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Best DeFi tokens to buy in 2023

  • Decentralized Finance saw significant outflows in 2023.

  • DeFi tokens also dropped sharply during the year.

  • The collapse of centralized companies could make DeFi more attractive.

Decentralized Finance (DeFi) came under intense pressure in 2022 as the crypto industry recoiled. Some of the biggest cryptocurrency news of the year was the collapse of FTX and Terra. As a result, the total value locked (TVL) crashed from over $250 billion to just $60 billion. In this article, we will look at some of the best DeFi tokens to buy in 2023.

GMX | GMX

GMX is a leading decentralized exchange (DEX)  in the Arbitrum and Avalanche. It is a DEX that makes it possible for users to trade perpetual contracts and buy spot tokens. GMX has handled billions of cryptocurrencies in the past few months. Its total value locked (TVL) has surged to more than $802 million, making it the 17th biggest DeFi in the world.

GMX price has bounced back from its lowest level in 2022 as it took advantage of the collapse of FTX. There is a likelihood that the token will continue rising in 2023 as it becomes more mainstream. Analysts expect that the collapse of centralized platforms like Voyager Digital, Celsius, and FTX will lead to more strength of DEX platforms like GMX.

How to buy GMX

AAVE | AAVE

AAVE is one of the biggest DeFi protocol in the world with a TVL of over $5.8 billion. It exists in several blockchains, including Ethereum, Polygon, Optimism, and Arbitrum among others. Aave is a lending platform that makes it possible for users to earn interest, borrow assets, and build applications. 

Aave’s Community Treasury holds over $113 million worth of assets, including AAVE, USDC, Dai, and USDT. These funds come from the reserve factor, instant liquidity fees, and portal fees among others.

Aave is a good investment because of its strong market share in the DeFi industry and its room for growth in 2023. Also, it has emerged from this year’s sell-off almost unscathed.

How to buy Aave

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy AAVE with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy AAVE with OKX today

Uniswap | UNI

Uniswap is the oldest decentralized exchange (DEX) in the world. It is a major platform that raised over $160 million from investors at a valuation of over $1.6 billion. Uniswap makes it possible for people to buy, sell, and trade digital coins. It recently introduced the ability to buy Non-Fungible Tokens (NFT).

Therefore, as a leading DEX, Uniswap will likely continue doing well. In my view, I suspect that well-capitalized DEX exchanges like Uniswap will continue thriving in the long term. Further, Uniswap has not experienced substantial outflows in the past few months.

How to buy Uniswap

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy UNI with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy UNI with OKX today

The post Best DeFi tokens to buy in 2023 appeared first on CoinJournal.

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MyConstant ordered to cease crypto-lending services in Califonia

  • California Department of Financial Protection and Innovation (DFPI) has ordered MyConstant to cease offering some products.
  • The DFPI had warned in July that it would crack down on crypto interest account providers.
  • DFPI argues that MyConstant offered and sold unqualified, non-exempt securities.

In a press release on December 21, the California Department of Financial Protection and Innovation (DFPI) ordered crypto lending platform MyConstant to “desist and refrain” from offering a  number of its crypto-related services in California. This comes after the department warned in July that it would be cracking down on crypto interest account providers in the state.

The DFPI first announced it was investigating MyConstant on December 5 via a press release that stated that MyConstant was not licensed to operate in California.

MyConstant was specifically ordered to stop offering its peer-to-peer loan brokerage service and interest-bearing crypto asset accounts. The DFPI says that the two products violate the California Consumer Financial Protection Law and California Securities Law.

According to the DFPI, MyConstant’s offering and selling of its peer-to-peer lending service known as “Loan Matching Service” contravenes California’s financial codes. The department said that the crypto lender engaged in “unlicensed loan brokering,” since the platform allowed lenders to lend without proper licenses.

DFPI’s problem with MyConstant interest-bearing products

Besides the P2P lending, the DFPI also has problems with MyConstant’s fixed interest-bearing crypto asset product. The product allows customers to deposit crypto assets and fiat with the promise of receiving a fixed annual percentage interest return.

According to the DFPI, the product is an example of where MyConstant offered and sold unqualified, non-exempt securities.

MyConstant has been facing hard economic times

The action by DFPI comes at a time when the crypto lender seems to be going through tough times. On November 17, it announced that it was unable to continue with business as usual due to the rapidly deteriorating market conditions that prompted heavy withdrawals.

The platform then limited its business activities including pausing withdrawals and announcing that “No deposit or investment request will be processed at this time.”

Since then MyConstant has been updating its users on its website on future plans including recently (December 15) updated plans that include a financial overview, estimated recovery, and liquidation schedule.

The platform has however continued to offer crypto-backed loans, ensuring borrower compliance, processing loan repayments, returning borrowers’ collateral once they repay their loans in full, and liquidation of borrowers’ collateral if they default.

The post MyConstant ordered to cease crypto-lending services in Califonia appeared first on CoinJournal.

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DEX aggregator OpenOcean launches 1-click cross-chain swaps

  • The cross-chain swap feature offers users competitive rates across all the supported chains.
  • OpenOcean supports Ethereum, BNB Chain, Polygon, Fantom, Arbitrum, and Avalanche blockchains.
  • The 1-click feature allows users to easily transfer, bridge and swap tokens.

OpenOcean, a leading decentralised exchange (DEX) and cross-chain swaps aggregator, has launched a new cross-chain platform where users can leverage a 1-click functionality to bridge, swap and transfer cryptocurrencies. 

The aggregator’s product is now accessible across multiple blockchains, including Ethereum, BNB Chain, Polygon, Fantom, Arbitrum, and Avalanche.

Integration with Celer and Multichain

According to the OpenOcean team, users can now tap into the technology to enjoy the best in terms of trading returns.

The DEX platform will offer competitive rates on all supported chains, and is looking to expand its reach with the integration of the Celer and Multichain bridges. To the benefit of users, OpenOcean’s technology will automatically locate the best route for a user’s swap.

Once this is done, the next step is to maximise potential returns through comparisons of rates across bridges. All these will take into consideration gas and bridge costs to ensure users get the best value.

OpenOcean offers interoperable swaps for more than 1,100 coins, with support for most chains allowing users to trade any token.

The post DEX aggregator OpenOcean launches 1-click cross-chain swaps appeared first on CoinJournal.

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XRP holders’ with 1M to 10M coins accumulate to record highs

  • XRP whales and sharks bought more coins in December to bring total addresses and percentage of supply to new highs.
  • Large holders appear strongly bullish on the coin’s price, despite Ripple Labs’ ongoing battle with regulators.
  • There are 1,617 wallet addresses with 1 million to 10 million XRP, with total holdings for these addresses about 7.23% of supply.

XRP has seen some massive accumulation by large holders in 2022, despite the bear market and all the baggage that has come with Ripple Labs’ court tussle with the US Securities and Exchange Commission (SEC).

In the market, the XRP price has remained in a downtrend since a sharp decline in May. The coin currently trades around $0.3437.

XRP whales and sharks push holdings to new highs

According to on-chain statistics shared by analytics firm Santiment, XRP addresses with 1 million to 10 million coins have added to their holdings as 2022 draws to a close. Per the platform, these groups of XRP holders – the category of sharks and whales – have recently seen their total number and percentage of supply surge to new all-time highs.

On-chain data shows the whale and shark cohorts in the XRP ecosystem that control wallets with 1 million to 10 million XRP increased in December to 1,617.

The rapid accumulation seen across these two tiers have come as the past few weeks saw crypto prices plummet amid the FTX contagion.

But the downturn appears to have offered large XRP accounts the opportunity to buy low, with the above category of addresses increasing their percentage share of circulating supply. As per the current stats, whales and sharks hold 7.23% of 50.34 billion XRP.

Both this and the number of addresses highlighted above are trending at a new all-time high.

The post XRP holders’ with 1M to 10M coins accumulate to record highs appeared first on CoinJournal.

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Is PancakeSwap’s bullish market over?

  • PancakeSwap was bullish up to November, doubling in price

  • PancakeSwap token has been weighed by the risk contingencies of the FTX sage

  • The cryptocurrency remains on a downtrend and risks a lower low

It seems that PancakeSwap (CAKE/USD) will have to end 2022 on a low note. CAKE was among a handful of cryptocurrencies that looked strong in the face of a bear market. However, it couldn’t last beyond November. The aftermath of the FTX collapse has taken a toll on the cryptocurrency. Why has this so yet tokens of decentralised exchange or DEX surged post-FTX saga?

The decline in CAKE happens potentially due to its connection with Binance. The cryptocurrency is based on the Binance Smart Chain. Thus, the confidence crisis facing centralised exchanges, including Binance, may have infiltrated PancakeSwap. It does not necessarily mean that is the case, though, as the bear market is also ravaging crypto markets.

With CAKE touching a crucial resistance at $5.0 in early November, investors could have exited positions. That, of course, was inspired by the FTX collapse that sent most crypto tokens tumbling. Investors would not have risked the profits they had made since CAKE had already doubled in value since the June lows. Based on these, CAKE’s bullish market is over, at least in the meantime. 

CAKE’s technical outlook is bearish as price retests resistance

CAKE/USD Chart by TradingView

A technical outlook shows CAKE retesting a resistance at $3.5. The price has stalled since touching the level, suggesting a possibility of a correction to the downside. 

The MACD indicator is very bearish for cryptocurrency. The RSI reading has slightly improved since touching oversold conditions as the CAKE price fell to $3.1. The reading remains below the midpoint, indicating that bears are in control.

What is the likely next price of CAKE?

CAKE price will stay bearish unless bulls recover above the $3.5 level. The next potential price level for the cryptocurrency lies at $2.8 and $2.6. Investors should keep off until the bearish movement subsides and should buy CAKE on a bullish reversal confirmation.

Where to buy CAKE

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy CAKE with Skilling today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy CAKE with Binance today

The post Is PancakeSwap’s bullish market over? appeared first on CoinJournal.