February 2022 – Top 5 most popular DeFi

February 2022 – Top 5 most popular DeFi

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Chris
Chris

An editor at Coincrop


02 Mar 2022 | 7 min read
35,898 views

T

he DeFi ecosystem continues to evolve at a rapid pace. As new blockchains rise in popularity, they are accompanied by a host of DeFi tools. In this article we look at the top 5 most popular DeFi platforms in February 2022.

In this guide:

Disclaimer: All of the information written on Coincrop is without influence and based on our analysis. No guarantee is offered concerning the accuracy of this information and therefore, any individual following up on it does as such completely at their own risk. Rates are correct at time of publication.

Raydium (5th)

Raydium was built to support the Solana blockchain and launched in February 2021. It features an on-chain order book with automated market maker (AMM). This makes possible shared liquidity, yield farming and very fast trades.

The native token used for the exchange is $RAY $RAY - $0.8997. At the time of writing, the project has a market capitalisation of $219m and a 24-hour trading volume of $46m.

In the last 30 days, over 162,000 users have interacted with the platform.

The following are examples of returns that are possible from assets held in pools on Raydium:

Deposit assetsReward assetsAPY Rate

Deposit BNBBNB (BNB)Deposit USD CoinUSD Coin (USDC)

Earn RaydiumRaydium (RAY)

7.91% - flexible

Deposit SolanaSolana (SOL)Deposit TetherTether (USDT)

Earn RaydiumRaydium (RAY)

7.40% - flexible

Deposit EthereumEthereum (ETH)Deposit USD CoinUSD Coin (USDC)

Earn RaydiumRaydium (RAY)

7.18% - flexible

Deposit BitcoinBitcoin (BTC)Deposit USD CoinUSD Coin (USDC)

Earn RaydiumRaydium (RAY)

5.42% - flexible

Deposit EthereumEthereum (ETH)Deposit SolanaSolana (SOL)

Earn RaydiumRaydium (RAY)

4.43% - flexible

Deposit SolanaSolana (SOL)Deposit USD CoinUSD Coin (USDC)

Earn RaydiumRaydium (RAY)

4.39% - flexible

Deposit BitcoinBitcoin (BTC)Deposit SerumSerum (SRM)

Earn RaydiumRaydium (RAY)

2.24% - flexible

Deposit BitcoinBitcoin (BTC)Deposit TetherTether (USDT)

Earn RaydiumRaydium (RAY)

2.19% - flexible

Deposit TetherTether (USDT)Deposit USD CoinUSD Coin (USDC)

Earn RaydiumRaydium (RAY)

1.29% - flexible

Deposit SolanaSolana (SOL)Deposit Smart Donation CoinSmart Donation Coin (SDC)

Earn RaydiumRaydium (RAY)

0.00% - flexible

SushiSwap (4th)

The SushiSwap decentralised exchange dates back to August 2020 when it emerged as a competitor to Uniswap – indeed SushiSwap runs the same code as Uniswap. Whilst initially supporting the Ethereum blockchain, SushiSwap has since expanded to work on other blockchains: BNB, Harmony, Avalanche and most recently Polygon.

Users can use SushiSwap to earn, swap, lend, borrow and more. Traders can earn by providing liquidity to yield farms. The project has a market capitalisation of $401m and most recently traded $200m in a 24-hour period.

This trusted platform has attracted over 176,000 users over the past 30 days.

The following are examples of returns that are possible from assets held in pools on SushiSwap:

Deposit assetsReward assetsAPY Rate

Trader Joe (3rd)

The Avalanche network (AVAX) has seen significant growth in the 2021-2022 period – it currently ranks as the 11th largest token by market capitalisation. 

Emerging from the Avalanche Network is Trader Joe (not to be confused with the grocery store). The site allows users to exchange digital assets, join mining pools, farm liquidity, lend assets, stake tokens and more.

The token native to the platform is known as $JOE. It has a market capitalisation of $1725m and a 24-hour trading volume of $29m. The current supply of JOE tokens is 172 million.

The popularity of Trader Joe has brought 249,000 users in the last 30 days.

The following are examples of returns that are possible from assets held in pools on Trader Joe:

Deposit assetsReward assetsAPY Rate

Katana (2nd)

The Katana DeFi automated market maker project emerged as a result of the Axie Infinity side chain Ronin. Axie Infinity has gained a reputation as one of the leading Metaverse crypto tokens with a valuation of over $3 billion.

The Ronin blockchain came about as a means of allow Axie Infinity players to execute in-game actions without having to pay high fees on the Ethereum blockchain.

Katana allows traders to join mining pools, swap assets and farm liquidity etc.

Katana has a total locked value (TVL) of over $310m with a 24-hour trading volume of $6.6 million. The popularity of this platform regularly attracts over half a million users in a month.

PancakeSwap (1st)

The crown for the worlds most popular DeFi platform goes to PancakeSwap. This platform has been around since September 2020 – almost a lifetime in the world of cryptocurrencies! It runs on the BNB blockchain, benefiting from relatively fast transfers (when compared to the likes of Ethereum) and competitive transaction (Gas) fees.

Over 3.3 million users have transacted on the platform over the past 30 days – a reflection of the size of its ecosystem. The 24-hour trading volume is approximately $182 million.

At the time of writing, the PancakeSwap token is trading at $CAKE - $4.27. The market capitalisation of the project is $1.73 billion.

The following are examples of returns that are possible from assets held in pools on PancakeSwap:

Deposit assetsReward assetsAPY Rate


Chris

Chris

An editor at Coincrop
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Chris is a Crop Crop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely assembling lego models.


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