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Top DeFi tokens by market capitalization

DeFi contains 455 coins with a total market capitalization of $78.41B and an average price change of -0.65%. They are listed in size by market capitalization.

DeFi, short for "Decentralized Finance," is a transformative movement within the blockchain and cryptocurrency industry that seeks to recreate and improve upon traditional financial systems and services without relying on centralized institutions. Leveraging blockchain technology, primarily Ethereum, DeFi platforms offer a range of financial tools and services, including lending, borrowing, trading, yield farming and more, which are operated through smart contracts. These open-source protocols aim to democratize access to financial services, offering transparency, inclusivity, and often greater yield potential, while minimizing the need for intermediaries. However, as with any technology, DeFi also comes with its set of risks and challenges, making it important for users to exercise due diligence and caution.

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NamePrice24h %
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$36.73-1.93%
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$17.93-4.10%
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$51,059.88-1.11%
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$12.57-3.61%
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Dai
DaiDAI
$1+0.03%
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$7.11-4.19%
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STACKS
STACKSSTACKS
$2.57-2.31%
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$34.2-2.35%
focusIcon
$2.97-4.24%
focusIcon
$0.2719-2.98%
focusIcon
$1,994.48-2.77%
focusIcon
$5.03-3.23%
focusIcon
$56.52-2.73%
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Aave
AaveAAVE
$90.54-2.59%
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$1.2-1.94%
focusIcon
$0.3976-4.25%
focusIcon
$1.09-3.00%
focusIcon
$3.45-2.63%
focusIcon
$0.2343-2.04%
focusIcon
$2.88-3.75%
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Kava
KavaKAVA
$0.7673-1.58%
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$311.16-1.90%
focusIcon
$0.1195-0.55%
focusIcon
$0.0001234+0.38%
focusIcon
$2.87+2.52%
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Frax
FraxFRAX
$0.9976-0.00%
focusIcon
$0.5509-0.39%
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$8.1-4.63%
focusIcon
$27.7-1.11%
focusIcon
$0.4363-2.53%
focusIcon
$58.91+0.08%
focusIcon
$0.01039-3.46%
focusIcon
$0.7596+2.77%
focusIcon
$0.2461-4.57%
focusIcon
$0.2529-2.37%
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API3
API3API3
$3.92-1.66%
focusIcon
$0.4039-4.20%
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$0.04877-1.86%
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UMA
UMAUMA
$3.94+0.78%
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$4.15-1.13%
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JUST
JUSTJST
$0.03375-4.09%
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$1.27-1.28%
focusIcon
$0.3471-3.35%
focusIcon
$113.64-1.82%
focusIcon
$2.02-0.34%
focusIcon
$7,399.21-1.74%
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Jito
JitoJTO
$2.08-2.67%
focusIcon
$4.23-0.52%
focusIcon
$0.9053-6.48%
FAQ

What is DeFi, and what are the classic project cases of DeFi?

DeFi stands for "Decentralized Finance", which refers to a set of financial services, like lending, borrowing, and trading, that operate without traditional intermediaries such as banks. Instead, they run on blockchain technology. An example of a DeFi platform is Compound, which allows users to earn interest or borrow assets against collateral entirely on the blockchain.

What are the differences between DeFi, cryptocurrency, and blockchain?

- DeFi (Decentralized Finance): This pertains to financial protocols and services that are decentralized and run on blockchain. They aim to recreate traditional financial services (like loans and exchanges) without intermediaries. - Cryptocurrency: A digital or virtual form of currency that uses cryptography for security. It operates independently of a central authority. Examples include Bitcoin and Ethereum. - Blockchain: A distributed ledger or database technology where data is stored in blocks and these blocks are linked in a chronological order. It forms the underlying technology behind cryptocurrencies and DeFi platforms.

How does DeFi operate?

DeFi operates on blockchain platforms, primarily Ethereum, which allow the creation of smart contracts. These smart contracts are self-executing contracts where the terms of agreement or conditions are written into code. DeFi applications use these contracts to automate and ensure the integrity of financial operations without intermediaries. For instance, in a DeFi lending platform, a smart contract might automatically match lenders and borrowers, and manage the terms of their agreement without needing a bank to oversee and facilitate the process.

How many types of DeFi are there?

DeFi, short for "Decentralized Finance", has multiple categories: - Lending Platforms: These allow users to lend or borrow assets without intermediaries. Examples: Aave, Compound, and Nexo. - Decentralized Exchanges (DEXs): These platforms enable users to exchange assets without the need for a centralized party. Famous DEXs include Uniswap, SushiSwap, and PancakeSwap. - Stablecoins: These are tokens pegged to the value of a stable asset, often the US dollar. Examples: DAI (by MakerDAO), USDC, and Tether (USDT). - Yield Farming: An approach where users provide liquidity or engage in certain protocol actions to earn rewards. This strategy became particularly popular in 2020. - Prediction Markets: Decentralized platforms where users can bet on the outcome of future events. Augur, Polymarket and Gnosis are three examples. - Derivatives: Platforms that allow users to create and trade financial contracts based on underlying assets. Launched in 2018, Bitget is now the dominating crypto derivatives trading platform with multiple innovative products, including Bitcoin and other Futures Contracts. - Insurance: DeFi insurance platforms like Nexus Mutual allow users to get coverage against smart contract failures or other DeFi risks. - Asset Management: Platforms like Yearn.Finance optimize users' investments by automatically moving them between different DeFi protocols to achieve the best returns.

What factors should one consider when investing in a DeFi project?

- Project Team: Research the developers and their past work. Experienced teams with a clear track record are often more reliable. - Audits and Security: Ensure the project's smart contracts have been audited by reputable firms. Audits don't guarantee safety but indicate diligence. - Utility and Adoption: Look at the total value locked (TVL) in the protocol. Higher TVL often indicates strong adoption, though it's essential to consider if this is organic or incentivized. - Governance and Tokenomics: How are decisions made? Does the token have genuine utility, or is it merely speculative? - User Reviews and Community: A strong, active community can be a positive sign. Platforms like DeFi Pulse or forums like Reddit can provide insights. - Regulatory Alignment: Ensure the project isn't at significant risk of being shut down due to regulatory concerns.

What are the risks associated with DeFi?

- Smart Contract Vulnerabilities: Even if audited, smart contracts can have bugs leading to massive losses. - Impermanent Loss: When providing liquidity to DEXs, there's a risk of impermanent loss, especially in volatile markets. - Regulatory Risks: Governments are still determining how to regulate DeFi, which can lead to unexpected consequences for certain projects. - High Volatility: DeFi tokens can be incredibly volatile, leading to significant financial swings. - Rug Pulls: This is when developers or initial project backers suddenly withdraw all of their funds, leaving other investors at a loss. - Over-collateralization: Most DeFi lending platforms require users to over-collateralize their loans, which can be risky in volatile markets.

Which was the first DeFi project?

MakerDAO is commonly recognized as one of the pioneers in the DeFi space. Launched on the Ethereum blockchain, it introduced the DAI stablecoin, a decentralized stablecoin pegged to the US dollar.