Decentralized finance, or DeFi, is a blockchain-based technology that aims to get rid of banks and other financial organizations as middlemen in all financial transactions. It is a relatively new subfield of blockchain technology. With a total market cap of $50 billion, DeFi is home to over 4,000 alternative coins.
The goal of this article is to give readers an in-depth analysis of three of the major DeFi coins: Big-eyed coin (BIG), Decentraland (MANA) and Uniswap (UNI).
Decentralized (MANA)
Decentraland is an Ethereum-based virtual reality (VR) game. The money in play is indicated by the MANA token. Users can trade goods and services, interact with and learn from other users, create and monetize content, and more. It’s a huge step up from social media platforms like Facebook and Twitter, as well as older video games, as it gives its users control over their own digital possessions.
Within Decentraland, users can interact with each other and participate in social virtual reality activities. Blockchain technology underpins all transactions on the network, from buying land to sending money. Decentraland’s goal is to build an open source ecosystem where users can build whatever they want.
A total of 2.19 billion MANA tokens have been created, although only about 1.82 billion are in circulation at the moment. The MANA coin has a market capitalization of approximately $4.09 billion, making it the 31st largest cryptocurrency by market size. In Decentraland’s initial coin sale in 2017, $24 million was raised by selling 2.8 billion MANA coins.
The Uniswap coin is now among the most promising in terms of investment potential. Uniswap dominates in the DeFi sector. It is an Ethereum-based decentralized exchange (DEX) platform that facilitates trading between users of different digital currencies. When a cryptocurrency undergoes changes that should make it more useful and accelerate its adoption, it’s a good time to buy. Optimism, a product in development at Uniswap for two years, was recently released. Some of the advantages are that it can be extended; transactions are nearly instantaneous, and you can use any coin to pay gas fees.
Uniswap is an automated exchange that creates markets for its users. Many coin pairs are available for trading on the decentralized exchange. All transactions are made with smart contracts and prices are set by complex mathematical formulas. The function of the exchange depends on the liquidity pools. Each liquidity pool contains enough funds for two different cryptocurrencies. Users’ trading activity relies on liquidity providers. What sets Uniswap apart from other decentralized exchanges is its “constant commodity market maker model” for setting prices. Any ERC20 token can be added to Uniswap by depositing an amount of ETH equal to the value of the traded token. The UNI token is the main cryptocurrency of the platform.
Big Eyed Coin (BIG)
Big Eyes Coin (BIG) is a new token designed to transfer money into the DeFi ecosystem and protect an important part of the fintech ecosystem. The logo of this crypto is a cat with oversized eyes that has been cleverly drawn.
It’s a meme token that wants to build its identity through the influencer economy. With a strong design and marketing team and the personality of this token, it has a good chance of being used by influencers and celebrities around the world. Big Eyes Coin (BIG) also wants to do good things for charity, so it plans to donate 5% of tokens to organizations that work to protect oceans and aquatic ecosystems.
Additionally, 5% of the tokens are reserved for marketing, which will lead to Big Eyes Coin (BIG), a meme coin that will grow worldwide. The team behind Big Eyes wants to contribute more by creating a self-propagating blockchain ecosystem for hyper growth. They plan to do this by using NFTs to provide access to additional material and events that make the blockchain hype worth having.
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