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- 1 Decentralized Finance (DeFi), is an emerging financial technology enabling crypto-based exchanges, transactions, and financial services.
- 2 The platform doesn’t include any centralized authority to control the financial operations and exchanges.
DeFi is a platform that eliminates the fees financial institutions or banks charge for making a transaction or financial practice. The idea was introduced in 2018 and has around 17,000 DeFi protocols and applications at present. DeFi is continuously evolving and expanding in the blockchain and cryptocurrency landscape, making it possible to access permissionless financial services. Here are the top three DeFi protocols to stare at in August 2023 for earning more benefits.
GMX
GMX is one of the most efficient DeFi allowing users to trade popular digital assets such as Bitcoin and Ethereum directly from the crypto wallets. The platform was launched in 2021 as Gambit Exchange and went live on the Arbitrum One blockchain. GMX at present supports 20 trading pairs of cryptocurrencies, including Uniswap, Cosmos, Bitcoin, Solana, Ethereum, and much more.
The platform is considered one of the best investments in August 2023 due to its reduced trading fees and full access to GMX’s perpetual exchange. The platform also offers profit-sharing platforms and multi-chain support making it the top DeFi to explore in 2023. GMX price is $52.47 at present with a market cap of $468 Million.
AAVE
Another strong player in the most steady DeFi list is AAVE, a platform allowing users to lend and borrow a wide variety of digital assets without requiring any personal data and information. The platform was launched by Stani Kulechov in January 2017 with the purpose to help individuals make easy and efficient transactions. The platform allows individuals to trade a wide range of cryptocurrencies without any banks, brokers, and other intermediaries.
The current price of AAVE is $64.15 with a market cap of $930 Million and the price is expected to go high soon. Accessing the platform would be beneficial for the traders in August 2023 due to several benefits. The platform offers tokens as collateral for borrowing from the protocol along with getting discounts on platform fees. Apart from this, open source, non-custodial protocol, and easy user interface make the platform efficient to use.
Uniswap
Uniswap is one of the largest DeFi in the crypto landscape available on Arbitrum, Polygon, Optimism, Ethereum, and other layer 2 networks. The platform was launched by Hayden Adams in 2018 with the motive to help users trade cryptocurrencies without any interference from centralized third parties. Uniswap expanded its roots to the NFT marketplace that upsurged the value and popularity of DeFi in the marketplace.
Focusing on the current value, the price of Uniswap is $6.44 with a market cap of $3.71 Billion. The value of Uniswap is expected to hike in the near future, making it a good platform to discover in 2023. One of the major benefits of the platform is its user-friendly interface and no need for registrations. Also, the platform supports around 1344 digital currencies making it one of the most reliable platforms.
Conclusion
The introduction of DeFi in the marketplace has made it easy for investors, traders, and individuals to carry out online financial transactions and exchanges more efficiently. Uniswap, GMX, and AAVE are some of the most potent DeFi protocols to consider in August 2023.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
