Over the last couple of months, a lot has taken place in the decentralized finance (DeFi) sector. There have been advances such as yield farming, stablecoins, decentralized exchanges (DEX), and much more running on the Ethereum network.
One of the most promising projects in this exploding space is Chainlink (LINK), which has continued to surge higher over the past weeks.
LINK has steadily climbed up the crypto ranking charts after recently crossing the $13 mark for the first time in its multi-year history.
Amazingly, LINK just surged another 7.63% in today’s trading to drive the DeFi token’s rally close to $14.500. These continued surges make LINK one of the most lucrative crypto projects this year. That said, other DeFi tokens are looking to match LINK’s recent gains.
Read on to learn the top DeFi tokens that are giving LINK a run for its money to determine which project best suits your investment needs.
Compound (COMP) is Surging Higher
COMP is seemingly benefiting from expectations of another period of growth for Ethereum DeFi after the token saw an upsurge of about 10.8% over the last 24 hours.
The native Compound governance token made headlines over the past weekend after it surged by 15% in just 24 hours.
That remarkable spike occurred after the altcoin endured an extended multi-week bearish trend since June of 2020.
As the bulls took control of the token’s price action, crypto trader Sean Nance noted that COMP looks structurally similar to BTC’s macro price action. Therefore, the implication is that it could double in the week ahead.
Aave (LEND) is Looking Very Profitable
Another ETH-based DeFi token benefiting from the ongoing DeFi explosion is LEND. LEND is the native token of lending and borrowing protocol Aave.
LEND established its year-to-date high at $0.399 last Friday after it climbed by a whopping 20% in 24 hours. That recent surge means that LEND has now registered a 2,000 percent uptick this year.
Jeff Dorman, chief investment officer at Arca, credited the network’s ongoing success to the economic model adopted by its token’s issuer, Aave.
In an official blog post, Dorman noted that participants could realize their yields by selling other tokens such as USDC or ETH, thus reducing selling pressure on the LEND tokens.
He added that the DeFi platform gives traders an option to reinvest their holdings and efficiently own a more substantial portion of the Aave network.
Maker (MKR) Network Activity Explodes
Last month, Binance exchange announced plans to list MKR on its retail trading platform. Users would then be allowed to deposit and trade the DeFi Token in their respective accounts starting from July 23.
After the announcement, MKR registered a sizable bullish impulse that saw prices soar by approximately 23% to reach a high of $600.
Moreover, the blockchain analytics firm, IntoTheBlock, registered a massive spike in the number of transactions on the MKR network.
Following the Binance listing, the activity on the protocol shot up to more than 3,300 transactions on July 23, representing a 313% increase in a single 24hour period.
Traders are still very enthusiastic about the second-largest DeFi token on CoinMarketCap despite MKR losing some of the gains incurred last month.
This interest is mainly attributable to the significant spike in network activity that suggests the Marker is poised to advance further.