICE3X, One Of South Africa’s Oldest Crypto Exchange Cease Operations

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ICE3X

ICE3X, one of the first and oldest crypto exchanges in South Africa and across Africa which was founded in the year 2013 with roughly 80,000 clients ceased operations permanently due to low liquidity.

Earlier this year, ICE3X announced that they noticed some discrepancies in the balances pertaining to Bitcoin and Litecoin held on the platform on March 16. After several consultations and deliberations with their partner Merkeleon.com and subsidiary Coinspaid.com, no satisfactory conclusion was reached.

But on the advice of their auditing and legal team, ICE3X suspended deposits and trading of cryptocurrencies on their platform. In addition, Bitcoin (BTC) and Litecoin (LTC) withdrawals were also suspended pending the outcome of a full investigation and reconciliation.

ICE3X said that clients holding cryptocurrencies on their platform excluding Bitcoin (BTC) and Litecoin (LTC) will be able to withdraw their funds. They further said that this was done in protection of their clients.

On March 23, withdrawals from ICE3X platform by clients were totally disabled, and it was announced that withdrawals would now be done manually – clients would have to submit their withdrawals request via a Google Form.

The homepage URL of ICE3X which is ice3.com. Users will now be redirected to https://ice3x.co.za/status-update/ with no withdrawals support for Bitcoin (BTC) and Litecoin (LTC) yet, but clients were advised to place their withdrawals request for both.

On April 6, according to the website of 1CE3X, the South African Crypto Exchange will not be returning back to operations and advised to start their liquidation proceedings. Also, there are no longer withdrawal requests pending for any currencies except Bitcoin (BTC) and Litecoin (LTC).

At the point of writing this article, the latest update from ICE3X, shows that all withdrawal requests submitted up to April 6 have been rectified and all the remaining assets either cryptocurrencies or fiat are held in trust by Manong Badenhorst & Badenhorst Attorneys. Also, liquidation proceedings have been initiated and clients are advised to download the requisition form, which should be sent as a mail to avj@natliq.co.za.

Recently, Binance announced that ZAR trading pairs was delisted from their platform, according to the official Twitter handle of Binance Africa on March 31. It was recommended that users either trade out of their ZAR positions or withdraw all their ZAR balances before April 2, 10:00 AM (UTC). The affected trading pairs are USDT/ZAR, BTC/ZAR, ETH/ZAR, BUSD/ZAR, BNB/ZAR.

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