Top Five DeFi Cryptos For August

The decentralized finance sector has been gaining massive popularity in 2021.

Yahoo Finance recently revealed a piece about top DeFi coins for this month.

The DeFi coins that the publication mentions have some pretty interesting developments that are lined up for this month. These developments could most definitely have a great effect for the prices of the coins as well.

Algorand (ALGO)

The first crypto that the publication mentioned is ALGO, and they make sure to point out the fact that Algorand is a decentralized network that is focused on accelerating the interchange of traditional and DeFi sectors.

Chainlink (LINK)

This is the second project that the online publication mentions. Chainlink enables different blockchains to securely interact with each other.

It’s also important to mention the fact that the network is driven by an open-source community of smart contract devs, node operators, researchers and more.

Kava.io (KAVA)

This is a DeFi lending platform that enables its users to deposit cryptos in order to earn yield. More than this, it supports cross-chain assets, and this is one of its unique features in regards to other platforms for lending.

Another exciting issue worth mentioning is that the Kava Swap mainnet will be launching on August 12.

Aave (AAVE)

This is a decentralized protocol that’s focused on liquidity. In it, the participants have the option to become either borrowers or depositors.

As Yahoo Finance noted, on Aug. 5-7, the CEO & Founder of Aave, Stani Kulechov, will be one of the main speakers in the smart contract summit.

TrueFi (TRU)

In a similar manner to Aave, TrueFi is a decentralized protocol that is focused on creating liquidity pools that offer favourable annual returns.

The native token for the protocol is called TRU and it enables holders to give credit ratings to liquidity providers.

Stay tuned for more exciting news from the crypto space.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
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