DeFi is simply an acronym for Decentralized Finance, offering financial services and tech without the need to go through a middleman of intermediaries. It brings total privacy and ownership to users. Middleman such as brokerages, banks, and exchanges are kept out in this system using smart contracts on the blockchain.

According to data from CoinMarketCap, The DeFi ecosystem is progressively recording notable growth and expansion, with its market capitalization staying above the $50 Billion threshold and a total trading volume of $4,223,659,563.

Today we will examine some handpicked DeFi tokens worth adding to your portfolio in August 2022. The list covers the Top 5 DeFi Tokens within the $1 price range. 

Note: This List is sorted by their price unit from lowest to highest.

The foremost provider of decentralized computing powered by blockchain is iExec. Blockchain is used to set up a market network where anyone may make money off of their computing power, applications, and even datasets.

Trust, Confidentiality, and Governance are the core values it was built on. 

iExec Products: Web3 Marketplace, Oracle Factory (No coding experience necessary), Confidential Computing (Preserves data, privacy, and ownership), and iExec SDK (execute ‘off-chain’ computations via the iExec decentralized cloud)

$RLC has a 24-hour trading volume of $10,770,862, and it’s trading on top cryptocurrency exchanges like Binance, Bitget, Biconomy Exchange, KuCoin, and Bitrue.

Launched in 2019, The layer 2 protocol of the self-titled non-custodial decentralized cryptocurrency exchange uses DYDX (dYdX) as its governance token. It helps layer 2 run more smoothly and enables traders, liquidity providers, and partners to help shape the protocol’s future as a community.

Users of dYdX automatically start earning interest once money is deposited into their accounts since their assets are added to the worldwide lending pool for each coin. 

The platform protects lenders by guaranteeing that borrowers always have enough collateral in their accounts. By using funds they already have as security for the loan, customers can borrow on dYdX and instantly purchase any asset the marketplace offers.

dYdX has a 24-hour trading volume of $38,648,014 and trading live on top cryptocurrency exchanges such as Binance, Deepcoin, OKX, Bybit, and CoinW.

Access to limitless decentralized financial markets is made possible via Injective Out-of-the-box interoperable order book primitives to create mainstream DApps. Users can build any financial market on Injective’s quick, cross-chain, zero gas charge, safe, and fully decentralized exchange protocol.

Trades are completed instantly, with no waiting periods, and at no additional expense for petrol. Users of Injective can transact with several blockchain networks like Ethereum, Cosmos, and Binance Smart Chain without any issues. Additionally, Injective can facilitate exchanges across Cosmos-based projects like Terra.

According to the website, It offers an Out-of-the-box interoperable order book primitive to create mainstream DApps. Injective is run entirely by the community. Also, it’s secured by Tendermint-based proof-of-stake consensus for secure transactions with instant finality.

$INJ has a 24-hour trading volume of $9,824,242, and it’s trading on some top cryptocurrency exchanges like Binance, Bybit, CoinW, BingX, and BTCEX exchanges.

Lido is a liquid staking solution for Ethereum. Lido allows users to stake their ETH while engaging in on-chain activities, such as lending, to increase returns without requiring minimum deposits or infrastructure maintenance.

According to the website, some use cases for LDO as the native utility token includes :

According to data from the website, Lido-supported networks include Ethereum, Polygon, Solana, Polkadot, and Kusama. Lido also lets users use their staked assets to gain yield on top of yield, according to information from the site.

$LDO is available for trading on many exchanges, like Binance, Deepcoin, Bybit, BingX, and CoinTiger, with a 24-hour trading volume of $75,153,193.

Kyber Network is a center for liquidity protocols that aggregates liquidity from various sources to provide secure and instant transactions on any decentralized application (DApp). Decentralized exchanges (DEXs), DeFi DApps, and other users should have simple access to liquidity pools that offer the best prices, thanks to Kyber Network.

Every transaction on Kyber is on-chain, making it simple to verify them with any Ethereum block explorer. Kyber enables users to take advantage of all the features provided by the protocol, including the rapid settlement of tokens, liquidity aggregation, and a customized business model; projects can build on top of Kyber.

Kyber aims to address the lack of liquidity in the decentralized finance (DeFi) sector by enabling developers to create goods and services without worrying about anything. It is developer-friendly and allows any application to integrate instant decentralized token exchange at the best rates. According to the website, Kyber Network is governed by the community through KyberDAO, a Decentralized Autonomous Organization.

$KNC tokens can be purchased and traded on exchange platforms like Binance, Coinbase Pro, Huobi Global, and Kraken. It has a 24-hour trading volume of $43,745,016.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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The post Top 5 DeFi Tokens Within the $1 Price Range to Watch in August 2022 appeared first on NullTX.

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