DeFi Tokens to Keep an Eye on in June
- Decentralized Finance (DeFi) coins have revolutionized the way we think about and use cryptocurrencies on a global scale.
- They do this by enabling a heightened level of functionality, such as taking, governance, and yield farming.
- There is genuine power found within DeFi tokens, and we will be going over MKR, CRV, and AAVE.
Throughout the past week, we have seen an increase in the overall value of cryptocurrencies, as well as their trading volume, as the crypto market has started to recover from its recent slump.
This can be attributed to an announcement made on May 31, 2022, where Singapore’s Deputy Prime Minister Heng Swee Keat introduced us to “Project Guardian,” which will explore the tokenization of financial assets, as well as their various use-cases within the decentralized finance (DeFi) space.
The Monetary Authority in Singapore will collaborate with top banks, as well as digital asset companies, alongside digital infrastructure firms under the project.
They will pilot-test the feasibility, financial stability, and any of the risks associated with the integrity as a means of creating a regulatory framework for this initiative.
While this will initially occur in Singapore, if successful, we could see it roll out in other regions as well.
Bitcoin is up 3.62% in the last 2 hours as of May 31, 2022, and its trading volume has increased by 34.24%. It is clear that with this movement, altcoins will also see a spike in popularity and value.
With this occurring within the crypto space, the main thought circling investor minds is which DeFi tokens are actually worth investing in throughout the coming week, and we have selected the top 3 ones you need to look out for.
We will be looking at Maker (MKR) Curve DAO (CRV) and Aave (AAVE).
The Maker cryptocurrency has seen a solid level of growth in terms of its value as well. With a 7-day high of $1,375.18, this cryptocurrency is showcasing a solid potential for recovery.
As of May 31, 2022, the cryptocurrency was trading at $1,331.35. We are at a point in time where the cryptocurrency has gained some momentum, and if it manages to break past the $1,400 price barrier, we could see a bullish outcome for the cryptocurrency.
This bullish run is also boosted by the fact that Maker announced that the StarkNet Dai bridge had been enabled on starkgate.starknet.io.
✨ Enabling the StarkNet Dai Bridge ✨ Now available on https://t.co/FJK9jvFLCq!
The first big step into the next scalability era is here with Maker, Dai, and StarkNet.
— Maker (@MakerDAO) May 30, 2022
Curve DAO (CRV)
Curve DAO (CRV) is the cryptocurrency for the decentralized exchange that aims to offer users the ability to exchange stablecoins. It is a platform fully governed by mathematical features designed to let stablecoins rate for advantageous rates.
As of May 31, 2022, Curve DAO (CRV) was trading at $1.361. Its 7-day high was at $1.39, and its all-time high was on August 14, 2020, at $15.37.
Here, we can see that the cryptocurrency is recovering quite well and has huge potential for growth going forward.
According to DeFi Lama, Curve (CRV) has $8.91 billion in total value locked, making it one of the most impressive projects within the crypto sphere, placing it third right under Maker (MKR) and Aave (AAVE).
If Curve (CRV) does indeed manage to break past $1.5 as a price barrier, we could see this cryptocurrency climb to $2 or even above in the upcoming months, making it yet another DeFi cryptocurrency worth looking at.
Aave is an open-source protocol aimed at enabling the creation of non-custodial liquidity markets through which interest can be earned on supplying or borrowing cryptocurrencies.
On March 16, 2022, Aave rolled out V3 of its protocol, which aimed at bringing new features such as increased capital efficiency to enhanced decentralization.
1/ Aave V3 is here! 👻
The most powerful version of the Aave Protocol to date, V3 brings groundbreaking new features than span from increased capital efficiency to enhanced decentralization. Read what’s new in V3 in the thread below👇or visit https://t.co/H3jTyKRqNs to dive in! pic.twitter.com/LXzn7660nA
— Aave (@AaveAave) March 16, 2022
Ultimately, this led to an increase in its value. On May 31, 2022, Aave was trading at $118.47.
The cryptocurrency had its 7-day high at $120.94, which, while still far away from its all-time high on May 18, 2021, at $661.69, does showcase signs of confidence. In fact, throughout the last 24 hours alone, the cryptocurrency increased in value by 11.5%.
We can expect to see an increased level of utility surrounding Aave, which could lead to an increase in the value of its native cryptocurrency token.